What is Wanchain (WAN)?
Future of WAN Cryptocurrency and know how to buy WAN

#1 – What is Wanchain?

Wanchain (WAN): The Basics

  1. Forked from Ethereum, the Wanchain cryptocurrency has its own blockchain. That means that Wanchain is NOT an ERC20 token. The ecosystem lacks an efficient and decentralized way to transfer value amongst the various existing tokens and blockchains.
  2. Wanchain is implementing a cross-chain transfer across various blockchains to create a new financial market for digital assets.
  3. It was founded by Jack Lu. Lu is also the co-founder of Factom from 2014, which secures data and makes it verifiable and auditable. It does this by operating on top of an existing blockchain. He is also the founder of Wanglutech from 2016 - a blockchain technology enterprise dealing with data deposit certificates, digital assets, supply chain finance etc.
  4. Wanchain 1.0 came into play by January 2018.

 

#2 – What are the benefits of Wanchain?

Wanchain Technology

The cross-chain communication protocol is at the core of Wanchain technologies. The platform for this cryptocurrency consists of many components that are impeccably merged with each other, thanks to the interconnected communication technology.

A. Cross-chain communication protocol

This protocol facilitates the transfer between Wanchain and other blockchains. Smart contracts are a significant part of the network that enable an exchange of assets between the platform and other chains. It is composed of the following functional modules

  •    Registration module: Registers the transferred asset as well as the chain a transaction came from.
  •    Cross-chain transaction data transmission module: Enables a legal transaction between the validator node and the original chain. It launches a cross-chain request for a transaction to Wanchain. The validator node then sends a signal of whether that particular transaction was successful.
  •    Transaction status query module: Checks the transaction status.

B. Verification Node Consensus Algorithm

Wanchain involves a Proof-of-Stake (PoS) consensus algorithm  that consists of three types of verification nodes that sustain the overall network along with distributing the transaction fees:

  • Vouchers: These are cross-chain transaction proof nodes.
  • Validators: These are general verification nodes that perform registration of data on Wanchain’s blockchain for a share of the transaction fee.
  • Storemen: These act as keepers of the keys online. They are locked account management nodes that have to maintain an online presence at all times. They must possess their own key shares in order to get their share of the fee.  

C.    Locked Account Generation Scheme

Wanchain uses the Locked Account Generation Scheme to secure funds and keys for multiparty transactions. This feature has a few benefits including increased decentralization and stability.

D.    Smart Contract Token Transaction Anonymity

This technology ensures anonymity and privacy during transfers. Its ring signature allotment mixes your sender signature with other fake accounts to make it difficult to track you and its one-time address generation feature generates a new address every time you make a transaction. No one can detect your transaction patterns in this case.  prevents the detection of transaction patterns.

Transactional Process

  1. If multiple parties are involved in a transaction, Wanchain leverages a Locked Account Generation Scheme to execute the transactions. The keys are broken into smaller parts and distributed to different participants.
  2. The locked chain generation scheme provides a system for locking the assets of the original chain during the transaction process. The locked assets are unlocked and returned to the original account only when certain conditions are met.

 

#3 – How to buy and store Wanchain?

How to buy Wanchain

Wanchain isn’t available on a lot of exchanges - but it is supported by major ones such as Binance, Kucoin, and Huobi. It is traded on Bitcoin and Ethereum pairs, with no fiat currency pairs currently supported.

  1. The exchanges mentioned above are platforms on which you can buy or sell WAN, but they often differ in terms of coin price, though not by much. CoinSwitch will help you decide which to choose by displaying the prices, all at the same place. Arguably the best cryptocurrency exchange around, it supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you wish with the IOP token you wish to buy, and CoinSwitch will facilitate the comparison at different exchanges.
  2. What’s more - with CoinSwitch, you do not need wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

Wanchain Storage

  1. Wanchain can be stored in the official WAN Wallet desktop client which can be downloaded to Windows, Mac and Linux operating systems.
  2. Although it supports only WAN token right now, it will be able to store multiple currencies in the future.

 

#4 – What is the future of Wanchain?

Also Read: Complete Analysis of Wanchain | Live Wanchain (WAN) Price Charts And Predictions

Date

Open

High

Low

Close

Volume

Market Cap

Jun 25, 2018

2.26

2.49

2.24

2.41

3,621,230

240,111,000

May 22, 2018

5.82

5.82

4.91

4.97

13,296,700

617,849,000

May 03, 2018

8.83

9.92

8.69

9.75

69,609,000

937,726,000

Apr 10, 2018

3.71

4.48

3.67

4.48

27,672,800

393,625,000

Mar 26, 2018

4.16

4.21

3.36

3.80

20,263,900

  1. Wanchain has been one of the fastest selling ICOs in moden crypto times. The assurance of its increase in value comes from the fact that it is designed to connect blockchains - which to be honest is a unique proposition.
  2. As the number of blockchains increase in the market, so will the value of this cryptocurrency.
  3. The Wanchain cryptocurrency stands a chance of hitting a valuation of $10 and above within 2018.
  4. Another factor that can bring up the value of this crypto is its partnership with Alon and Icon. These three projects have a common goal to make different blockchains more interconnected.

 

#5 – How is Wanchain different from other cryptocurrencies?

  1. Wanchain has the characteristic of many known cryptos merged into one. In fact, its goal itself seems to be one of merging, or at least, converging different cryptocurrencies into one via easy communication between blockchains.
  2. It is one of the leading cryptocurrency trading platforms with a highly skilled development team as well.
  3. The Proof-of-Stake algorithm also ensures that transaction costs on Wanchain that are significantly lower than that of Ethereum, Bitcoin or other legacy cryptocurrencies.

 

#6 - Should you invest in Wanchain?

  1. As a fork of Ethereum platform, Wanchain can perform similar to Ethereum. The Wan platform offers smart contracts, although it is not an ERC20 token.
  2. Its special features - such as the ring-signature, one-time address and private send offer it more credible and trustworthiness compared to its competitors.
  3. While it has partnerered with brands like Icon, investors themselves may prefer Icon over Wanchain due to the former’s headstart.
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