Recognizing a good investment opportunity in the world of cryptocurrencies can be difficult, especially since there are so many, with new ones that keep popping up. For this reason, when a new opportunity presents itself, it should not be overlooked. We believe that Wanchain (WAN) can be such an opportunity, so let's see why.
About Wanchain (WAN)
Wanchain (WAN) closed its ICO in 2017, with a money price of $ 0.34. Shortly thereafter, its value rose, and continued to rise until May 3 of this year, when it hit $ 9.92, despite the bear market that paralyzed all the other scrambled.
The objective of money is the creation of an interoperable banking system based on blockchain technology, which would be suitable for the new generation of crypto. The system would also be able to offer every feature that can be found in a traditional bank. While working on these plans, Wanchain also managed to demonstrate that he is capable of transversal interoperability, in particular with the Ethereum blockchain. At that time, his goal expanded to include the desire to connect all blockchains from all over the world in a single network.
However, it was when May arrived and the WAN's value dropped by 91%, and its current price is only $ 0.88. This has placed it among the coins with the worst performance, but also one with great potential, considering the heights reached before collapsing. Many wonder if the WAN can ever reach its past glory, which is something that depends on what it has to offer.
WAN Cross Chain Interoperability
Wanchain released its 2.0 update only a month ago, which made its blockchain interoperable with the Ethereum blockchain. It should be noted that although this blockchain has become a fork of Ethereum, it is not yet its ERC-20 token. As for the cross-chain functionality, it certainly does not hurt that the two blockchain share a connection. Furthermore, the process is made even safer by sharing secret keys, smart contracts and multi-user verification.
In this way, ETH can be sent via WAN blockchain and end up in the form of WETH, which is the equivalent of Wanchain of Ethereum itself. Currently, this is not possible for the WAN blockchain on Ethereum, however, if the WAN is accidentally sent to the ETH address, it can still be recovered easily, considering the similarities between the blockchains.
Regarding the future, the team behind WAN has published a roadmap that shows they are planning to include interoperability with at least one or two additional blockchain before the end of this year. Their focus will be on the ERC-20 token chains and on Bitcoin. In the long run, the project is mainly dedicated to interoperability across the chain, and its ambition is to bring all the other chains together under one roof.
Now, at the beginning, this may seem overly ambitious, and there are no doubts, many who believe that this plan is not possible. However, while there are a lot of coins with similar, seemingly impossible plans, the WAN has actually created some fairly reasonable milestones that would ensure that its goal was met. And, if the goal proves really impossible to achieve, then the WAN would simply disappear quietly.
Internet privacy continues to be one of the most popular online features and will probably never change. For this reason, Wanchain used ring signatures, which hide the identity of the transaction managers and create a new individual address for each new transaction.
Wanchain is definitely innovative and claims to be the first to do a lot of things, including the inclusion of privacy and anonymity in his smart contracts. However, many other blockchains that claim the same have already been discovered, and it turned out that their utmost privacy is nothing but empty talk. Indeed, such blockchains often end up having a serious lack of privacy.
With these problems and concerns among users, WAN's claims will be put to the test sooner or later. Until then, he continues to argue that he can guarantee public and private functionality in the same way.
In the footsteps of Ethereum
The WAN team is undoubtedly a capable and has announced its intention to follow the proposed adoption of PoE by Ethereum. They also announce that they could also take some additional implementations, such as Raiden Network and Plasma.
Since all the big blockchains are constantly coming with updates and changes, it will be interesting to see how the WAN will follow their evolution. Being compatible with ETH is great, but can cross-chain interoperability survive while WAN's blockchains start making makeovers? This is the real question, and one of the biggest reasons for doubt about the success of the project.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
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