Discover Wanchain's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Wanchain?

Wanchain (WAN) is a cryptocurrency that powers a decentralized blockchain interoperability platform. It enables seamless, trustless, and non-custodial transactions across multiple blockchain networks, including both EVM and non-EVM chains. Wanchain's network is secured by a Proof of Stake consensus algorithm and utilizes advanced cryptographic techniques like Secure Multiparty Computation and Shamir’s Secret Sharing to ensure the integrity of cross-chain transactions.

How is Wanchain used?

Wanchain (WAN) is a cryptocurrency used to facilitate cross-chain transactions and smart contracts within the Wanchain ecosystem. Here are the key ways WAN is utilized:

  1. Cross-Chain Verification Nodes: WAN tokens are used to pay for cross-chain verification nodes when making transactions. These nodes are responsible for verifying and processing transactions across different blockchains.

  2. Security Deposits: Users need to pay WAN security deposits to these cross-chain verification nodes when initiating transactions. This ensures that the nodes are incentivized to maintain the integrity of the network.

  3. Transaction Fees: WAN tokens are consumed as transaction fees when users make cross-chain transactions. This fee structure helps maintain the network's security and incentivizes node operators.

  1. Node Incentives: Node operators and delegators are rewarded with WAN coins for securing the network and bridges. This incentivizes participation and ensures the network's decentralization.

In summary, WAN tokens are essential for facilitating secure, decentralized, and interoperable transactions across different blockchains within the Wanchain ecosystem.

How do I store Wanchain?

To store Wanchain (WAN) tokens, you can use the official Wanchain wallet, which is available on Windows, Mac, and Linux operating systems. This wallet supports managing multiple assets, nodes, and applications. Additionally, you can use hardware wallets like Ledger or Trezor for added security.

How to buy Wanchain?

To buy Wanchain (WAN) tokens, you can follow these steps:

  1. Create an Account:

    • On Binance, register via the website or app using your email and mobile number.
    • On KuCoin, sign up with your email address, mobile phone number, and country of residence.
    • On Kriptomat, sign up with Google, Apple, or enter your name and email.
    • On Pionex, create an account following their registration process.
  2. Verify Your Account:

    • On Binance, verify your identification.
    • On KuCoin, set up Google 2FA, anti-phishing code, and trading password, then verify your identity with a valid Photo ID.
    • On Kriptomat, verify your email, phone number, and identity.
  3. Add Funds:

  • On Binance, you can use credit/debit cards, bank deposits, or third-party payment channels.
  • On KuCoin, add a credit/debit card or bank account after verifying your account.
  • On Kriptomat, make a bank deposit or use your credit card to add funds.
  1. Buy Wanchain:
    • On Binance, navigate to the "Buy Crypto" page, select Wanchain and USD, and choose your payment method.
    • On KuCoin, buy stablecoins like USDT and then exchange them for Wanchain in the spot market.
    • On Kriptomat, click on the Kriptomat icon, select "Buy," choose Wanchain, enter the amount, and confirm your purchase.

These exchanges offer secure and user-friendly platforms to buy Wanchain tokens.

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History of Wanchain

Wanchain, a decentralized blockchain interoperability solution, was founded by Jack Lu, a respected player in the blockchain space. The project began in 2016 as an effort to build an infrastructure that could support the transfer of value between different blockchains, aiming to solve the problem of interoperability in the cryptocurrency industry.

Initial Coin Offering (ICO)

Wanchain launched its ICO on October 4, 2017, which was sold out in just 12 minutes, collecting the entire hard cap of $36 million. The ICO price was $0.34 per WAN token. The total issue of tokens was 210 million WAN, with 107.1 million sold during the ICO, 42 million allocated to the project team, 39.9 million for the fund, and 21 million for network support.

Mainnet Launch

Wanchain's mainnet went live on January 18, 2018. All tokens were swapped to native Wanchain tokens (WAN) by August 23, 2018, making them compatible with the blockchain.

