Wanchain is committed to bridging the existing financial systems with innovative blockchain technology. Its vision is to establish a decentralized "bank" that mirrors the role of traditional banks in today’s economy, while revolutionizing the infrastructure surrounding digital assets. This ambitious endeavor aims to create a modernized financial framework that enhances accessibility and efficiency in the digital asset space.
The core functionality of Wanchain lies in its ability to facilitate value exchange across various blockchain networks in a decentralized manner. It employs cutting-edge cryptographic techniques to develop an open-source cross-chain protocol along with a distributed ledger capable of documenting both cross-chain and intra-chain transactions. Any blockchain—be it public, private, or consortium—can seamlessly integrate with Wanchain, enabling low-cost asset transfers between different ledgers. Additionally, Wanchain's ledger supports smart contracts and ensures privacy for token exchanges.
With Wanchain, individuals and institutions can establish their own virtual teller windows within this decentralized bank. They can offer services such as loan origination, asset trading, credit payments, and transaction settlements using digital assets. By leveraging blockchain technology, Wanchain democratizes access to financial services, creating a distributed super-financial market that encourages broader participation in digital finance.
To enhance security in transactions involving multiple parties, Wanchain employs the Locked Account Generation Scheme. This method utilizes Shamir’s Secret Sharing Scheme to divide a key into multiple shares, distributing them among involved parties. The Storemen are tasked with managing and maintaining these key shares for locked accounts. This approach not only boosts decentralization but also ensures stability, allowing transactions to proceed even if some Validators are offline, as only a minimum number of shares are necessary. Moreover, transactions involving locked accounts occur via the original blockchain, simplifying integration without the need for new transaction types or validators.
The Wanchain Foundation, a non-profit organization, operates mainly from Singapore while also having a notable presence in Austin, Texas. Founded by Jack Lu, who has a distinguished background in the blockchain sector, Wanchain benefits from Lu's previous experience at Factom and his venture, Wanglu Tech, which has significantly contributed to the open-source project. Serving as Wanchain's President, Dustin Byington brings a wealth of expertise, having founded Bitcoin College and co-founded the software platform Tendermint and the connecting service Satoshi Talent.
Initially distributed as ERC-20 tokens during its ICO, WAN tokens can now be exchanged for mainnet tokens or purchased directly. It is important to clarify that WAN is not merely an ERC-20 coin, dispelling a common misconception.
Wanchain is a trailblazing project that aims to create a global super financial market. Although the journey ahead is challenging, Wanchain has made significant strides along its roadmap, distinguishing itself from several other projects. However, it faces competition from various platforms such as Fusion, Pantos, Ark, and Qash, along with major players like Ripple, Stellar, and Ethereum. Nevertheless, Wanchain boasts solid fundamentals, a fully operational mainnet, a compelling use case, strong investor interest demonstrated during its ICO, and a successful team that enhances its potential for growth and innovation.
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