Wanchain - A new distributed financial infrastructure
The world seems to be moving, expectedly at least, to an all-digital economy. Wanchain is responding by building a global financial blockchain platform that makes use of cross-chain smart contracts to power the new economy. According to their whitepaper, Wanchain seeks to build a new, distributed infrastructure of digital assets to form an improved, modern framework.
Wanchain aims to rebuild finances
Founded by Jack Lu, former co-founder of notable cryptocurrency project “Factom”, as well as Wanglu Tech, a blockchain start-up, Wanchain has a passionate team of developers, engineers, cryptographers, technologists and marketers. They aim to improve the existing financial structure by building a distributed-bank. Just as the existing financial system relies on a network of traditional banks, Wanchain’s goal is to design a new decentralized infrastructure, which allows the exchange of value among various blockchain networks.
Wanchain capitalizes on the strength and robustness of Ethereum, allowing any Dapp to run on the Wanchain without any changes in code. Applications can still be enhanced with Wanchain’s APIs to leverage cross-chain capabilities and privacy protection.
Wanchain is a super-financial blockchain based market. This implies that individuals or institutions will be able to set up their own virtual teller window in the “bank” while providing financial services like asset exchanges, loans, credit payments and asset settlements.
What solution does Wanchain offer?
A lot of cryptocurrency projects exist out there. While some are trying to solve a real problem, the rest are just junk and leaving investors as bag holders. If a project cannot expressly provide a solid answer as to what problem they are solving or solution they are offering, there comes the problem.
Despite the massive increase in digital assets and blockchains, currently, there is still not an effective decentralized way of exchanging value between them. Users have to deal with so many wallets, centralized exchanges and the risks involved. Even with the DEXs, a lot of improvement is still needed.
Wanchain seeks to solve this problem of value transfer between different blockchains. The whitepaper states clearly that Wanchain is using the latest cryptographic theories to build a non-proprietary cross-chain protocol and a distributed ledger that records both cross-chain and intra-chain transactions. With this, Wanchain will keep reduce costs, eliminate single points of failure as well as provide easy access to financial services for the world’s unbanked population.
The Wanchain platform is not just about asset transfers, however. The platform can be used to build a range of financial applications through smart contracts, privacy protection and its native token (WAN).
How Wanchain can be applied
For Wanchain, they envision three general use cases;
- Asset management tools: Using centralized exchanges comes with a couple of counterparty risks. Using Wanchain, users can minimize these risks and conduct private transactions.
- DEXs: Using Wanchain’s multi-currency wallet, users can transact and exchange digital assets “on-chain”.
- ICO platforms: Wanchain simplifies collecting funds using various currency denominations by streamlining the ICO process.
A cross-chain network like Wanchain will certainly become valuable overtime as the big players and institutions get involved and more people realise the need for easier access to cryptocurrency.