Is Wanchain Going to the Moon?!?! 10 Things You NEED to Know


There’s been a ton of hype surrounding Wanchain,
but what exactly is it? And is it going to the moon? Here are ten things you need to know about
Wanchain! But first, answer this quiz question: How
fast did Wanchain’s ICO sell out? Under a minute, under an hour, under a day,
or under a week? Let us know in the comments section below
& stay tuned to find out the right answer. Number 10: What is Wanchain? Wanchain is a type of blockchain technology
aimed at creating financial markets for the constantly growing digital economy. Similar to the way in which traditional banks
make up the infrastructure of today’s financial industry, Wanchain’s purpose is to build
a new infrastructure for the digital economy. In order to achieve this ambitious goal, Wanchain
connects and exchanges value between different blockchains in a distributed manner. It implements cryptography into its protocol,
while its distributed ledger records both intra-chain and cross-chain transactions. This means that any and all blockchains that
integrate with Wanchain, whether they are public, private or consortium chains, are
able to establish connections with different ledgers and transfer assets in a safe and
private manner. Number 9: Why Was Wanchain Created? In case things are getting a bit confusing,
it’s worth noting that what Wanchain essentially aims at doing is creating a distributed bank
that facilitates transactions between different blockchains. Despite the number of tokens, coins and blockchains
in the current cryptocurrency ecosystem, there hasn’t really been a decentralized, efficient
manner of exchanging value amongst them. This is a problem that Wanchain aims at fixing
by connecting accounts from independent chains and providing them with a framework to exchange
digital assets. Number 8: What Are the Advantages of Wanchain? With Wanchain each institution or individual
can basically create their own virtual teller window in order to provide a number of bank-like
services such as credit payment, asset exchange, transaction settlements or lending. Since Wanchain was forked from Ethereum, it
therefore retains a number of its key features, such as the ability to create and run smart
contracts, thus enabling community developers to create more complicated applications. Privacy is another major advantage as Wanchain
is one of the first blockchain projects to implement privacy within smart contracts. Its features include ring signatures and One
Time Addresses. The signatures necessary to verify a transaction
are disguised within a larger group of them, making it hard to determine the true originator
of a transaction. Users can also opt to generate a new address
with each transaction, thus making it harder to trace an individual’s transaction history. Number 7: What Are the Uses of Wanchain? As explained by the project’s commercial
whitepaper, Wanchain has a variety of applications. A first possible application is that of using
the Wanchain wallet for multiple cryptocurrency exchanges. Institutions and individuals alike can take
advantage of the platform’s distributed cross-chain transaction mechanism for cryptocurrency
exchange services with privacy protection. Wanchain can be used for loans, investments
and financing of digital assets. Wanchain also supports ICOs with multi-currency
smart contracts. ICO tokens are automatically converted to
real cryptocurrencies in a completely decentralized process. This marks crowdfunding as another possible
use for Wanchain. Number 6: How Does Wanchain Work? Wanchain’s backbone is its cross-chain communication
protocol which offers a way for data to be transferred between it and other chains. The protocol features 3 functional modules. The registration module registers that an
asset is being transferred and registers the chain where the transaction originates from. The cross-chain data transmission module initiates
the transaction request to Wanchain and acknowledges whether the validator node returns success
or not. It also facilitates the legal transaction
from the validator node to the original chain. The status of the transaction is monitored
by the transaction status query module. Validator nodes, which I’ve mentioned earlier,
are part of Wanchain’s Proof-of-Stake consensus algorithm and tasked with recording and verifying
the transactional data. Vouchers and Storemen are two other types
of verification nodes which are vital to maintaining the network, in return for portions of the
transaction fee. When there are multiple parties involved,
Wanchain uses the locked account generation scheme to secure funds and keys. Storemen maintain and manage the appropriate
key shares of the locked account for transactions. Since the locked accounts are generated through
multi-party computations, Wanchain effectively increases decentralization. Any transaction with a locked account is done
through the original chain, meaning that it can easily interact with Wanchain without
the need for new validators or transaction types. The technical aspect of Wanchain can get pretty
complex and is covered extensively in the project’s whitepaper. In case you have trouble figuring out its
mechanics, just remember that its cross-chain communication protocol basically uses smart
contracts to allow you to exchange assets to Wanchain and vice-versa. Other factors to take into consideration are
that the exchanges are entirely private and that they take place in a decentralized manner. Number 5: What is Wanchain’s native coin? Wanchain’s native tokensa are the Wancoin,
