Since blockchain technology was first introduced to the world nearly 10 years ago, the number of different blockchains and protocols has increased exponentially. However, instead of this evolution resulting in a highly interconnected internet of value, all blockchains to-date, including Bitcoin and Ethereum, have existed in isolation. This isolated state has precluded the many blockchains from interacting with one another, hampering the exchange of value among chains and limiting the mass adoption of blockchain technology. As a result, finding a solution that allows cross-chain transactions has become one of the top priorities of the blockchain industry.
Wanchain 2.0 is a significant milestone for the entire blockchain space, marking a major step toward the vision of a fully interconnected internet of value. Wanchain 2.0 is the world’s first and only interoperable blockchain with secure multi-party computing, which will eventually allow for seamless integration with almost any blockchain in existence. The platform is now fully connected to the Ethereum blockchain, with the capabilities and development plans necessary to scale.
This new functionality, which is achieved through a combination of smart contracts, multi-party computing and threshold key sharing, allows Ether to be transferred cross-chain from Ethereum’s blockchain and accurately represented 1:1 on Wanchain’s platform with a token called WETH. It also allows for ICO contracts supporting ETH and WAN and deployment of debit and credit contracts for WAN, ETH, and other tokens.
Available application scenarios after Wanchain 2.0 is implemented:
1. Deploy distributed contracts for WAN and ETH on Wanchain
2. Deploy an ICO contract that supports both WAN and ETH participation
3. Deploy debit and credit contracts for WAN and ETH on Wanchain
As integrations with additional blockchains continue to be added, Wanchain’s new cross-chain technology is set to pave the way toward a future where individuals and enterprises can gain access to a decentralized platform offering privacy-protected financial services such as digital asset management and exchanges, loans, and credit payments. However, the possibilities do not end there; Wanchain’s cross-chain functionality opens entire new worlds of opportunities across many industries.
Use Case Examples
Wanchain’s integration with Ethereum is the first step toward the next major evolution of blockchain technology. This vision shows one massive, interconnected network of public and private blockchains and dApps all linked by Wanchain. The use cases for this technology are virtually infinite, and below are a few examples of cross-chain use cases we have seen in our discussions with new projects looking to leverage Wanchain’s platform:
Finance: This technology will allow for limitless use cases in finance including decentralized exchange, decentralized lending in crypto or fiat, multi-coin ICO, multi-asset management, and cryptocurrency payment.
Supply Chain and Logistics: A well-known fast-food chain using Wanchain to register its sales and ingredients to the blockchain has an outbreak of E. coli at several restaurants. Wanchain allows the company to trace the source of the outbreak down its own blockchain all the way back to the private blockchain of a specific supplier of Romaine lettuce, due to the cross-chain connectivity between all the blockchains along the supply chain. The transparent nature of the blockchain based solution allows the company to take quick, decisive action and remove the tainted lettuce across its stores worldwide.
Medical: A hospital patient is admitted to her local hospital, but needs to be transferred to a more specialized treatment center. Each facility stores its patient data on its own blockchain to ensure the data is inalterable and highly private. With Wanchain, the local hospital would be able to seamlessly, securely and near-instantly transfer the patient’s medical records to the blockchain of his specialty center, without having to compromise her privacy.
Identification: China uses Wanchain’s platform and Peru uses a different public blockchain to register the identities of its citizens. If a Chinese citizen was trying to enter Peru, and Peru needed to verify the identity, Wanchain would enable a cross-chain transfer of data among each country’s governments. This way, Peru can verify that the identity does indeed come from the official source.
What is Secure Multi Party Computation?
With the release of Wanchain 2.0, Wanchain will be the first interoperable network using Secure Multi Party Computation (sMPC), threshold key sharing and locked accounts mechanism. With sMPCs, parties can compute functions over inputs while keeping them private. With the public and private key sharing across the different blockchains, this ensures nodes are not able to view the private data they are handling as the keys are shared amongst the various nodes in the network.
Wanchain’s Next Developments
In later 2.x versions, as the cross-chain function becomes more stable, we will gradually open the registration system for Storeman nodes, and distributed, large-scale Storeman participation in the cross-chain ecosystem will be established.
Wanchain will support BTC cross-chain functionality before the end of this year and will strive to realize cross-chain functionality for at least one or two ERC20 tokens.
Wanchain will continue to improve the Storeman consensus mechanism this year, including a penalty mechanism for malicious acts and negligence by Storeman nodes.
After version 2.0 is stable, we will encourage more developers to use Wanchain’s cross-chain mechanism to develop cross-chain functionality of tokens on other chains and will reward developers for accelerating Wanchain’s cross-chain integration with more public blockchains.
The key research and development direction for next year will be on building and continuously improving POS, and enhancements to ordinary and cross-chain transactions.
Wanchain is a blockchain ecosystem that enables the exchange of digital assets between blockchains with privacy protection and cross-chain smart contracts. The Wanchain infrastructure simplifies the creation of distributed financial applications for individuals and organizations to access financial services such as loans, asset exchange, multi-asset ICOs, and other asset management capabilities. Wanchain 2.0 enables the cross-chain functionalities with Ethereum. Wanchain 3.0, which will launch before the close of 2018, will enable the same functionalities with Bitcoin.