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Summary of Wanchain (WAN)
Overview
- Wanchain is a distributed ledger for cross-chain transactions and interoperability of multiple chains.
- It’s a standalone blockchain that runs autonomously, processing and maintaining records of cross-chain transactions.
Founders
- Founded by Jack Lu in 2017, headquartered in Beijing, China, and Austin, Texas.
- Jack Lu: entrepreneur, technical expert, and founder of Wanglutech.
- Li Ni: VP of operations, computer scientist with 15+ years of experience.
- Weijia Zhang: VP of Engineering, engineer and R&D expert with 20+
About Wanchain: Unlocking the Power of Cross-Chain DeFi
Introducing Wanchain (WAN): A Pioneering Cross-Chain Platform
Wanchain is a decentralized ledger that enables seamless cross-chain transactions and facilitates the interoperability of multiple blockchain networks. While Wanchain empowers transactions between disparate blockchains, it also operates as a self-sustaining, autonomous blockchain. The protocol functions as a distributed ledger, meticulously processing and maintaining a record of cross-chain transactions.
Wanchain facilitates transactions not only between disparate public blockchains but also between private chains, thereby fostering a multifaceted ecosystem. As a fork of Ethereum (ETH), Wanchain inherits some of the inherent properties of the Ethereum blockchain. The protocol autonomously and securely executes applications via smart contracts, thereby enabling a wide range of use cases, including decentralized exchanges (DEXs), lending and borrowing platforms, stablecoins, crowdfunding initiatives, and multi-currency payment and settlement systems.
The platform operates in a fully decentralized manner, eliminating the need for a custodian to manage or validate transactions. Unlike other cross-chain systems, Wanchain does not rely on a third-party intermediary to authenticate transactions, instead utilizing a locked account mechanism to secure and manage network accounts, thereby mitigating the risk of external interference.
The Visionary Founders Behind Wanchain
Founded in 2017 by Jack Lu, Wanchain boasts a dual headquarters setup, with offices in Beijing, China, and Austin, Texas.
At the helm of Wanchain is Jack Lu, a visionary entrepreneur and technical expert with a profound interest in the realm of blockchain technology. Prior to his current endeavour, Lu co-founded Factom in 2014, where he served as the Chief Technology Officer. Additionally, he founded Wanglutech, a pioneering blockchain protocol specializing in data deposit certificates and digital assets.
Li Ni, Vice President of Operations, brings a wealth of expertise garnered from over 15 years of experience in the technology sector. In addition to his technical prowess as a computer scientist, he possesses a unique blend of skills in marketing, business development, and sales. His impressive professional background includes tenures at esteemed organizations such as ZTE, SuperMap Software, and Delta Electronics.
Weijia Zhang, Vice President of Engineering, is a seasoned engineer and R&D expert, boasting a diverse background in software modeling, blockchain, and cognitive sciences. Prior to his current role, he held the position of Principal Software Engineer at DELL for several years, where he leveraged his expertise to drive innovation. Notably, Zhang has an impressive portfolio of over twenty pending and granted technology patents to his name.
Wanchain’s Distinctive Edge: Unveiling its Unparalleled Features
Wanchain is endeavoring to forge a more expansive market for digital assets by establishing interoperability between disparate standalone chains. The platform has successfully developed a suite of applications via smart contracts, robust security systems, and its proprietary coin (WAN).
The majority of cross-chain transactions rely on third-party intermediaries. In contrast, Wanchain’s distinctiveness stems from its decentralized architecture. By leveraging multi-party computing and threshold secret-sharing technology, the platform enables autonomous account management, thereby eliminating the need for intermediaries.
The platform boasts three pivotal cross-chain functionalities, namely the registration module, cross-chain transaction data transmission module, and transaction status query module. These three components are intricately intertwined, working in tandem from the initiation to the culmination of a connection. Notably, similar projects in the same vein as Wanchain include Ripple (XRP) and ICON (ICX).
What Is the Circulating Supply of Wanchain (WAN) Coins?
The native token of the platform, WAN, serves a dual purpose, facilitating payments and on-chain governance. During the initial coin offering (ICO), a total of 107,100,000 tokens were sold, equivalent to approximately 120,000 ETH at the time of the sale. The maximum token supply is capped at 210,000,000 WAN, with a circulating supply of 169,028,581 WAN as of March 2021.
A significant 39% of the total token supply has been reserved for the project’s founders, while a substantial 51% has been allocated to investors. The remaining 10% is designated for airdrops and rewards. Notably, WAN serves as the primary medium of exchange for transactions, facilitating seamless interactions both within the parent chain and across disparate chains.
Wanchain Network Security: A Robust Framework
WAN, an Ethereum fork, employs a proof-of-stake (PoS) consensus mechanism. As part of its initial coin offering, Wanchain distributed ERC-20 WAN tokens to all participants. Following the mainnet’s launch in 2018, the ERC-20 token was seamlessly migrated to Wanchain’s native blockchain.
The platform’s validation nodes are categorized into three distinct roles: Vouchers, responsible for verifying cross-chain transactions; Storemen, tasked with managing locked accounts; and Validators, which perform routine verifications. To participate in the validation process, nodes must first stake WAN, thereby ensuring the integrity of the network. The creation of locked accounts is facilitated through the deployment of advanced cryptographic encryption techniques.
Where to Acquire Wanchain (WAN)?
WAN tokens can be acquired on prominent cryptocurrency exchanges, including:
- The esteemed Binance exchange
- KuCoin, a prominent digital asset platform
- Huobi Global, a leading cryptocurrency exchange
In addition to facilitating the validation of transactions, validators are also incentivized with WAN rewards for their efforts.
Delve into our exhaustive guide to discover the intricacies of acquiring Bitcoin (BTC) and other digital currencies.