[ad_1]
"Wanchain is a separate, independent public chain," says CEO Jack Lu on a recent December morning. Explain that it is essentially a fork of Ethereum that has incorporated many privacy-focused changes and focuses primarily on cross-chain compatibility.
Wanchain wants to be the bridge between blockchain, allowing the execution of multi-crypto transactions in a private way. Officially, in the text, it describes itself as "the first and only interoperable blockchain in the world with a secure multi-party calculation".
Secular WanChain could think of it as Ethereum + Monero with a hint of ShapeShift. Wanchain tries to perform the functions of all of the above. While not necessarily competing with Ethereum as a token platform, if tokens take advantage of Wanchain's capabilities, they will have the inherent ability to be transferred in terms of value between blockchains. They add a high degree of privacy not present in Bitcoin or Ethereum, and their ultimate goal is to act in the decentralized intermediary between blockchains, as do ShapeShift and other exchanges in a centralized manner. "You can have private transactions on Wanchain," Lu says to this reporter.
Wanchain uses Secure Multi-Party Computing – SMPC – to perform cross-chain transactions. This means that the receiving party can be sure that the funds are locked in the forward wallet of the sending party. Lu explains:
"We have interoperability solutions, cross-chain solutions, which allow us to connect with other blockchains like Ethereum and Bitcoin, SMPC allows us to control resources in a separate chain.When the user wants to send a currency or a transaction from Bitcoin in Wanchain, SPMC knows how to handle this bridge, it will send Bitcoin transactions to an account locked in Bitcoin, and at the same time issue a token – but it's not really an issue because we simply transfer a proxy token on Wanchain 39; specific user. "
Wanchain creates a bridge from Ethereum to Bitcoin
Lu says that in the future, public chains like Ethereum and Bitcoin can essentially be represented and screened with the privacy of Wanchain. Although the transparency inherent in Bitcoin is pleasant, there are many users who want more privacy. Lu says that Wanchain uses the Monero style of private transactions. In Monero, at least, a visualization key is needed to also know something, in reality, about a certain transaction, although the records are accessible to the public.
It is the interoperability of Wanchain that has attracted MakerDAO, a smart contract that holds up to 1% of all etereum and stabilizes units to the dollar through algorithmic methods, to Wanchain when looking for a cross compatibility partner -chain.
On Tuesday, Wanchain announced and launched its Bitcoin interoperability update. The move marks its iteration 3.0, the 2.0 series was the generation when they focused on the interoperability of Ethereum.
The reader could recall the recent work of R3, as did this reporter, and their ability to transfer funds through the centralized networks of clearing banks and some valuable networks such as Ripple, with their recently released Cordapp. Lu pointed out that the work that R3 is doing is mainly for the blockchain consortia it represents, which include large financial institutions that have specific needs. He said that Wanchain, in the present, focuses on linking blockchain and adding privacy, where possible, and in the future, plans to add more blockchain – just about any blockchain that might need it.
The use of Wanchain for cross-chain transactions instead of centralized centralization means that transactions remain secure and decentralized. There is no counterparty risk and as indicated in a press release on launch 3.0:
The decentralized exchanges that exploit the Wanchain cross-chain (based on Ethereum) or built directly on Wanchain will now be able to offer Bitcoin trading pairs. New pairs on decentralized exchanges with BTC will allow drastic increases in liquidity for space in general. Other cases of use for this cross-cutting capability could include cryptographic cross-chain loans, cryptographic payments leveraging multiple chains, and any other use case to bring Bitcoin to applications currently disabled on Ethereum. The cross-cutting opportunities with Bitcoin will lead to Wanchain and the industry is quite exciting.
Basically, any exchange that is running Ethereum and Wanchain or Bitcoin and Wanchain can now offer additional pairs without an undue amount of work. Wanchain does the job for them, and Lu says, "For this release, we're going to add many Ethereum tokens, we've already announced MakerDAO, which is a stablecoin, but now we've also added other Ethereum tokens, so now all these ERC-20 tokens can be exchanged against Bitcoin in a decentralized exchange. "
The Wanchain wallet has a convenient "crosschain" button embedded in it and documents make it clear how to perform cross-chain transactions. The Wan, the Wanchain native token, was trading at around 33 cents at the time of writing. If the significant demand for network functions is resumed, the request for the token will also be resumed.
Shutterstock foreground image.
Get an exclusive cryptographic analysis by professional traders and investors on Hacked.com. Register now and receive the first month for free. Click here.
Source link
