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- The cross-chain bridge will facilitate multi-crypto transactions
- The Wanchain upgrade creates the first seamless blockchain interoperability platforms
- Wanchain uses "the Monero style of private transactions" to improve privacy
Wanchain (WAN) has unveiled an update, Wanchain 3.0, a blockchain privacy platform that connects and exchanges that links and exchanges the value between different blockchains. The bridge will facilitate multi-encrypted private transactions between Bitcoin (BTC) and Ethereum (ETH) and ERC-20 tokens.
Cross-chain transactions between Bitcoin and Ethereum Blockchains
The company said through an official blog post Tuesday, December 11th 2018, their new product will present a transversal transaction functionality that creates the first exemplary case for seamless blockchain interoperability. This becomes a milestone in Wanchain's desire to ensure that all decentralized exchanges (DEX), protocols and other cryptographic components are completely interoperable between blockchains.
Wanchain's interoperability concept is similar to how WANs (Wide Area Networks) were connected to silenced local networks (LANs) that wanted to link different blockchains to facilitate decentralized value transfer between them.
Wanchain uses a Secure Multi-Party Computing (SMPC) protocol to perform cross-chain transactions, which means that the receiving party will be sure that its funds have been securely locked in the forward wallet of the sending party. Explaining the concept, CEO of Wanchain Jack Lu He said:
"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. "
As for the future, Jack Lu explained that public chains like Bitcoin and Ethereum will be essentially represented and protected by Wanchain's privacy protocol. He said that while transparency in Bitcoin was desirable, there was a new crop of users who loved their privacy. He added that his company has embraced the "Monero style of private transactions", in which a key is required for anyone who is aware of any transaction, even if the records remain publicly accessible.
Following the launch, users can use the secure and decentralized cross-chain of the Wanchain 3.0 update for their transactions instead of the DEX without counterparty risk, according to the company's press release. The decentralized exchanges that exploit the Wanchain cross based on Ethereum or direct construction on Wanchain can now offer Bitcoin trading pairs. Any exchange of Ethereum, Bitcoin or Wanchain can now easily offer additional pairs. CEO Jack Lu added:
"For this release, we're going to add many Ethereum tokens – we've already announced MakerDAO, which is a stable currency, but now we've also added other Ethereum tokens, so now all these ERC-20 tokens can be traded against Bitcoin in a decentralized exchange."
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