Wanchain raised USD36 million in one minute during its ICO and is getting closer to become the biggest Ethereum’s competitor. Why? Wanchain has achieved Cross-Chain Interoperability, a critical component of the multi-chain blockchain structure. In this article, you will discover everything about this revolutionary platform.
What is Wanchain?
Wanchain is the world’s most advanced blockchain interoperability platform. It uses the latest cryptographic theories to build a non-proprietary cross-chain protocol and a distributed ledger that records cross-chain and intra-chain transactions.
Any blockchain network, whether public, private can integrate with Wanchain to establish connections between different ledgers and perform low-cost inter-ledger asset transfers. The Wanchain ledger supports not only smart contracts but also token exchange privacy protection.
What does Wanchain Solve?
As a result of Ethereum’s growing popularity and increasing congestion, people have turned their attention to Layer 2 solutions and other blockchains. As an alternative to Ethereum, we have already seen tokens of projects like Cardano, Solana, Avalanche, and Fantom pumping. However, there are few problems that these blockchains are unable to solve individually:
- Movement of Funds: Let’s say, to move funds from Ethereum to Avalanche, a traditional user has to transfer funds from his Metamask Ethereum account to a centralized exchange like Binance and then send it to Avalanche. This process is too complicated, tedious, costly, error-prone, and still centralized.
- Easy access: Siloed blockchain might not get easy access to the latest innovations in other blockchains.
- No cross-chain capacity: Developers are unable to collaborate cross-blockchain.
- Don’t integrate bridges: While one-off cross-chain bridges are available, they do not scale and provide an integrated solution linking multiple bridges. Hence the user still needs to use multiple bridge platforms.
Nowadays, cross-chain bridges like Wanchain have become crucial for blockchain interoperability. Did you know that over USD7.7 billion are locked in only in Ethereum bridges?. If this situation continues, it will be hazardous for the ecosystem. That’s why Wanchain is claimed to be a bridge solution that breaks the silos in the blockchain space. As a result, it will allow seamless transfer of value and information between two blockchains.
Wanchain Use Cases
Wanchain’s solution is built upon the pillars of Cross Chain, Smart Contracts, and Privacy. Take a look at the picture below to have a better idea.
In early 2021, Wanchain launched the world’s 1st decentralized BTC-ETH direct bridge. Wanchain’s decentralized bridges currently connect the following blockchains:
- Binance Smart Chain, among others.
Therefore, we will give two examples of how Wanchain can help people who want to transfer assets from different blockchains:
- Case 1:
If a user wants to move BTC to the Ethereum Network to participate in yield farming, with a Wanchain bridge, that person would have to follow these steps:
- Locks BTC in the Bitcoin Blockchain.
- Issue Proxy Tokens in the Ethereum Chain.
- Use the proxy tokens abundantly in dapps throughout Wanchain’s cross-chain ecosystem.
- Alice can burn the proxy tokens and get back the Original BTC in Bitcoin Chain, all in a decentralized, non-custodial way.
- Case 2:
A developer can use Wanchain bridge to create fully decentralized cross-chain applications like:
- Cross-Chain Decentralized Exchange
- Cross Chaim Mobile Payments
- Connected Enterprise Blockchain, etc.
On the other hand, the Wanchain blockchain is based on Ethereum’s codebase and allows the deployment of smart contracts. As a result, a dApp can access a digital asset from any blockchain in Wanchain’s blockchain. Using this feature, Wanchain is slowly creating an ecosystem of dapps.
If you want to learn how to use the Wanchain bridge, you can see this video.
Wanchain’s Prestigious Team
Wanchain has a big team of 50 team members and 20 advisors. Headquartered in Singapore, China, and the USA. Other team members are spread around the world in Asia, Africa, and Europe. CEO Jack Lu has more than 22 years of technical experience.
Also, the team comprises PhDs with applied mathematics degrees and highly experienced software engineers, cryptographers, computer scientists, financial experts, and media community managers.
On the other hand, their VP of Engineering, Dr. Weijia Zhang, is one of the leading researchers working on the future of cross-chain. He is the Regional Head of China of Enterprise Ethereum Alliance and is co-chair, alongside Consensys’ Peter Robinson, of the Enterprise Ethereum Alliance’s Crosschain Interoperability Work Group.
$WAN is the native token of Wanchain. A total of 210,000,000 $WAN tokens are available, and 92% of them are already circulating. That means the potential of a significant dump is meager.
For the past three months, Wanchain has seen a steady price increase. This is mainly because of their steady delivery, improved 2021 RoadMap, and focused marketing.
On the other hand, $WAN is still 72% down from its all-time high. With a fully diluted market cap of 200M, Wanchain has a lot of room to grow.
As per our recent Technical Analysis of Wanchain, WAN is currently trading close to the resistance zone at $0.788. If this resistance breaks and flips to support, we could soon start seeing a move towards $1.12, $1.33, $1.67, $2.23, $2.78, and $3.13. Failure to break the resistance at $0.9946 could drop towards $0.775 and $0.658.
Also, the $WAN token is mainly used for:
- Securing Wanchain’s PoS Blockchain
- Proof of Stake Block Rewards
- Cross-Chain Bridge Node Staking Rewards
- Paying Transaction Fee
On the other hand, Wanchain’s PoS validator nodes have approximately 60M Wan locked (30%). This will potentially increase with the increased popularity of Wanchain. Staking in a validator Node currently earns you 8% rewards between 8 – 13%.
$WAN tokens are accepted by a wide range of applications inside the Wanchain ecosystem. You can check more Wanchain dApps here.
- WanSwap, a crosschain DEX. For example, it enables WAN-based liquidity mining.
- WanLend, another decentralized lending platform, allows users to stake WAN tokens as collateral.
- WAN tokens can also be used in ZooKeeper, an NFT-based gamified yield farming platform.
- Phoenix Finance, a decentralized derivatives marketplace.
- Jack’s Pot is a no-loss lottery game built on Wanchain.
- Instant Cross is a semi-decentralized cross-chain solution to bypass cross-chain transaction fees.
Also, using the Wanchain Ecosystem, you can earn multiple types of yields:
- Stake in Hive on WanSwap to earn a share of 1000 Wan each week.
- Earn by providing liquidity on WanSwap farming pairs.
- Earn by providing liquidity on Phoenix Finance mining pairs.
- You can also earn by compounding when you want to lend out your assets on WanLend, Wanchain’s compounding DApp.
Wanchain Growth and Longevity
Wanchain plans to expand the number of chains connected by their decentralized cross-chain technology in 2021 and foster the development of applications that benefit from their technology. They plan to incorporate several new public chains as well as numerous new assets. Another major focus will be the growth of the Wanchain developer community. Also, Wanchain will introduce the new Layer 2 to Layer 2 natural bridges.
On the other hand, Polkadot and other Substrate-based tokens will be integrated in the future. And also, Wanchain will continue to incorporate additional new ERC20 tokens to make them available for usage in the $WAN DeFi ecosystem. You can see the entire roadmap here.
The cross-chain bridge solution is still a small part of the crypto ecosystem, and there are a few companies in it. For example, Ren has gained much popularity, connecting Bitcoin, Bitcoin Cash, and Zcash on Ethereum.
Also, Darwinia is trying to solve the same problem. It has created bridges between Ethereum, Darwinia, Heco Chain, Polygon and is currently working on EOS, Kusama, etc.
However, nobody can capture a significant market share yet. The market is only getting developed, and once it matures more, the scope will be enormous. Therefore, the Wanchain with a broader spectrum of service is in a better position to win.
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