The market is looking very green today, which is awesome. I’m very excited to talk to you today about WANCHAIN, a coin that has been doing very well since it was listed on Binance 3 weeks ago, just in the last 7 days, they’ve more than doubled their token price, and when their marketcap was announced earlier this week, they surprised the whole crypto market by ranking in the top 40 coins right off the bat!

The momentum isn’t slowing down, and even though yesterday was a green market, with every coin going up, they were still outperforming and being one of the biggest earners with over 25% growth in the last 24 hours. Currently they are sitting at number 30 and rising. So WANCHAIN is one of the hottest, if not the hottest coin on the market at the moment, and many people are wondering if they should get into it, is it too late? What is Wanchain really all about? To learn more about WANCHAIN, keep reading!

Wanchain’s slogan is “Rebuilding finance with private cross-chain smart contracts”. This will make sense to some smart people, but most lay investors will read this for the first time and understand enough to know that they are a blockchain that’s involved in finance, but still struggle to understand what they are really all about.

At its very core. Wanchain is a protocol. Meaning it’s a blockchain platform on which you can build other blockchain/ decentralised apps. However, where other platforms are generic, meaning you can build whatever apps you want. Wanchain is a platform which specialises in connecting blockchain services and users together, particularly but not exclusively financial features, and every app that is built on it can take advantage of this specific feature. Consider this analogy.

Imagine that every orange dot here is a financial blockchain project e.g. Bitcoin, Ethereum, Ripple, Stellar etc…

Currently each project functions with their own blockchain and have their own payment system. I.e. if a shop allows you to pay in Bitcoin, you can’t go to the shopkeeper and say, I want to pay in Ripple, the two currencies are not interchangeable.

WANCHAIN helps to build the infrastructure of for these different blockchains to interact with each other. This is cross chain feature of WANCHAIN.

But these blockchains do not have the necessary means to connect with each other, so all points of communication/ transactions have to go through WANCHAIN. This is very smart, because it makes them indispensable in the blockchain financial economy.

Now with just this feature alone, WANCHAIN would already be a valuable project. But it goes a couple of steps further to offer communication for individual users like you and me to cross communicate with different blockchains. So e.g. if I want to sell my OMG tokens to buy NEO tokens, I have to go through an exchange change it to BTC or ETHER before buying NEO. That’s 2 transactions and 2 transaction fees. WANCHAIN makes it possible to directly convert my OMG to NEO because it has cross-chain features. This is just an analogy, I don’t think this feature is available yet. But that’s what they hope to achieve.

Furthermore, its not just communications on the blockchain, WANCHAIN also hopes to connect financial blockchains with financial secular companies which run on financial world systems e.g. SWIFT. If you watched our Cardano video, you would understand this is addressing interoperability which is one of the biggest hurdles in today that prevents mass adoption of blockchain technology, and this is also one of WANCHAIN’s biggest selling points.

They way that WANCHAIN provides this communication links is by providing services.

E.g. If I only speak English and I want to talk to someone who only speaks French, I need a translator service.
E.g. If I want to change $AUD to $USD, I need to an exchange service.

Different financial blockchains aim to do different things, and different users have different needs, so to provide that communication link, WANCHAIN offers services.

They liken themselves to a bank, so where you might go into a bank and request different financial services, e.g. wire transfer or get a loan or exchange currencies etc… WANCHAIN is the instituition that offers these financial services for digital currencies except that it is not centralised, it is decentralised.

So as a platform, the entire platform is designed to serve the cross communication of digital currency, and they have also started providing some core services to serve that purpose, but as a blockchain platform, other users can later come onboard and design their own DaPPs or services to be used. So there is a lot of room to grow for this project. It’s still very early days.

Now that we understand WHAT the project is trying to achieve, let’s move on to the technical side to understand HOW they are going to achieve it.

Different blockchain projects are designed differently and each have their strengths and weaknesses. WANCHAIN’s architecture is actually a hybrid of Ethereum and Monero’s architecture.

The actual platform is designed as hard fork of the Ethereum project. This means, not only does it use smart contracts and is easy to build upon, ANY ERC20 project (which means projects built on Ethereum) that want to migrate over, can do so without changing any of their code. This is massive. Currently there are about 2000 blockchain projects in the world. Most of the top platforms e.g. NEO etc… have about 10 or less projects on their platform. The biggest platform is of course Ethereum, who hosts about 800 projects on their platform. So its like way ahead of the rest, that’s why token price wise non of the others, are going to catch up anytime soon. But Ethereum’s big number is because they had early mover’s advantage and they were the very first platform to use smart contracts. But because they are older, they are also struggling with scalability, interoperability and sustainability problems. A lot of the newer platforms actually function better (just looking at transaction speed only, Ethereum is sitting at 16trx/sec, but the average new platform is sitting at 1000-2500trx/ sec. So a lot of new projects are choosing to build on the newer platforms. Some of the existing platforms on Ethereum network would like to move to better alternatives, but their entire structure was built on Ethereum and it would be way too troublesome to move. But imagine, now with WANCHAIN, ALL those 800 projects on the Ethereum network have an option to migrate over to a newer platform without any hassle at all. Especially if it was a blockchain in financial services, why wouldn’t you. It’s a bit sneaky, cos its kinda poaching business from Ethereum, but its also giving early blockchain projects and option to choose to upgrade should they wish. So this could potentially see very huge influx of projects over to WANCHAIN.