Key Developments
  • Wanchain 1.0: The mainnet launch marked the beginning of Wanchain's journey, focusing on developing interoperability features for the future of digital finance.
  • Wanchain 2.0: This update introduced cross-chain transactions with Ethereum, using permissioned Storeman groups to enable these transactions.
  • Wanchain 3.0: The project expanded its cross-chain mechanism to support both Bitcoin and EOS transactions.
  • Wanchain 4.0: The T-Bridge framework was introduced, enabling cross-chain connections with private blockchains and facilitating the exchange of assets and data between public and private blockchains.
  • Wanchain 5.0: This update introduced trustless cross-chain transactions between any pair of blockchains using the permissionless wanBridge mechanism, secured by trustless staking and delegation mechanisms.
Current Status

Today, Wanchain is a full Ethereum-like environment that works with industry-standard Ethereum tools, DAPPs, and protocols. It uses a Proof of Stake consensus algorithm called Galaxy Consensus, which leverages distributed secret sharing and threshold signatures to improve random number generation and block production mechanisms. Wanchain bridges are decentralized, direct, and non-custodial, connecting both EVM and non-EVM networks without requiring centralized intermediaries.

Wanchain continues to grow, with over 15 Layer 1 and Layer 2 networks connected by its wide area network of blockchains, supporting a wide range of tokens and providing a framework for financial applications on digital assets and currencies.

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How Wanchain works

Wanchain (WAN) is a decentralized blockchain project that aims to connect different blockchain networks, enabling cross-chain transactions and interoperability. Here's a detailed overview of how it works:

Cross-Chain Communication Protocol

Wanchain uses a cross-chain communication protocol to facilitate transactions between different blockchains. This protocol consists of three functional modules:

  1. Registration Module: This module registers the original chain and the asset being transferred, ensuring that the transaction is legitimate and secure.
  2. Cross-Chain Transaction Data Transmission Module: This module initiates the cross-chain transaction request, acknowledges the request, and facilitates the legal transaction from the validator node to the original chain.
  3. Transaction Status Query Module: This module monitors the status of the transaction, ensuring that it is completed successfully.
Smart Contracts and Token Transactions

Wanchain uses smart contracts to enable the transfer of assets between different blockchains. The platform includes privacy features such as ring signatures and one-time address generation to ensure transaction anonymity. Wancoin (WAN), the native token, is used to pay for cross-chain verification nodes and is required for staking on the network.

Verification Node Consensus Algorithm

Wanchain employs a proof-of-stake (PoS) consensus algorithm, which is more energy-efficient compared to traditional proof-of-work (PoW) algorithms. There are three types of verification nodes:

  1. Vouchers: These nodes provide proof of transactions between the original account and the locked account. They receive a security deposit from the transaction fee and are incentivized to act honestly.
  2. Validators: These nodes record transactional data on Wanchain's blockchain and receive a portion of the transaction fee.
  3. Storemen: These nodes manage the keys of locked accounts, ensuring that transactions are secure and trustworthy.
Locked Account Generation Scheme

Wanchain uses the Locked Account Generation Scheme, based on Shamir's Secret Sharing Scheme, to secure funds and keys when multiple parties are involved. This method distributes key shares among participants, ensuring decentralization and stability.

Bridge Capabilities

Wanchain's universal cross-chain bridges enable the transfer of both fungible and non-fungible tokens directly between chains without the need for intermediaries. The bridges are secured by a shared pool of WAN coins, which serve to overcollateralize cross-chain assets.

Staking and Rewards

Users can delegate their WAN coins to PoS validator nodes or bridge nodes to earn rewards while contributing to the security of the Wanchain blockchain and cross-chain bridge network. Both bridge node operators and delegators earn rewards for their efforts.

