Wanchain's summer (WAN) is a mixture of hope and FUD


Wanchain has remained quite quiet during the last two weeks. The month of July saw the WAN reach the highs of $ 2.78 USD / 41997 satoshi before proceeding to a sideways movement. After reviewing $ 2.78, the currency began to gradually lose value. Towards the end of July it was more or less the same for Wanchain, and saw its monthly lows of $ 1.52 USD / 19709 satoshi on 31 st . The month of August started similarly, with the currency locked in a sideways movement. Today we have seen some slight signs of life, since the WAN has managed to emerge around 7% before the sell-offs of Bitcoin's ETF dropped the price at the end. Currently, a WAN is worth $ 1.11 USD (still an increase of 5.76% in the last 24 hours, despite the fall of Bitcoin) / 0.00017145 BTC (increase of 2.84% in the last 24 hours).

Dharma_Bull from TradingView it seems that Wanchain could be on the edge of a break-out:

"Both indicators are in the buy zone, the price may start to rise higher for now. that the blue resistance does not stop the bullish trend Profit goal: 2240 Sats "

Wanchain is one of the OGs of the idea of ​​interoperability, which wants to become the underlying layer that will allow each blockchain in the world to communicate with other blockchains. To this end, they recently greeted their fans with an important update: Wanchain 2.0 was launched and was interoperable with Ethereum. This was the first successful interoperability connection between two blockchains.

We have compared two of the most popular cryptographic exchanges: from a look at the results: Binance vs. Bittrex

Thanks to this connection, Ethereum can now be transferred chain from the Ethereum blockchain and accurately represented 1 : 1 on the Wanchain platform with a token known as WETH (Wanchain & # 39; s Ethereum Mapping Token). This function is made possible by a combination of smart contracts, multi-party secure processing and sharing of threshold keys. Protected multiparty processing is the unique feature of Wanchain that allows parties operating on its network to calculate input functions while maintaining private inputs.

Wanchain is not going to stop with Ethereum, since they want to connect various other blockchains from all walks of life. Finance, supply chain logistics and goods tracking, medical documentation and personal identification are just some of the potential areas of application for this project. But this seems like a distant future at the moment; for now, they will aim to allow support for Bitcoin and some of the largest ERC-20 tokens on the market.

However, it seems that 2.0 has not been as glorious as promotional material would have you believe. Reddit Thrwywan said the following on mainnet:

"The most recent disappointment (regarding Wanchain) is that 2.0 is practically a glorified beta: there is no penalty mechanism for the storeman nodes and it is only the team that manages them anyway.The vouchers are not implemented, but they use atomic swaps, and no bet or mining activity. " Developers are aware that the community is not impressed and the 3.0 version that should enable the stakeout is mentioned as an objective eoy by some sources.

Next to work on the main network, Wanchain recently announced Wanlabs, an incubator that will offer growth opportunities to teams with solid and forward-looking blockchain ideas that are based on the Wanchain ecosystem. Projects accepted in WanLabs will be supported by:

  • Blockchain Advisory helping to prepare projects for a successful launch
  • Wanchain engineers' world-class technical guide to overcome any integration problems.
  • Funding to support the necessary expenses and activities.
  • Introductions to the legal support of the best blockchain experts who guide projects through the complex global legal environment.
  • Marketing and PR consultancy, community creation, exposure to the global Wanchain community (200k +) and access to our global partners.
  • Global resources with connections to our international business development team.

Wanchain has had a couple of the most important updates that have happened recently. The Custody of Coinbase has confirmed that they will examine several new cryptocurrencies as possible beneficiaries of their custody services, and Wanchain is among the coins that are being examined. The company also announced that they will collaborate with the Token Alliance, a digital chamber of commerce initiative that represents over 350 blockchain and token experts from around the world. This alliance will seek to create a set of guidelines that we hope will help the token market grow in a safe and responsible manner. Finally, Ledger confirmed that will support 8 new cryptocurrencies, including WAN.

All of this could prove useless if there is any truth about the most recent rumors that have appeared on Reddit. The user named Justacluster noted that the total Wanchain supply of 210 million tokens could be false and published this thread as evidence of his findings. The essence of his statements states that new tokens are generated and added to miners' addresses. Other users have suggested that the proof that this user posted was removed from the blockchain which in itself has serious implications, as it would make the blockchain of Wanchain not immutable. Jack Lu, founder and CEO of Wanchain, has published an announcement explaining that these "new" tokens are simply transaction fees that are currently stored in mining addresses for future mining prizes; other parts of the community have confirmed that any engineer can scan the main network and confirm that the total offer remains unchanged.

Read Coinbase vs. Bittrex – head-to-head comparison.

So it's fair to say that it was a mixed bag for Wanchain recently. The cryptocurrency has to do with the worst price action in a moment; couple that with some annoying FUD and the feeling becomes easily negative. For now it seems that we will have to wait for the 3.0 mainnet to arrive and that the Bitcoin will start to show real signs of strength before any serious recovery occurs in Wanchain.

Writers and authors of CaptainAltcoin's posts may or may not have a vested interest in any of the projects and businesses mentioned. None of the contents on CaptainAltcoin is an investment advice nor a substitute for advice from a certified financial planner.

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