Next is their transactions are based upon ring signatures for privacy. Ring signatures is a technology made famous by Monero, the biggest privacy coin, and what it is, is whenever you do a transaction, your IP address goes into a big pool of other IP addresses of other transactions, so that the transaction cannot be traced to you. In addition to using ring signatures, WANCHAIN also assigns each transaction with a new IP address, making it doubly secure.

If you look at their whitepaper, there are various complicated diagrams that show the technical details of various things being communicated e.g. currency, data, assets etc…

But in essence, the very simplistic structure of any transaction on WANCHAIN is you got three parties, the sender, the middleman which is WANCHAIN and the receiver.

The sender send the asset to be transferred to WANCHAIN who then creates what is called a “locked account” which is pretty much like an escrow, except its cheaper and more flexible. So your asset is locked in. And then confirms with the receiver the contract and then releases the locked assets to them. You can go to their whitepaper to check out the technical details of how they do the transaction for each different asset.

The important thing to point out here, is that they do transfer of assets, not just currency. Transferring currency is straightforward, you understand what that is, but asset is more novel and impressive.

As an example, and these are not their partners, just an example you can relate to.

Power Ledger is a blockchain project that monetizes electricity. You can sell your excess electricity for crypto.
DENT is a blockchain project that monetizes mobile data. You can sell your excess mobile data for crypto.

Imagine if you could directly convert your excess electricity to buy extra mobile phone data. So if you were travelling overseas and not using your home electricity from your solar panels, you could take that extra energy every day and sell it for mobile data wherever you were travelling across the world. How amazing would that be? For us as user, it’s a simple WANCHAIN app on our phone, but behind the scenes, there is a more complicated process that happens where the asset is converted into WAN token equivalent and then used to pay for our mobile data etc… But you get the picture. WANCHAIN service is more than just currency services, it is asset services, and this is huge.

And of top of all that, they not only do the transmission, they do it in a private manner and store it securely for you.
This is why even blockchain projects that are not financial in nature will want to build on their platform for this cross-chain benefits.

Finally their concensus algorithm. Currently like Ethereum they are using Proof of work, but the plan is to swap to proof of stake when that happens.

In their proof of stakes, they will have 3 different nodes:

1. Voucher nodes (cross chain transaction proof nodes)
2. Storemen nodes (locked account management nodes)
3. Validator nodes

Vouchers are used to provide proof of transaction between the original account and the locked account. Vouchers have to pay a security deposit to stake, the higher the deposit the greater the chance the proof will be adopted. So greater chance of success. Also if the proof is found to be false, the security deposit will be deducted. They didn’t explain it in their white paper, but from my understanding, the reason they do this is to prevent hacking or bots manipulating the system. Otherwise a bot could come and provide false proof of transactions. But charging a deposit makes it too expensive for this hacking to work.

The storeman, is responsible for computing the signature shares according to its own part of the key and merging the signature parts into a complete signature of the lock account. Think of this role like a lawyer who facilitates the signing of an agreement.

Finally the Validator informs the storeman of operational actions related to the locked account and complete the record of operations on the WANCHAIN. This is the important step of recording the transaction on the actual blockchain.

Only people with high enough stakes can be validators and participate in this project. In otherwords, these are the masternodes. The rest of us who hold some WANCHAIN can be general nodes and cannot participate directly in the verification, but we can entrust our stake to trusted verification nodes. However, you need to be selective who you entrust your stake to, because as mentioned above, if they are found to do bad verifications, they will lose the deposit i.e. your stake.

TEAM:

This is their team. It’s a massive team, but its also a very balanced team. You have specialists in blockchain, computer science, cryptography etc.. people with successful careers including start ups, big companies like IBM etc…
There are too many individuals to go through, but I will mention some of the top names.

Jack Lu is the founder, he is also the founder of FACTOM which is another top 40- crypto and also the creator of Wanglutech. So he is no stranger to the blockchain scene and has experience in making a top project.
Dustin Byington who is a veteran in the blockchain. He founded Bitcoin college, Satoshi Talent and Stokens Venture Captial, and he co-founded Tendermint which is very significant.

