All you need to know about Wanchain cryptocurrency

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What is Wanchain  WAN? A distributed financial infrastructure that allows the creation of crypto asset transactions across different blockchain groups by performing cross-chain transfers. Given a large number of currencies and numeric symbols currently in the cryptocurrency space,

Wanchain WAN blockchain crypto asset
Wanchain WAN crypto

Wanchain (WAN) aims to build a ‘super financial market’ by connecting distinct crypto assets.

Its key features are cross-chain interoperability, privacy, and smart contract functionality.

Wanchain connects and facilitates the transfer of value between different blockchains in a distributed fashion.

Public or private blockchains can integrate with Wanchain to establish connections between different ledgers and perform inter-ledger asset transfers.

The Wanchain ledger supports not only smart contracts but also token exchange privacy protection.

Use cases of the Wanchain include:

  • asset transfers
  • loan origination
  •   credit payments
Wanchain is part of the Enterprise Ethereum Alliance and Blockchain Interoperability Alliance (BIA).
The latter comprises ICON, Aion, and Wanchain and has the shared goal of promoting interconnectivity between isolated blockchain networks.
The problem is that today’s digital assets are isolated on their respective chains.
Wanchain connects these assets and enables banking applications to be developed that guide their flows on-chain, removing centralized counterparty risk.

How does Wanchain work?

Wanchain acts as an independent blockchain. Connects accounts of other independent chains to form a network through which these digital assets are exchanged. Although branched from etherium, it is completely separate from it, which means that it is a coin, not Token ERC20

What Wanchain benefits:

  • Exchange the world’s digital assets on-chain
  • Transact using Wanchain’s multi-asset wallet
  • Build decentralized exchange applications with protocol tokens

Wanchain currency characteristics:

  • Minimize exchange counterparty risk
  • The master address provides simplified and trusted audit
  • Privacy protection for trades and positions

There are many parts of the same statute, the most important of which are:

Cross-chain communication is the backbone of all this.

This protocol provides a means of transferring data between Wanchain and other chains.

The protocol contains three functional modules:

  1. Registration module: to record the chain from which the transaction originates as well as the asset being transferred.
  2. The cross-chain transaction data transmission module: Begins by requesting the transaction across the chain to Wanchain, decides whether the verifier node is successful, and facilitates the legal conversion from the verifier node to the original string.
  3. Transaction status query module: Monitors the status of a transaction with its content. It uses the chain communication protocol to enable you to exchange assets to Wanchain and vice versa.

There are three types of verification nodes that maintain the overall network and divide transaction fees:

Vouchers: Proof of serial transaction: Vouchers receive a security deposit from the transfer fee. In return, they provide proof of transfer between the original and the locked account, and if this is not true, the security deposit is taken from the booking account, and Voucher will not be able to allow the transfer.

Validators: General Verification Contract: Validators records transaction data in the WAN block in exchange for a portion of the transfer fee.

 Storemen: A secure account management contract: Storemen must remain online and maintain their own major shares to receive a portion of the fee.

If you don’t have enough Wancoin to run Verification Node, you can still run a general node. It does not verify transactions directly. Instead, you entrust your share to the verification node, which then distributes part of the transfer fee to you.

Privacy in its smart contracts

Wanchain is one of the first blockchain projects involving privacy within smart contracts.
The platform uses ring signatures and generates one-time addresses to provide you with anonymity in your transactions.
In circular signatures, your signature as a sender is mixed with other fake accounts. This mixture makes it difficult to track you like the actual sender. Furthermore, Wanchain creates a new address for each transaction, so detecting transaction patterns is almost impossible.
Although this project is challenging, the team has a proven track record that will give investors confidence that they can succeed in it. With the main network that was previously launched Wanchain ahead of most other blockchain projects.

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Marowa Al Tujjar
Marowa Al Tujjar
مديرة القسم الصحفي - كاتبة و محررة إقتصادية متخصصة بالعملات الرقمية
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