Decentralization combined with privacy seems like the holy grail in blockchain. Monero and ZCash lead on privacy. Other chains have a sometimes private or confidential transaction feature. But most people are not aware that Wanchain allows private transactions too.
How Do Private Transactions Work?
First things first. Although the ecosystem is growing fast and with lots of new apps, you can only transact privately on Wanchain with its WAN token. Despite its wrapped and vaulting features, this feature is only available with WAN.
But here is one cool thing you can do.
- Send ETH to Wanchain
- Convert to WAN
- Send a private transaction to another WAN address you have
- Convert WAN to Bitcoin or back to ETH
- Send to a ‘clean’ wallet
And what do you have when you are done? If your last wallet is a clean one or a new one, then you have broken the transaction cycle that links the coins to you.
Pretty cool, huh?
How it works is that aside from a standard EVM-compatible address, you can also get a longer extended private address that only you can see. This works best with its Wan Wallet. Like the standard address, it’s alphanumeric, just much longer. Almost twice as long.
In fact, within the Wan Wallet when you select that address to send the coins to, they automatically set it up as a private transaction. You don’t even have to do anything. They just do it for you.
This video will show exactly how it works using the Wan Wallet.
And now the explainer with timestamps…..
12 sec- Download the WAN wallet also called Wanchain Desktop Wallet at Wanchain.org
29 sec- The blue arrow on the far right shows where you can find that private address that only you can see
50-58 sec- The normal default mode is set as a regular transaction. But the moment you add the Private longer address, the setting automatically changes to a Private Transaction
1.05- To add another layer of privacy, all private transactions must be in increments of 10. After all, if you send 732 of something, that’s much easier to track than having to group things by tens.
1.20- In this transaction, the 80 WAN is split into 3 transactions of 50, 20, and 10. Not easy to track with the other tens in there.
1.35- You have to Click Redeem and that’s it. You’ve sent a Private Transaction. Pretty easy.
1.58- Looking at the block explorer, we see the 80 WAN has arrived at the 2nd wallet.
And you see the entire transaction took under 2 minutes to do start to finish.
So you don’t need Monero or ZCash to do private transactions. In fact, a platform you might be using already like Wanchain does them for you. And in a user-friendly way too.
Wanchain has a growing ecosystem with lots of good apps like WanLend, Zookeeper, and WanSwap. Yet, their ecosystem brings lots of value to their goal of interoperability just with this one feature.
$WAN Price Activity
The $Wan token is currently trading at 62.7 cents with a trading volume of $1.8 million in the last 24 hours. Its circulating supply is 192 million with a total supply of 210 million giving it a market cap of $121 million.
You can buy $WAN most easily at Binance but also at Bitrue, Kucoin, and Huobi.
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