Decentralized Applications

Wanchain's cross-chain infrastructure supports various decentralized applications (dApps), including automated market makers, decentralized lending platforms, and lotteries. This ecosystem empowers developers to build cross-chain dApps for the wider DeFi community.

Token Use Cases

WAN tokens have several use cases, including:

  • Validator incentives: Users can earn WAN tokens by running PoS validator nodes or Storeman validator nodes.
  • Staking: Token holders can delegate their tokens to selected Storeman Validator nodes to earn staking rewards.
  • DeFi features: Users can participate in various DeFi dApps on the Wanchain ecosystem.

Overall, Wanchain aims to create a financial market of digital assets by facilitating cross-chain transfers and interoperability between different blockchain networks.

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Wanchain's strengths

The token Wanchain (WAN) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Decentralized Interoperability: Wanchain is a decentralized blockchain interoperability solution that connects various blockchain networks, enabling seamless transactions and interactions between them. This allows for the creation of cross-chain applications and the integration of different blockchain ecosystems.

  2. Native Token: WAN is the native utility token on Wanchain, which is used for various purposes such as validator incentives, staking, and participating in DeFi applications. This token plays a crucial role in maintaining the network and facilitating cross-chain transactions.

  3. Security and Anonymity: Wanchain incorporates advanced security features, including ring signatures and one-time address generation, which provide anonymity in transactions. This ensures that users can conduct transactions securely and privately.

  1. Cross-Chain Bridges: Wanchain's direct bridges do not rely on centralized hubs or relay chains, ensuring that assets are transferred directly between chains without intermediaries. This enhances the efficiency and security of cross-chain transactions.

  2. Incentivized Network: Node operators and delegators are rewarded with WAN coins for securing the network and bridges, which incentivizes participation and maintains the integrity of the network.

  3. EVM Compatibility: Wanchain is fully EVM (Ethereum Virtual Machine) compatible, making it easy for developers to build cross-chain applications using Solidity-based smart contracts.

  1. Community and Partnerships: Wanchain has a growing community and has formed partnerships with other blockchain projects, such as Aion and ICON, to promote interoperability and collaboration in the blockchain space.

These strengths position Wanchain as a robust and innovative solution for blockchain interoperability, making it an attractive option for developers and users seeking to leverage the potential of cross-chain transactions and applications.

Wanchain's risks

Wanchain (WAN) carries several financial risks that investors should be aware of. These risks include:

  • Volatility: WAN's price can fluctuate significantly, making it a high-risk investment. The cryptocurrency market is known for its rapid price changes, which can result in significant losses if not managed properly.
  • Regulatory Uncertainty: The lack of clear regulations in the cryptocurrency space can lead to uncertainty and potential legal issues. This uncertainty can negatively impact the value of WAN and other cryptocurrencies.
  • Security Risks: As with any blockchain-based project, Wanchain is vulnerable to security breaches and hacking. If the platform's security mechanisms are compromised, it could lead to significant financial losses for investors.
  • Market Sentiment: WAN's value is heavily influenced by market sentiment. If investor confidence in the project wanes, the price can drop significantly.
  • Competition: Wanchain operates in a competitive space, with other projects aiming to achieve similar goals. If competitors gain more traction, it could negatively impact WAN's value.
  • Liquidity Risks: WAN's liquidity can be limited, making it difficult to buy or sell the token quickly and at a favorable price. This can lead to significant losses if investors need to liquidate their holdings rapidly.

It is essential for investors to thoroughly understand these risks and carefully consider their investment decisions.

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Did Wanchain raise funds?

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Wanchain’s team

  • Jack Lu: Co-founder and current CEO of Wanchain, known for his experience in the blockchain space, having co-founded Factom and started Wanglu Tech, a blockchain application development company.
  • Dustin Byington: Former President of Wanchain, a blockchain veteran who founded Bitcoin College and co-founded Tendermint and Satoshi Talent.
  • Temujin Louie: VP of Marketing and Growth at Wanchain, actively involved in expanding bridge access to EON.

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