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Have you ever found the blockchain space a little confused? The ecosystem has become a bit out of the way, with thousands of tokens on hundreds of blockchains. You can send an ERC-20 token to any Ethereum wallet, but do not dare mix it with the NEP-5 tokens. Tron and Tezos have their chains and their own ICOs. And God help you if you send a bitcoin to the wrong kind of Bitcoin address.
Blockchain protocols are more numerous than the different types of electrical sockets, but now there is a universal adapter. Wanchain (WAN) is on a mission to merge cryptos, allowing traders to easily exchange tokens from one protocol to another. Today the project announced the release of "Wanchain 3.0", which provides interoperability between token Bitcoin, Ethereum and ERC-20.
The announcement concludes the alpha and beta tests for Wanchain 3.0, on which Crypto Briefing has previously reported.
The full launch will also allow Wanchain to replicate the Ethereum dApps, allowing interactions between blockchains and smart contracts such as Maker / Dai, token 0x and decentralized exchanges.
"Given the great need for interoperability," says Wanchain VP of Global Communications Oliver Birch, in an email, "We believe this is one of the most monumental advances that cryptography has ever seen so far, which lays the foundation for a cryptic industry in which assets and value can be transferred across the board in a decentralized manner in situations such as DEX and cross-chain dApps. . "
To use the new protocol, operators will have to move ETH or BTC to an intelligent contract address, connected to the WAN blockchain. The coins are then exchanged without any doubt for proxy tokens, called WETH or WBTC, which can be easily exchanged or used in Wanchain's smart contracts. At the end of the interaction, users can redeem the tokens with the same ease with which they obtained them.
The new WBTC (decentralized)
This is not the first token under the WBTC ticker. At the start of this year, Crypto Briefing reported on "wrapped" Bitcoin, an ERC-20 token backed by bitcoin guarantees. But despite a shared nickname, the two could not be more different.
"There is a world of difference between the WBTC on Ethereum and the current one on Wanchain" explains Wanchain's technical strategist, Johann Eid. "Wanchain aims to implement a completely decentralized solution to solve the cross-chain transfer of the value challenge, while WBTC on Ethereum currently operates more like a traditional banking / custody solution."
In other words, he suggested, "wrapped BTC" is more a Bitcoin Tether than a decentralized solution, one that depends on the reliability of a single custodian, based and bound by US law.
Wanchain's WBTC is not even perfect, at least not yet. The blockchain is still based on permits, admitted Eid, but is approaching full decentralization.
Each Blockchain from Ada to Zilliqa
But the show is not over yet and the project is not going to stop. As Eid explained via e-mail, the Wanchain protocol hopes to eventually merge each major blockchain.
"As long as a particular blockchain is able to use our public / private key scheme," Eid explains, "We are able to integrate this blockchain with a process that we intend to be as universal as possible in the future." Ripple, Stellar and EOS are already under study.
This could make things a lot simpler, so the amateur investor will not need six different desktop portfolios. With the introduction of a universal adapter for blockchain, crypto could become quite easy to use really.
The author is invested in Bitcoin and Ethereum, which are mentioned in this article.
The CEO of Crypto Briefing is a Wanchain consultant, but has not been involved in the production of this article.
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