or the WAN. A certain amount of WAN are consumed during
a transaction. Whenever you make transactions, you will need
to pay WAN security deposits to the cross-chain verification nodes. The ICO token price was placed at 0.34 U.S.
cents, or the equivalent of 0.00114 ETH. During their ICO, the team behind Wanchain
sold 107.1 million tokens, which accounted for 51% of their supply. The team raised 122,000 Ether or the equivalent
of 36,000,000 U.S. dollars. The team stated a plan to use 60% of the ICO
funds towards research and development. Number 4: Where Can I Buy WAN? At the time of this recording, only ICO contributors
have access to the coin and it hasn’t started trading yet. Since the project’s blockchain wasn’t
available during the Initial Coin Offering, the participants were given ERC20 tokens. The recent launch of the mainnet means that
ICO participants can now trade in the ERC20 tokens for WAN. Wanchain provides a wallet that is available
on Linux, MAC and Windows operating systems. Although at the moment the wallet can only
hold WAN, it will soon be able to support multiple currencies. Number 3: Who is Behind Wanchain? Operating as a non-profit organization, the
Wanchain Foundation has offices in Singapore and Austin, Texas and an impressive team behind
it. Jack Lu, a respected player in the blockchain
space, is the project’s founder as well as its current CEO. Before Wanchain, Lu co-founded the successful
Factom, which currently has a market cap of just over 250 million USD. Lu also started Wanglu Tech, a blockchain
development company which is currently the main contributor to the Wanchain project. Blockchain veteran Dustin Byington is the
project’s president. In 2014 he founded Bitcoin College and also
co-founded Tendermint, which is a software mechanism that replicates applications across
machines. Byington is also one the founders of Satoshi
Talent, a platform which blockchain entrepreneurs can use to connect with developers. The team is comprised of 23 members and 11
advisors with extended experience across their various business domains. The Wanchain team is comprised of experts
from the fields of cryptography, finance, software engineering, and media and community
management. Aside from the team’s rich commercial expertise,
it also has resources in countries such as China, Singapore and the United States. Number 2: What is the Future of Wanchain? Wanchain has been in development since the
middle of 2016. After the launch of their main net in early
2018, Lu and his team have an ambitious agenda set for the rest of the year. The next release, Wanchain 2.0, is scheduled
for June 2018 and it will include a multi-currency wallet and Ethereum cross-chain trading. Wanchain 3.0 will feature integration with
Bitcoin and, according to the project’s roadmap, by the end of 2019, it will also
enable interactions with other private chains. Wanchain will undoubtedly face some competition
from other projects such as Stellar or Ripple which are also heavily involved with financial
institutions. Even Ethereum can be seen as a competitor,
since you can also build decentralized applications within Wanchain. The unique element that Wanchain brings to
the table, aside from the ability to provide anonymous smart contracts, is most likely
the idea that it can create an entire financial ecosystem. Number 1: Why Should I Care? As we’re reaching the end of our Wanchain
video, it’s worth outlining some key elements that might make it an important player in
the years to come. The fact that it is associated with Factom
gives the entire project a higher sense of confidence. In terms of USD, Factom’s market cap has
increased dramatically in the course of just over 2 years since it started. Wanchain has some of the brightest minds in
the business behind it and a CEO who has more than proven himself in the blockchain space. Since 2016, the project has remained faithful
to its roadmap, and so far, hasn’t shown signs of slowing down. The public has also shown great interest in
the long-term goal the Wanchain Foundation is trying to achieve. Part of Wanchain’s high appeal is the basic
idea upon which it was built: that of creating a type of distributed, decentralized and private
financial environment that will eventually transform the digital economy. So how fast did Wanchain’s ICO sell out? If you guessed under a minute, you’re right! The public token sale took place on October
4th, 2017 and it was one of the fastest selling ICOs in history. The public interest was so high, that even
though Singapore, China, and the US weren’t allowed to participate, all ERC20 tokens were
sold out in under a minute.

32 thoughts on “Is Wanchain Going to the Moon?!?! 10 Things You NEED to Know”

  1. Dude this video was amazing. I was part of the ICO and i read a lot about wan but it was still interesting to watch. Keep up the hard work ๐Ÿ‘

  2. This guy always does a great job with his videos, I like his voice, clear and concise. Information comes in proper order.

  3. it will drop to 1/3 value when it first listed just like any coins.those coins has like 100k members,… with so much hype. ez whale wil dump it hard

  4. Thanks so much for your work, could you please review Radix. They claim to outperform blockchain tech. with low volatility and very high throughput.

  5. Finally some spectacular news from Wanchain!
    Wanchain Announces First Six WANLab Projects.
    Learn more here: https://www.whycrypto.co.uk/wanchain-first-six-wanlab-projects/

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