[Wanchain] Week 3 WNS Update
Last week, we talked about WNS (Wanchain Name Service) and our iOS Wallet update (read week 2 update). This week, with Wanchain’s recent announcement on their Alpha testnet for Bitcoin integration, we will talk about how WNS will interact with this amalgamation.
Wanchain 3.0
Wanchain 3.0 is a cross-chain protocol integrated with Bitcoin. Together with the previous integration of Ethereum, Wanchain will now supports interoperability among WBTC (BTC), WETH (ETH) and Wan (Wanchain), migrating a huge step towards becoming a super financial crypto market.
During the WanLabs event in Shanghai, Jack Lu, founder of Wanchain, indicated the significance of this implementation,
“The transition towards blockchain interoperability is an extremely important step in laying the foundation for the future digital economy.”
How does it work
Once a user deposit Bitcoin (BTC) or Ethereum (ETH) to Wanchain platform, the smart contract execute a token swap, changing their forms into WBTC and WETH. WBTC and WETH will have an equivalent value with BTC and ETH, relatively, and could be redeemed back to its native token anytime instantly. On Wanchain 3.0, these tokens could be seamlessly applied for various functions such as cross address transfers, dApps interaction, token events operation, DEX trades, and more.
Wanchain 3.0 and WNS (Wanchain Name Service)
For a better understanding at the how WNS and Wanchain 3.0 will interact, let’s look into the technical layer of Wanchain first. The image below shows the underlying technical stacks used to run Wanchain. The layers in the framework is built from bottom to top.
Just as how we are connected with the Internet, Wanchain nodes message each other through the very same method. Its nodes however, are operating through EVM (Ethereum Virtual Machine) implementation, which is the runtime environment for smart contracts. DApps and wallets developed on Wanchain are governed and executed by those smart contracts.
The Wanchain 3.0 is an update on the bottom 3 layers marked in red, which affects the upper two layers that users and developers make direct interaction with.
Our deployment of WNS will be governed by the smart contract layer at EVM, but the protocol that we created provides a standard that DApps and wallets can easily utilize on their products, allowing users to store and communicate their states on Wanchain with greater convenience.
Thank you for reading.
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