The Ultimate Guide To Understanding the Wanchain Blockchain Technology

There are many great things that have happened since the first block of Bitcoin was mined in 2009.

I am really excited by the new projects I see coming out day in day out.
In this post, I will talk about a very exciting project that aims to help different digital currencies and blockchains to work jointly with ease!

It has to be noted that there many cryptocurrencies at the moment, the number is currently 2079 as listed on Coinmarketcap at the time of this writing.

There are almost as many blockchains as cryptocurrencies! Wanchain hopes to make most if not all these many cryptocurrencies and blockchains work together!
I will quote below as it is from the Wanchain Website

THE WORLD'S FIRST AND ONLY INTEROPERABLE BLOCKCHAIN
WITH SECURE MULTI-PARTY COMPUTING

There is really a great future ahead for the blockchain industry if this Wanchain project is taken up seriously by the crypto folks.

As I read through the whitepaper, I came across very many great points that I would love to share with you below.

Source Wanchain Products

I will not highlight or number these points as I usually do! I will write the separate points in the different paragraphs.

I will start with this point where they talked about having over 2 and a half billion people in the world who are non-banked!

I guess you have all heard of or read that statement of people who do not have bank accounts hence excluded from the financial system!

The is really a great number of folks who are disadvantaged in the world and they do no have access to the bank. I can narrate the scenario from my home country Uganda!

In Uganda, to open up a bank account, we are required to have a National Id, Passport or Drivers' license.

We (in Uganda have just completed mass countrywide National ID registrations!), many people have not received those Ids though!

It has been and is still difficult to obtain a bank account here in my country Uganda.

The other requirements for opening a bank account like passport and drivers' license seem exclusive! Why would a person obtain a drivers' license if they never have any hope of driving?

It is the same thing as a passport. There are even other annoying things like place of birth, current residence and the like!

What is the procedure needed to open up a bank account in your country(reply in the comments?)

I see the number of unbanked people remains or will increase above the 2 and a half billion!

So you might be wondering how Wanchain aims to solve this! I will quote from the WhitePaper again.

Wanchain aims to build a super financial market of digital assets. At its core, Wanchain is an infrastructure connecting different digital assets.With this infrastructure, financial services based on different digital assets can be carried out in a distributed way, finally forming a financial market composed of different business providers, application developers, and clients.

The whitepaper also talks of how people who engage in cross-border payments incur insane fees! I will not need to explain this folks! These guys of Western Union, Money Gram really take a lot of money in fees.

It is also stated in the Whitepaper that Bitcoin and other cryptos have helped and still helping the situation in Venezuela where the inflation rate is predicted to hit 1Million as predicted by the IMF

You can read of how crypto is helping Venezuelans here and also here

It is after i read those two stories above sometime back that i began believing in the potential of blockchain and cryptocurrency.

There have also been problems with transfer of crypto assets from one blockchain to another!

I am sure if you have been in the crypto space for long, you must have experienced high fees when transferring from one crypto(blockchain) to another!

This is among the problems Wanchain has come to solve as i will quote from the White Paper

We are solving the issue of transferring assets between different blockchains by using improved blockchain technology rather than by using another more centralized method. The objective of Wanchain is to provide financial services, based on digital assets, to all blockchain clients in a safe and open way.

With Wanchain, any individual or institution can set up their own business window and provide services such as loan origination,asset exchanges,credit payments, and transaction settlements based on digital assets. The blockchain-based infrastructure provided by Wanchain guarantees that more people will enjoy increased access to financial services based on digital assets, retain better control of their assets, and have more ways to increase the value of their assets. The blueprint for Wanchain we envision is a distributed super financial market based on blockchain.

As i conclude,I will quote a summarized project overview of wanchain for those who have not yet understood what I stated above!

Wanchain implements cross-chain transfers of assets by setting up connections between the accounts of different blockchains and providing a framework for financial applications based on digital currency and digital assets.

Wanchain Products

I will give below a highlight of the products that Wanchain offers.

1.Wan Wallet
As I have been stating above, this helps you manage Wan tokens and also many other cryptocurrencies.

The wallet also supports the transfer of funds in both the traditional and private way! It currently supports cross-chain transactions withEthereum and will support more crypto in the near future.

2. Cross-chain Abilities
The abilities are shown below
Multi-asset investment and financing
Decentralized loans
Multi-coin payments and settlements
Decentralized cryptocurrency exchanges
3.Wan Smart Contracts(With Privacy Protection)
You will be able to deploy a smart contract just like in Ethereum. You also have the ability to deploy a smart contract with privacy protection.

I will delve deeper into these products in a later post.

I do believe that Wanchain is an undervalued project at the moment, I read through the White Paper and I was left in awe of the potential this project has.

I do encourage you to read this Commercial White Paper as it contains information which any lay or tech savyy person can understand.

I will be reviewing the architecture,products,team and other compnents of the project in my next posts.

You can read more about the Wanchain Project below.

Project Website: https://wanchain.org/

Products & Services: https://wanchain.org/product

Documents: http://www.wanchaindocs.org/en/latest/

Facebook: https://www.facebook.com/wanchainfoundation/

Medium: https://medium.com/wanchain-foundation

Telegram: https://t.me/WanchainANN

Love

Jarau Moses