Ying Zhang is a senior engineer from HUAWEI and served as CAO and CTO of several companies. He is also a senior developer of Ethereum with a deep understanding and experience with blockchain and concensus algorithm.
And there are many more impressive resumes on this team. It’s an impressive team.

They also have a big team of advisors, secretary general of DACA, founder of i-sprint etc.. to be honest, I didn’t recognise the advisors or many of their associations, I actually recognised the team’s resume more. But that may just be me.

They don’t have an actual list of partners on the website, but they will in their website.

But current partners I am aware of include ICON, AION, kyber network and Austin blockchain collective. I’m a big fan of ICON, I think in terms of cross-chain blockchain projects, ICON is the biggest, and they are definitely legit and know what they are doing, so its great to see them partner with WANCHAIN. In fact ICON, WANCHAING and AION are part of the Interoperability alliance (IOA). And whilst Im sure there will be future blockchain projects coming into this cross-link space, it’s going to be hard to muscle any one of these projects out, much more an alliance of all 3. I think this is a powerful alliance that guarantees a good chance of industry penetration and longevity.

According to their reddit, they have 6icos on their platform, 3/6 have been announced and they are 1) All Spark, 2) Gamebank and 3) U-Tour Chain. The next 3/6 will be announced in April this month.

Roadmap:

Their roadmap is a broad roadmap from mid 2016 to end 2019 in only 8 steps. So very broad strokes not very detailed. Hopefully with the new website we will see a more detailed roadmap.
The next event on the roadmap happening by June this year, is Wanchain 2.0 with Ethereum integration and multi-coin wallet. But the end of this year, we expect Wanchain 3.0 with Bitcoin integration and by the end of 2019, we expect Wanchain 4.0 with Private chain integration. That will be very interesting.

Finally, price prediction.

Do we like this project? Yes we do! We think it’s an innovative project still in a very early stage with lots of room to grow and strong partnerships to ensure market penetration and longevity.

From a token investor point of view, there is a lot of potential use for the token in the way the entire project revolves around WANCHAIN and the WAN Token being the middleman of every single transaction. It is also used in the validation of transaction in the upcoming proof of stake. So lots of use means the currency is expected to go up. There is also a lot of hype and awareness of this project already, so we can expect decent attention moving forward, which is very important in the current market.

They already have a working product which is great, but their main features which is interoperability/ cross-chain features are still to be released, the first integration with Ethereum coming within 2 months. So a lot to look forward to.
Their initial ICO price was around $0.30-0.40 and now they are sitting at $6.82. Just one week ago they were at $3.20 and everyone thought they were huge. Now they have more than double that and are still rising!

Is it too late to buy in given the humongous price rise recently? Speaking for myself, if I was a HODLer and plan to hold for 2 years or more, this is a great price to buy in, I expect it in the long term to be a multi-billion dollar project, so 5-10x gains. If I wanted a 50x gains coin in 2 years, this might not be the choice as it’s market cap is already very big. I’m feel it will grow 50x eventually, but maybe not in 2 years. It’s already over 10x its ICO price, so 50x from here means 500x or 50,000% rise in 2 years. That’s unprecedented and would take a lot of faith to believe so. But 5-10x? Very possible indeed.

Lastly if I was short term trading, I don’t know. It’s already had a good run spanning 7 days, that’s quite long. Will it run of steam soon? They still have good trading volume, so there is still momentum, but for the same trading volume, the price is dipping slightly meaning there is starting to have slightly more sells than buy. Ultimately it is going to depend on the market, if the cryptomarket goes up, this coin is likely to keep going up and vice versa. Personally, I don’t feel comfortable buying at the peak of a mini bull run which is what WANCHAIN just had, but that being said, I think it’s a great HODL, so if I bought it and the market crashed in the short term, I wouldn’t stress and Il just wait for it to bounce back up eventually which Im sure it will. Basically, if I can afford to HODL, I don’t think I will lose money entering at this price.

But that’s just my thoughts, as always, Im not a professional and this is not financial advice. I’m simply a market enthusiast and these are my own thoughts and opinions that Im sharing aloud. Please always do your own research and make your own decisions.

That’s it for thoughts on WANCHAIN. If you found this post nice or helpful, give us an upvote and follow to help us grow our channel. Also leave us a comment to let us know what you think of WANCHAIN, we love to hear your thoughts and join our telegram group chat where we have good conversations and coin updates that are too small to make a whole video on but still important to know. The big difference about our telegram chat is instead of just hearing from me, you get to hear from our whole community and I can tell you that there we have some very solid individuals there definitely worth listening to.

Alright, enjoy the start of your weekend guys, and we will definitely catch you sometime this weekend to talk about the another very hot coin on the market at the moment—Ontology. But for now, take care and goodbye!