What Is Wanchain (WAN)?
Wanchain, with its native token WAN, is the blockchain that is targeting the financial industry. It provides cross-chain transactions, smart contracts as well as privacy mechanisms. Wanchain is a new distributed financial infrastructure connecting several blockchain networks together for value exchange. WAN is reputed to be the first blockchain in the world to feature cross-chain capabilities and interoperability with the Ethereum platform through a system of secure multiparty computing. The project is currently working on a schedule towards Wanchain 3.0, which will interoperate with the Bitcoin network. This will allow for several blockchains to exchange digital assets, helping to bring about the actualization of a new financial structure that interconnects all blockchains.
History Of Wanchain
In October 2017, an ICO was launched for the Wanchain token. Due to significant interest in the project, the ICO sold out on the first day. Jack Lu, who is the current CEO and ex-president, together with the founder of Fatcom and Tendermint Dustin Byington, led the team that founded Wanchain. The company is made up of individuals from all over the world with established offices in Texas, and China, which makes Wanchain an international organization. In March 2018, Wancoin began trading on Binance and today trades on Huobi, Cointree, and KuCoin. In August 2018, Wanchain was the 70th largest cryptocurrency company in the world in terms of market capitalization. A decrease from its usual place in the top 50.
Wancoin’s Crypto Market Performance
The total supply of Wancoin is 210,000,000 WAN. As of May 2018, its price peaked as high as $9.75.
On October 4, 2017, the Wanchain ICO was completed with over 107.1 million tokens sold and about 120,000 ETH raised. The token sale represents 51% of the total supply, with 60% of the ecosystem fund going towards research and development and 10% of each towards community development, daily operations, and marketing infrastructure.
In January 2018, the Wanchain Mainnet was launched and in June, Wanchain 2.0 was launched. Wanchain 3.0 went live in December 2018. Before 2018, WAN were found on the Ethereum blockchain as ERC-20 tokens, but now WAN is its own cryptocurrency coin.
Wanchain uses a modified Proof of Stake (PoS) consensus algorithm, as well as verification nodes to maintain the overall network, though transaction fees paid to the network are split.
Vouchers — Security deposits for cross-chain transactions are held by vouchers in exchange for providing proof of the original account and Wanchain account. For example, if you deposit BTC, you will get WAN at the exchange rate, with the voucher storing your BTC and WAN addresses to record the transaction.
Validators — When these record transactional data to Wanchain’s digital ledger, they earn a part of the transaction fee.
Storemen — The Storemen hold a WAN balance and must be online with a minimum threshold of WAN to verify transactions. If the minimum threshold is not met, they can still be an online node, but not a verification node.
The Wanchain Foundation And WANLab
The Wanchain Foundation, a nonprofit organization based out of Singapore, supports and maintains Wanchain. The organization launched WANlab in 2018 to be a blockchain accelerator and incubator. Wanchain Foundation and WANlab are at the forefront of blockchain awareness and seek to replace current technologies with open-source blockchain.
WANlab’s accelerator program is currently developing projects such as UTour, a travel booking platform based on blockchain, GameBank, a gaming platform also based on blockchain, and CryptoCurve, a multi-coin tracking wallet.
Wanchain has partnered with many companies including the interoperability partnerships with Icon and Aion, which has the potential to significantly transform the blockchain industry. Other partnerships include that with MakerDao, PundiX and more. These partnerships are set in place to encourage the development of the blockchain as well as the Wanchain ecosystem.
Wanchain (WAN) Will Be Listed On Atomars
Wanchain (WAN) has announced that it will be listed on Atomars on October 3. The following trading pairs will be supported: WAN/BTC, WAN/ETH, WAN/USDT.
Atomars is a trading platform for digital assets that is at the vanguard of connecting fiat currencies with cryptocurrencies. Atomars is building a platform that makes crypto trading safer and secure for anyone, no matter where they may be in the world. Atomars exchange currently supports all the major cryptocurrencies which include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dash (DASH) and more. The exchange platform plans to introduce fiat currencies in the near future.