Protocols, dApps and services based on the Ethereum network could soon start working with Bitcoin after the testnet launch of Wanchain 3.0, the latest Alpha product of the blockchain interoperability platform.
The Wanchain Foundation announced the integration of Bitcoin with & # 39; Wanchain 3.0 & # 39 ;, was in the final stages of development on its platform. Wanchain (WAN) will then be able to provide cross-chain functionality between the Ethereum and Bitcoin networks.
The news means that BTC should soon interact with ethers and other tokens based on the Ethereum network, such as ERC20s and ERC721s.
CEO Jack Lu announced yesterday afternoon in Shanghai. He said that Wanchain 3.0 would allow individuals and businesses to use their own bitcoin or WBTC proxy as a means of exchange on dApp and ETH-based services.
"At the launch of our upcoming version 3.0 of Wanchain, any dApp, protocol, DEX, or other project built on Ethereum will be able to break down the wall between their network and the entire user community Bitcoin, " Lu said in a blog post.
"We will leave your imagination to think of the almost unlimited use cases that this crossover ability will bring to the cryptocurrency ecosystem."
Director of global marketing Dan Reecer added that "we are interoperable with what most would take into account the two main blockchains (ETH and BTC)" and Wanchain "is already receiving considerable interest from the developers who participated in alpha tests for reliable projects in the blockchain sector ".
Who benefi ts from Wanchain 3.0?
Wanchain is designed to link together several blockchain networks and protocols. It works using smart contracts and threshold key sharing that effectively enables a proxy token, a sort of derivative, to be distributed over the Wan network, which can be used on other platforms. Its encryption protocol allows users to securely transact on other networks.
The project announced that it was "fully connected" to the ETH network at the end of August with the launch of Wanchain 2.0; this means that users can move and negotiate with ether on the WAN platform. Wanchain forked by Ethereum last year
Wanchain said that decentralized exchanges could benefit greatly from integration with Bitcoin. Projects such as IDEX and Kyber Network (KNC), which both work on the Ethereum platform, may start offering BTC trading pairs. The openness to the Bitcoin scale and the 24-hour volume could also lead to significant increases in trade and much greater liquidity, a particular problem for decentralized trade.
Wanchain 3.0 is currently in its alpha testnet. The network has opened registration for developers who want to test the new platform in the alpha phase before the general release. The project roadmap suggests that it will start work on integrations with private chains and multi-currency portfolios.
The project roadmap requires a launch of Wanchain 3.0 by the end of the year, but Reecer noted that the team is currently "ahead of schedule".
The author is invested in BTC and ETH, mentioned in this article.
The CEO of Crypto Briefing is a Wanchain consultant and was not involved in the creation of this article.