Top 5 Wanchain Features For Investors and Users
With the recent Wanchain mainnet launch and Wancoin (WAN) set to hit exchanges soon, this is a great time to take a look at the Top 5 Wanchain Blockchain features.
Top 5 Wanchain Features
1. Cross-chain Transactions
One of the biggest selling points of Wanchain is its ability to facilitate asset swaps across multiple Blockchains. Let's say that Mark wants to send an amount of Bitcoin valuing the equivalent of $1,000 to Amy, but Amy would prefer Ethereum.
Using the Wanchain wallet, Mark would be able do send Bitcoin and have it converted to Ethereum without the need of going to a centralized exchange for that service. Wanchain removes the need for a third party when creating transactions such as this. Thereby reducing cost, transaction times, and risk.
2. Multi-currency ICOs
2017 saw the official rise of the ICO. One limitation of these ICOs was that many of them only accepted Bitcoin and Ethereum. This meant that if you were holding another coin, for example Litecoin, you would not be able to contribute to the ICO directly using LTC.
With Wanchain, organizations that issue ICOs can accept coins from any Blockchain integrated into the Wanchain ecosystem. As Wanchain grows, so will the supported number of Blockchains.
This means that if Wanchain supports 100 different Blockchains, then an ICO organized using Wanchain will be able to accept crypto from all of those 100 Blockchain as contributions to the ICO.
In addition, once the ICO has completed, the ICO organizer can issue the cryptocurrency that is native to their own Blockchain to all the ICO contributors via Wanchain.
If you are investing in crypto, you probably already know how important privacy is. Wanchain has made privacy a key feature in its ecosystem. This is accomplished by utilizing one time accounts and ring signatures.
- One-time account system
Wanchain allows users to have one main account per wallet. Users can also create as many “one time accounts” as needed. This means that if Mark is sending 1 BTC to Amy, Mark can set up a one time account which will generate a new public and private key.
These keys will only be used for that one transaction. This increases the difficulty of a 3rd party’s ability to associate the 1 BTC transfer to either Mark or Amy.
- Ring signatures
If you use Monero, than you already know how important ring signatures are. The Elliptic Curve Cryptography (ECC) Ring Signature Technology that Wanchain utilizes is virtually identical to that of Monero.
This technology hides the transaction signature of the sender by combining multiple fake transaction signatures with the real one. Making it almost impossible for a 3rd party to find out which signature is real and which are fake.
4. Traditional Institutions Integration
One of the stated goals expressed in the Wanchain White Paper is to integrate with with consortium chains. Over the past year, we’ve seen an increase in the number of traditional institutions like banks, forming consortium chains.
Unlike public Blockchain such as Ethereum, consortium chains limit the ability to update the ledger to a chosen few. Banks join together and form this type of Blockchain. Having access to these chains may allow for access to traditional investments using cryptocurrencies in the near future. We will have to see what the future holds on this one.
Last but certainly not least is Wanchain’s native cryptocurrency, Wancoin. Transactions on the Wanchain Blockchain will consume an amount Wancoin. This means that as more users utilize Wanchain’s many services the value of Wancoin should theoretically increase.
As you know, I’m not a financial adviser, so I don’t give financial advice. I can however point out that many investors are very excited about Wancoin. Of course there are no guarantees in crypto, and as always, you should do your own research before investing in any cryptocurrency as they are currently highly volatile.
What Do You Think of Wanchain?
Are you impressed by the many services provided by Wanchain? Is Wancoin on your Hodl List? Share your thoughts in the comments below.
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