Wanchain is a Singapore based company who claims that the problem today is interlinked to the fact that exchanges and wallets are mostly operated in a centralized way. They want to become the infrastructure and platform which connects and exchanges value between different blockchains. Bitcoinmagazine called Wanchain the digital bridge; the decentralized version of traditional banks in the current financial ecosystem. (1)
Wanchain will allow other services to organize the following functions with help of the creation of cross-blockchain smart contracts (mutual smart blockchain contracts):
Exchange of crypto-currency, provision of loans, investment and financing of digital assets, conducting transactions of digital assets and digital multi currency payments. (2)
In other words Wanchain is a distributed financial platform allowing the execution of smart contracts between different blockchain networks. It works like this:
Alice makes a cross-chain transaction request using the Wanchain wallet and initiates a transfer on Ethereum, with the recipient being an Ethereum cross-chain Locked Account. Wanchain’s validator node receives the cross-chain transaction request, verifies that the transaction has been recorded on Ethereum, and creates a new smart contract token on Wanchain, which corresponds to the ETH needing to be cross-transferred to Bob on Wanchain.
Any business or user can install the Wanchain wallet to implement multi-currency payments and settlements without having to install multiple digital currency wallets.
Wanchain has achieved a proof-of-concept privacy protection based on one-time addresses (generated for each transaction, so it can not be linked to the true owner) and ring-signatures (mixes the transaction sender in a set of fake members to make the sender untraceable), and will make this function available when version 1.0 of Wanchain is online. Later, Wanchain will implement cross-chain transactions among Wanchain, Ethereum and Bitcoin, as well as the cross-chain transactions of consortium blockchains that are developed based on Wanchain.
The token behind Wanchain is Wancoin. There are two primary functions for Wancoin. The first is to process fees for Wanchain transactions and cross-chain transactions. The second function is to bond deposits at each node for ensuring cross-chain transactions. (3)
Wanchain adopts a Proof of Stake mechanism for ordinary transactions (with privacy protection) and implements consensus and incentive mechanisms for cross-chain transactions. When an unregistered asset is transferred from the original chain to Wanchain, Wanchain will create a new asset using a built-in asset template to deploy a new smart contract based on the cross-chain transaction information.
For now there is no more information about the incentives of holding a node. Only those holding a high enough stake in the Wanchain network can become a verification node. The general nodes can entrust the stakes they hold to the trusted verification nodes. The more transactions there are the more valuable the token becomes. The verification nodes on Wanchain are divided into three categories:
Cross-chain transaction proof nodes (vouchers)
These are used to provide proof of transactions between the original account and the locked account. A Voucher is required to pay a certain security deposit.
Locked account management nodes (storemen)
The Storeman is responsible for computing the signature shares according to its own part of the key and merging the signatures parts into a complete signature for the lock account.
General verification node (validators)
The Validator informs the Storeman of operational actions related to the locked account and complete the record of operations on the Wanchain whenever a transaction proof reaches a consensus.
In order to build a more widely spread blockchain technology and digital asset applications, Wanchain has set the following objectives based on the research on cross-chain technology:
Cross-Chain Asset Transfer
Connect existing major digital currency networks (such as Bitcoin and Ethereum) and completing the asset exchanges without modifying the mechanism of original chains.
Integrate consortium chains with Wanchain. This fulfils the functions of transferring assets from original chains to Wanchain back to the original chains and trading various assets on Wanchain.
Transaction privacy protection
It allows trading parties to choose to conduct transactions with privacy protection. Wanchain provides privacy protection for transfers and exchanges of digital assets. It also provides anonymous protection of digital asset holders.
The team of Wanchain exists of 23 people and has at the moment 11 advisors. (4)
Jack Lu Is the founder of Wanchain. (5) He cofounded and was the CTO of Factom (solving business problems through blockchain) in 2014. (6) He also founded Wanglutech, which brings Blockchain technology to a greater range of applications. (7)
Dustin Byington (8) is the president at Wanchain and The Head of Global investment and business development. He Founded Bitcoin College in 2014, Cofounded Tendermint (a blockchain consensus) in 2015 (9) and founded Satoshi Talent and Stokens Venture Capital.
Zane Liang is the Science Team Lead and is a specialist in performance computing and has a profound knowledge of cryptographic algorithms and security. He leads science teams to design and demonstrate Wanchain and its underlying algorithms and protocols. (10)
One of the advisors of Wanchain is David A. Johnston. He is the chairman of the board of Factom. (11) Another noticeable advisor is Albert Ching. Albert is the founder, vice chairman and CTO of i-Sprint. He started the Company in 2000 to design and develop a suite of Identity and Access Management solutions which have been deployed in many global and regional financial institutions, government agencies and large corporations. (12)
Wanchain has already made partnerships at this point. AION, (13) ICON (14) (for more info about ICON search for ICX in our channel) and Wanchain have unveiled a new advocacy group centered around promoting interoperability between the disparate networks. In a statement Matt Spoke, the founder of AION gave his vision about this partnership; “We believe that collaborating across projects will help set best practices for blockchain interoperability and encourage broader market adoption across enterprises and the public.” Another partnership is with DecentraNet. (15) DecentraNet is a full-service blockchain consulting firm serving entrepreneurs. On the website of DecentraNet they mention Wanchain as a client and not as a partner.
The mainnet is scheduled for January after delay. They claim that exchanges are coming right thereafter. At this stage they are taking care of the upcoming token swap which isn’t announced yet.