Your crypto is NOT safe. Hackers have stolen over $1.4 billion in 2022 using crypto bridges. Ethereum, Solana, Axie infinity none has been spared. Therefore, crypto bridges, that promised to make blockchains talk, have now emerged as a TOP SECURITY RISK.
Even Vitalik has given a thumbs down to cross-chain bridges. So, will Vitalik be proved wrong this time? How carefully do you need to be while using the bridges? And the final question, does a secure crypto bridge even exist? Lets discover the Latest Wanchain’s Upgrade.
Discover the Safest Crypto Bridge
Wanchain was the only project that refuted Vitalik’s statement that cross-chain is not the future. And that’s because WanChain is on the verge of a major update, Saturn fork. It will bring one of the safest bridges in the industry and full EVM compatibility.
In November 2017, a user "suicided" a @ParityTech smart contract, resulting in the permanent loss of more than 300,000 $ETH.
How could this have been avoided? Find out in Dr. Weijia Zhang's recent presentation to the @EntEthAlliance! @MPhysics3
📺 Watch: https://t.co/sjWW807vSr pic.twitter.com/0l80Cv9NLq
— Wanchain (@wanchain_org) August 13, 2022
But before we dive deep into Saturn Fork and its Ethereum Merge situation let us simply understand what Multichain Interoperability is. To fully go multi-chain, we need bridges and cross-chain compatibility. Despite that bridges are behind the crypto hacking news, there are many good bridges available right now. Some examples are:
- Multichain
- Binance Bridge
- And Avalanche Bridge
In addition, Wanchain bridges are decentralized, direct, non-custodial bridges that connect both EVM and non-EVM networks. Therefore, these bridges use a combination of Secure Multiparty Computation (sMPC) and Shamir’s Secret Sharing to secure crosschain assets. To keep it simple, Wanchain uses the most secure protocols to keep its bridges secure.
Currently, more than 15 layer-1 and layer-2 networks are connected by Wanchain’s wide area network of blockchains. But that’s not it, later I will even show you how to do a private transaction no one else can trace on Wanchain. That’s even though it does not advertise itself as a privacy chain.
So, you want to see why the multi-chain future includes Wanchain and how to take part in it? Want to know why we think WAN, its native token, is undervalued? Let’s dive deep.
The Saturn Hard Fork
The Saturn Hard Fork is one of the things that has us so excited about Wanchain. It keeps all the best stuff it had before like safe multi-chain bridging or private transactions.
Thank you to all node operators! #Wanchain's Saturn 🪐 hard fork is now live!
Saturn 🪐 introduces several improvements and completely overhauls the network's fee market. $WAN is closer than ever to becoming deflationary.
Full details: https://t.co/4zHBSX1k9t
🧵 Highlights 👇 pic.twitter.com/MVUVvkXjfH
— Wanchain (@wanchain_org) July 5, 2022
But then it adds some great new features. Let’s see what they are:
1) Full Compatibility with Ethereum’s London Hard Fork
Ethereum’s London Hard Fork from August has a couple of major improvements in it. The biggest improvement? Adding EIP-1559. All that talk you may have heard about Ethereum’s ‘triple halfing’ is based partly on the upcoming Merge, and part on the change in gas fees and burn mechanism we got with EIP 1559. It’s a big deal. The whole gas market is different now.
But we are not here to talk about ETH, we are here to talk about Wanchain. So, without compatibility with London, it would be hard for any EVM to compete for developers as the fees have come down thanks to 1559. And with this compatibility, Wanchain now supports EIP-1559. Now, everything Wanchain does is compatible with the latest version of EVM.
2) Two Big Tech Updates
We know most of you aren’t technical and we aren’t either. But that doesn’t mean that tech advances aren’t important. Especially when they help developers. We know that more developer activity is ALWAYS a leading indicator of network growth.
First, the Saturn Hard Fork is a security update. One of the most secure forms of cryptography is SHA3. It’s even more secure than Bitcoin’s SHA-256. Speaking of that, neither Bitcoin nor Wanchain has ever been hacked or had funds drained out of it. That’s a big plus in a market where hacks are happening almost daily. Even Curve got hit with a small hack. Thankfully, Binance helped limit the damage to the malicious contract that caused the problem.
#Wanchain had too many updates in July to list! A few highlights:
✅ Saturn 🪐 hard fork
✅ 🔥 $WAN
✅ @autofarmnetwork launch
✅ @OKCNetwork & @clv_org integrations
✅ @CoinMarketCap's #CMCCommunity
✅ $BTC and $XRP on @XinFin_Official
Full recap: https://t.co/byS3O0Xt0l
— Wanchain (@wanchain_org) August 1, 2022
Second, the Saturn Hard Fork is for EVM developers. Wanchain is now compatible with all the new OPCODES. This means any operation an EVM can do whether smart contracts, minting, burning, lending, or other stuff Wanchain developers can now do in their EVM apps. So, Wanchain will get more developers in its network and better network performance thanks to this. It’s totally seamless with no need to learn a new language or anything.
Why Is This Such a Big Deal?
As we’ve said, Wanchain is already a leader in bridges. They have some of the safest bridges in the industry. And you can do private transactions there too. We show you how right here.
Now, a developer needs ZERO new knowledge whether it’s building in Solidity or deploying an already built DeFi app to launch on both ETH and WAN at the same time. So while the protocol is most popular for bridges connecting 15 blockchains to each other, this hard fork could be the huge leap forward fans have been waiting for.
Quiet builders like Wanchain always stay quiet until they don’t. And this update can bring some noise that investors want. And there’s lots of room to grow. So, here are some points to consider:
- The marketcap is only $48 million. They could 10x easily from here and still be less than a $500 million project.
- 195 million out of 210 million WAN tokens are in circulation so there is no overhang of tons of new supply hitting the market.
- Favorable unit pricing. Each WAN token cost is 24 cents.
- They are adding Cardano to their bridges.
- Developer activity is poised to grow with full EVM compatibility. This is so important for blockchains. With no devs, they can’t grow.
Are you following $WAN on @CoinMarketCap yet?
Stay up to date on the latest #Wanchain news by following our #CMCCommunity page!
Click 👉 https://t.co/WjaYouAOko pic.twitter.com/tf6YW08VMy
— Wanchain (@wanchain_org) July 27, 2022
So that’s our look at the Saturn Hard Fork. We went over the major upgrades and what they mean. And then we showed you why these upgrades mean we think WAN is undervalued. Quiet builders like Wanchain are some of our favorite projects in this crazy market.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Wanchain. Copyright Altcoin Buzz Pte Ltd.
