China is the world’s second largest economy and despite its initial apprehension, has since gotten onboard the blockchain and cryptocurrency train. China is home to a lot of innovative cryptocurrency related projects, exchanges and blockchain solutions among them are; Binance, ANX and more recently Wanchain.
Although most of these companies, projects and exchanges have their head offices in the independent territory of Hong Kong and the two share a very strained relationship, they are proudly Chinese and come up with some of the world’s best solutions. Today let us take a closer look at one of their projects; Wanchain.
In the sections to follow we will discuss what the company does, the solutions it provides, what they have managed to finish and achieve till now and then go on to why it is a worthy investment and whether or not you should invest.
Wanchain; Rebuilding Finance
Wanchain is a Beijing-Austin based blockchain startup. It was founded by the former CEO of Wanglu Tech and the co-founder of Factom; Jack Lu. The company first started out in Beijing in 2016 and for a company that has been around for just over two years; has seen a lot of public and community appraisal. It’s cryptocurrency coin is called the WAN.
Wanchain is a blockchain solution that provides an ecosystem for distributed financial infrastructure focussed on promoting interoperability between different chains by using a unique protocol while offering smart contract services. Apart from the fact that it is rebuilding the way finance has been functioning in the world until now, it is also an incubation platform for the design, development and running of decentralised applications.
Which, essentially, makes Wanchain an Ethereum fork, at best. However, the difference here is that Wanchain is pushing for interoperability between chains that exist and will be created in the future and Wanchain uses a more sophisticated method to ensure total and absolute privacy.
As a blockchain project and solution, Wanchain is pretty ambitious in its aims and goals and what it wants to be to the cryptocurrency and blockchain industry. Apart from being a protocol that promotes and enables interoperability between chains in the industry right now, the Wanchain ecosystem wants to be multiple other things as well.
Here is an overview of Wanchain, the company’s, goals;
1. Interoperability Protocol
Wanchain is looking to rebuild the finance industry by replacing the very infrastructure is stands on today with the blockchain. Like there are multiple fiat currencies that are stored, used and spent in different places but on the network of one bank, Wanchain is looking to promote interoperability between all the cryptocurrency coins that exist right now by implementing a protocol that allows open communication and transfer between the different chains of these currencies.
Not only is Wanchain working towards increasing interoperability between chains with strategic partnerships, it wants to be the only protocol that is implemented for this purpose.
2. ICO Platform
Wanchain is an Ethereum fork. Wanchain varies only in a handful of ways from Ethereum and that difference is set in stone with its privacy methods and push for interoperability. However, like the Ethereum platform Wanchain is also an ICO platform that allows other projects, solution providers and companies to run their ICOs on.
This is a sphere in the cryptocurrency and blockchain industry that has options in abundance. With the most popular and established ICO platform still being the Ethereum Network.
3. Cross-Chain Platform for Dapps
Wanchain is an incubation platform for decentralised applications. And currently there are a handful of decentralised applications that run on the Wanchain platform. In these separate decentralised applications, Wanchain is implementing on a small scale its cross-chain characteristics.
4. Multi-Asset Wallet
Along with being a world-class protocol and an ICO platform, Wanchain also wants to offer its customers and users with a multi-asset wallet that will also run on its cross-chain, interoperability protocol. Using this multi-asset wallet would allow Wanchain customers and users to store all supported cryptocurrencies in one place, making it a one-stop access for all of a particular persons’ cryptocurrency assets.
The Wanchain project is different to every other project that is doing something similar because apart from being multifaceted, also uses a different security protocol that actually takes the promise of privacy and delivers on it, by using the ring signature method. The Wanchain project also uses smart contracts, just like Ethereum.
However, the difference between the Ethereum Network and Wanchain is that, Ethereum only offers smart contract services on the Ethereum token; Ether. Wanchain, on the other hand, has taken the smart contract technology and applied it to all cryptocurrencies, including the world’s first; Bitcoin.
Smart contracts with the association of and for Bitcoin has a large market and taking that opportunity and making it accessible to Bitcoin and other altcoins is a stroke of genius on the part of Wanchain.
In the cryptocurrency market and blockchain industry, the factors that decide whether a project is going to work are the team, the community support it gathers and more importantly the partnerships that it strikes in its development and implementation stage.
As Wanchain has proved in its aims and goals, in its partnerships as well Wanchain has made it abundantly clear that it means business. Wanchain currently has a very highly beneficial three-way partnership with; ICON and Aion.
Both ICON and Aion are companies that use their products to implement cross-chain compatibility with each other to ensure ease of communication and information transfer between the two. The partnership is called the “Blockchain Interoperability Alliance” and its main aim is to do combined research into interchain communication and transfer while focussing on bringing up industry standards and protocol architecture for the same.
In July, Wanchain announced another partnership with 0xcert, an open protocol to build and support the future for digital assets, to work together to make and implement non-fungible token standards on Wanchain. Also in July, Wanchain announced its collaboration with a Ripple based exchange called; BitRue. This collaboration is expected to have a large impact on the exchange’s cold storage.
In the first week of August, Wanchain announced its partnership with Token Alliance to make sure that there is sustainable growth and adaptation in the token ecosystem. Token Alliance by the Chamber of Digital Commerce is a company that was formed by many collaborations from the industry to become a valuable resource to the new, emerging industry. The company also has a collaboration in the works with the swarm protocol, Bluzelle.
Here is the link to ICON’s announcement of the three-way parternship that Wanchain, ICON and Aion struck with each other called the “Blockchain Interoperability Alliance”; https://medium.com/helloiconworld/blockchain-interoperability-alliance-icon-x-aion-x-wanchain-8aeaafb3ebdd
Achievements and Roadmap
Wanchain became the first company ever to demonstrate the viability of blockchain interoperability and cross-chain communication by building and making its bridge to the Ethereum blockchain functional. This happened along with the launch of Wanchain 2.0 which happened last month. Wanchain, for a company that is under five years, has managed to grow at a rate like any other and has time and time again proven that they can and will deliver.
The Ethereum bridge they built between their blockchain and the Ethereum Network is just further demonstration of the same.
The roadmap that the company has stressed and pushed on its website is the following;
The roadmap has been pretty stable and realistic so far, as the company has delivered what is promised on time. The company wishes to do, so far as per their plan, four iterations of the Wanchain protocol with its most recent version 2.0 only a month old. The company has further extended its final protocol launch until 2019, when it plans to release its Wanchain Protocol 4.0 with full integration of private chains and multi-coin wallets.
The native currency of the Wanchain network and protocol is the WAN. It is the same token they underwent their ICO whose current value is $1.05 USD. The value of the token, as of now, is lesser than satisfactory and this is the trend it followed for the last couple of months.
The Wanchain ICO ended on the 4th of October last year. The ICO had a hard cap of $36,000,000 USD and managed to fulfil $35,990,000 USD of its initial goal thanks to the high amount of community appraisal and the fact that the ICO and company benefited from the large amount of hype that surrounded it.
The token’s all time high was in April at about $9.71 USD, but has since fallen quite drastically back down to $1.05 USD. however, with the announcement of three strategic partnerships and alliances just in the past two months, WAN’s trend is expected to change for the better.
Not to mention with further implementation of its technology and protocol in everyday trading, the token is expected to do much better. Without being too bullish about the trends and inadvertently optimistic, the prediction for the token is close to its all time high at $9.71 USD at around ~$7 USD over the next couple of months.
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