The digital world thanks to its versatility ended up dominating reality, the influence of technology in every aspect of life has grown year after year. This growth and development have been seen in medicine, R&D and almost all investigation in any fields that have used technology to go forward with their innovations, so economy and finance couldn’t be the exception.
The problem is that this growth has been so quick that, in the crypto finance field, the development has suffered some kind of distance between similar projects that lead them have to zero interaction between each other. In other words, in this field, people could see two projects, like Ethereum and Bitcoin to name the famous ones, and they can see these 2 projects are very similar in many aspects but not compatible between each other. Ethereum and Bitcoin are both cryptocurrencies, are both blockchain-based, both have similar goals but ETH has its owns protocols and Bitcoin has others, each one of them are totally isolated so it’s not easy for them to interact between each other, in fact, until now that was impossible.
In order to solve this problem, an initiative was born to make it easier to have interoperability between different blockchains: WANCHAIN.
It’s very interesting to read about WANCHAIN and its bets on the development of a fully digital financial market. Their faith in the fact that digital economy will be more important year after year is very exciting and looking at the vertiginous growth of this field there are no doubts about the evolution of the global economy to a digital one.
As any project, WANCHAIN has multiple objectives but among them, one of its goals is to make possible a perfect interconnection between different blockchains, with the goal of creating a world of digital assets that will include: cryptocurrency loans, digital assets transactions, investing and financing, cryptocurrencies exchanges, multi-cryptocurrencies payments and settlements.
WANCHAIN is looking to rebuild the financial market by making it possible to have cross-chain smart contracts, they clearly want to make an effort in the creation of this new world of digital assets, improving the actual mainframe, WANCHAIN offers the perfect solution for a possible interaction between blockchains, and opens the door to the opportunity to expand the actual market to a new generation settlements and agreements. For example, banks will see a huge opportunity to offer modern products and applications through WANCHAIN, organizations would offer new and more modern methods of agreements, or even initiate their activities in the digital market if they haven’t.
WANCHAIN is based on Ethereum, that’s why this is the first crypto they are using to interact with the others and the reason why they use Ethereum functions like running normal smart contracts, but WANCHAIN also supports transactions between different chains, either private or public ones.
WANCHAIN applies two different mechanisms according to the kind of transaction the user is doing, if they are doing an ordinary transaction, WANCHAIN will implement the Proof of Stake (POS) mechanism, but if there are cross-chains transactions WANCHAIN will apply the incentive and consensus mechanism. POS is already known thanks to Ethereum protocols but in order to fulfill an effective verification node, WANCHAIN divides the consensus mechanism into three categories: Vouchers, Storemen and Validators, every one with a specific responsibility.
The first ones, Vouchers, are needed to offer the proof of transactions in operations between an original account and a locked account; their responsibility is to make a security deposit to backup the operation. If for any reason, the proof results false the vouchers validation will be nullified.
The second ones, Storemen are responsible to stay online during the operation, these provide the computation part of the keys and calculate the signature share that will be added to the transaction, in fact, if the keyshare information goes offline in any moment during the development of any operation, it will be impossible to claim the transaction fee.
Validators, the last ones, they are responsible of notifying the Storeman if there are operations related to any locked account, and they are needed when a consensus is reached to fulfill the registration of the operation.
WANCHAIN offers privacy protection so as to avoid other people having access to user’s information, that’s the main reason for them to use the secure multi-party computation in cross-chain transaction that is based in Yao’s Millionare’s Problem from 1982, in order to maintain the correct output in every transaction and eliminate errors. In addition, WANCHAIN offers the threshold key sharing scheme, from the cryptographer Adi Shamir and his Shamir’s Secret Sharing, it offers a viable solution to the key’s encryption security problem, he solved it by dividing the key into “n” pieces and needing “k” validators to reconstruct the full signature to make an operation, offering stability and security to every transaction.
Besides, WANCHAIN applies the Monero’s privacy protection that consists of three rings of security. The first ring is conformed by ring signatures, second is one time addresses and the third is stamp system. These all three rings act as a shield to protect the user’s information, so no worries will occupy the mind of users when they are making any operation in the WANCHAIN platform. Therefore, if an user wants to make an operation, it could be possible to have privacy protection for transfers. This protection implies that nobody will know the wallet address of any counterpart.
In other words, WANCHAIN offers not only the possibility to operate with any blockchain but also complete data protection; every single one of the many aspects that WANCHAIN and its technology is offering right now are excellent tools to tear down the walls that are isolating all of the blockchains that currently exist.
Moreover, WANCHAIN and its particular vision of how the future will be, provides a way to create more applications that will work with WANCHAIN protocols, which means, many applications compatible with multiple blockchains and ready to take over the digital space.
Finally, WANCHAIN and its interoperability can serve as the perfect foundation for the construction of a new era of digital finance.
If you want to know more about this project, please review the following links:
· Medium
· Telegram
DISCLAIMER: The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investing should be carried out based on any information presented here. You can lose all of your money by investing. The following information is for educational and entertainment purposes only.
Reviewed by @dedicatedguy for Oracle-D.
Confirmed
Great to see someone finally write about Wanchain. Far too few people are aware of this project.
Is a great project, innovative and needed in every way. Thanks for the comment!
Have a nice and blessed day.
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