Ever since the introduction of the first alternative cryptocurrencies to Bitcoin, intereoperability between blockchains have been a pain point in the industry. As it stood, there was no way for blockchains to communicate with each other – no way to exchange value and information swiftly and seemlessly throughout the ecosystem. As more and more blockchains came online, public and private, it became increasingly evident this was a problem that needed solving.
Enter Wanchain, a decentralized smart contract platform with advanced privacy capabilities, who have been working on solving the difficult problem of cross-blockchain communication. They achieved their first mainnet bridge in Q3 of 2018 with Ethereum, and have since added support for Bitcoin, ChainLink, Loopring, Basic Attention Token, Gemini Dollar, MakerDAO, TrueUSD, USDC, and several others. Wanchain is set to integrate EOS and another unnamed blockchain and an array of ERC20 tokens in Q4 2019.
On top of this, WAN 4.0 will also be released. This enables integrations of private blockchains into the Wanchain ecosystem. For the first time, private chains will have a bridge into the much broader blockchain ecosystem. Companies that have already signed on to use WAN 4.0 upon launch include Telefonica, PUC Berhad, ClubPass, amongst others.
So what does this all mean? How can Wanchain be leveraged to push blockchain adoption?
As we all know, cryptocurrency and blockchain have faced the problem of being overly complex and difficult for people to grasp at first, like most emerging technologies. Wanchain simplifies blockchain and brings it all into one place. Instead of interacting with a multitude of different blockchains, you can simply use Wanchain’s cross-chain functions to interact with any number of blockchains seemlessly.
Just a few possible use cases for Wanchain:
In the traditional finance world, getting a loan can be an expensive and arduous process. You need to have good enough credit to get a loan, and you need to pay a hefty percentage of interest on the loan to the central service provider. In the emerging decentralized world, you can find an innumerable number of people willing to hand out loans at a much lower rate and at a fraction of the time. Wanchain’s crosschain tech can allow for loans to be paid out in WAN, BTC, ETH, stablecoins, or any cryptocurrency integrated into the Wanchain ecosystem.
Peer-to-peer decentralized exchanges
A true decentralized exchange for the masses is something the crypto world has not yet seen, due to many technological barriers. A true DEX that doesn’t have ridiculous fees, can’t be shut down, and direct trading pairs is something that the crypto community has been clamoring for for many years. Wanchain’s decentralized nature and crosschain technology allows for exchanges like this to be built. In traditional crypto exchanges, trading pairs are usually limited to BTC, ETH, or USDT. With a DEX built on Wanchain, the potential is there for assets to be traded against each other directly instead of having BTC as the middleman.
Cross platform NFTs
In a world where microtransactions have taken over the videogame industry, so too has the desire to collect digital items. Wanchain can play two roles in this industry – facilitating the microtransactions with the currency of your choice, and handling the in-game items themselves. With the help of 0xCert, it’s simple to create Non-Fungible Tokens(NFTs). NFTs allow for a provably scarce number of non-fungible assets(a one-of-a-kind in-game sword or a rare baseball cards with only 100 in existence, for example). Wanchain could enable these NFTs to be transferred between compatible games (a gun that could be transferred from last year’s Call of Duty to this year’s release, for example).
The possibilities for NFTs extend far past the video game and collectors industry though. NFTs could be used to present ownership of real-world items like homes, cars, land, or any other item that is deemed worthy of proving ownership.
Companies that want to reward their customers for coming back again and again may consider introducing loyalty points. As loyalty programs have become so plentiful throughout the years, they’ve begun to lose the value they were supposed to have. One way to bring that value back is to introduce scarcity to them. If there’s only a certain number of loyalty points available, they become inherently more valuable and desirable. Transferrability and exchangability stimulate usage and interest.
Connected enterprise blockchains
While Wanchain allows private blockchains to interact with each other(two divisions of a company securely transferring data or value between each other, for example), Wanchain also enables these private blockchains to interact with the broader blockchain ecosystem as they desire.
Security token platforms
Securities can be issued on any blockchain platform and Wanchain will be allow for simple, seemlessly transfers and trades of those assets.
Simple crosschain mobile payments
Wanchain can be used as the payment method wherever it is accepted(it’d be a perfect candidate for it, with Wanchain’s new Proof-of-Stake network clocking well over 1000 transactions per second). But with Wanchain’s new mobile wallet, you’ll be able to have all your assets in one place and ready to seemlessly use whatever currency you want to with fast crosschain enabled transactions.
Any type of these markets would be a great fit for Wanchain. Crosschain payouts would make the entire experience more streamlined and simpler to use, along with the immutable nature of the blockchain for fairness in these ultracompetitive markets.
Anything on Ethereum!
Since Wanchain is a fork of Ethereum and supports solidity, all dApps running on Ethereum can easily be transferred over to the Wanchain blockchain with minimal changes.
With this comes many benefits. While Ethereum continues to delay their transition from Proof-of-Work to Proof-of-Stake, the network suffers and continues to be bottlenecked under 20 transactions per second(TPS). With Wanchain’s recent transition to PoS, the chain can process more than 1000 transactions per second. Alongside that, dApp developers and users will also reap the benefits of cross chain transactions and private transactions.
Slowly but surely Wanchain is working to connect the decentralized blockchain world just as TCP/IP and Wide Area Networks(WANs) did at the dawn of the internet.
- Have any ideas for a dApp built on Wanchain
- Are a company(traditional or blockchain based) interested in integrating Wanchain’s crosschain technology
- Are interested in earning WAN rewards by running a validator node on Wanchain’s PoS network