Wanchain: Transversal transactions for digital finance

The momentum that drives cryptocurrency markets around the world is not slowing down. As an intrinsic value of cryptographic resources and blockchain technology, the growth trajectory of the sector is accelerating.

However, as a growing number of digital currencies launch and create value in the network, the need to manage this growth becomes more pressing. This is one of the reasons why recently there has been a rapid proliferation of new resource management applications. At a time when distributed models are seen as a more efficient and secure approach to the emerging digital economy, most of these trading applications operate according to a centralized model.

Wanchain, an innovative digital platform curated by the Chinese company Wanglu Tech, presents itself as a framework for the construction of a decentralized financial market. Wanchain's model for distributed financial infrastructure allows the exchange of assets between different blockchain networks; the native cryptocurrency, "Wancoin", will serve as an intermediate currency for exchanges.

One of the main drivers of the Wanchain open-source project is the Wanchain Foundation, based in Singapore, a non-profit organization serving the broader crypt ecosystem. The main objective of the foundation is to raise operational funds for the Wanchain community, offering support to businesses, organizations, individuals and other stakeholders.

Cross chain transactions

Wanchain's long-term vision is ambitious. It aims to create a distributed financial infrastructure based on digital assets that allows institutions and private individuals to manage their own "virtual teller", in which offers of services such as the origination of the loan, exchanges of active, credit payments and transactions are based on digital assets.

Thanks to blockchain technology, Wanchain is decentralized and allows transactions without the need for trusted third parties. However, the fundamental value of the platform stems from the fact that it can transfer resources using a cross-chain decentralized mechanism and protocol. Multiple blockchains will be linked for the purpose of transferring value across networks.

Wanchain is not just a link between blockchain; the platform will also function as its own internal blockchain with intelligent contract functionality, Turing completeness and privacy protection for all network transactions.

The Wanchain model comes at a time when a myriad of applications are developing across the financial sector. These include:

Wanchain aims to be a more efficient distributed asset trading network that uses a framework similar to those used by traditional financial institutions, including companies involved in asset-backed securities. By capitalizing on Wanchain's innovative infrastructure, individuals and businesses will be able to access a wider range of financial services while maintaining greater control over their assets and asset appreciation strategies.

Jack Lu, CEO of Wanglu Tech and founder of Wanchain, organized a team to take care of the development of Wanchain after completing a cross-chain transaction and verification of privacy protection and prototype development during the last part of the 2016. The platform is ready to be published in November 2017.

Previously, Lu launched Factom in 2014, a company whose initial coin offering campaign (ICO) has successfully raised over $ 9 million. Factom is now one of the top 30 cryptocurrency markets in the world, with an estimated value of over $ 200 million.

In addition to Lu, who leads the company's engineering team in the United States and China, Wanchain boasts numerous world-renowned software engineers and cryptographers. Many of the developers have matriculated from Peking University, one of the best institutions of higher education, not only in China, but in the world. Zane Liang, an expert in applied mathematics based in the United States, who heads the Wanchain scientific team, is responsible for the theoretical solutions and verification of blockchain cryptographic algorithms.

The ICO crowdsale of Wanchain began on September 6, when the digital tokens offered by the public will be in the form of Wanchain token ERC-20. The total offer of Wancoins is 210 million. At the end of the crowdfunding operation, the tokens will be distributed to the users' Ethereum portfolios, through which transfers are possible. This process resembles that of smart contract tokens on Ethereum.

Wanchain has reported on Twitter that, due to the new ICO regulations of China, its September 6 token sale has been postponed. You can stay updated following them on Reddit, chirping or join the conversation on the Wanchain Slack channel.