An In-depth Review Of The Wanchain Blockchain Architecture

The first block of Bitcoin was mined in 2009 and from then many cryptocurrencies have been created. We are seeing a surge in the number of cryptocurrencies being released on a daily basis.

It has to be noted that each of these new cryptocurrencies have their own blockchain architectures!

The Bitcoin blockchain was the first to be known and since then it has led many developers to come up with their own different versions that suit their needs.

I am also impressed by the interest of big public institutions in creating their own blockchains.

The only problem with these new blockchains is that they do not easily connect with each other!

There are currently public companies and banks exploring blockchain technology, you can check out this post here

The increase in public interest in blockchain technology is good for the industry. There has been a problem where two different blockchains cannot easily transfer digital assets between themselves.

The closest solution to enabling the transfer of digital assets between two blockchains is through a centralized exchange!

There have been many scenarios of hacking on these centralized exchanges that in this last nine months of 2018 over 1 billion has been lost! A big amount of money.

It is at this point that I introduce Wanchain Blockchain which will enable interoperability among blockchains.

As I mentioned in one of my last paragraphs above, many public institutions like banks are coming up with their own private blockchains.

I want you to imagine a scenario where 3 banks have distinct private blockchains!

It is going to be difficult for bank 1 to access the private blockchain of bank 2 and similarly bank 3!

Yes many banks are moving towards implementation of blockchain technology, but there is a big challenge ahead already of interconnections among them.

The solution to these interconnection challenges is Wanchain Blockchain!

I have realized that solving the problem of transfer of digital assets among the different blockchains will increase the adoption of blockchain technology.
The following capabilities below make Wanchain blockchain suitable as an interconnector of blockchains.

Wanchain has cross-chain abilities where many newly created digital networks can easily be integrated to the Wanchain blockchain and at a low cost.

These cross-chain abilities will enable transfer of assets from original chains to Wanchain and also from Wanchain to the original assets.

Another ability that Wancahain has is transaction privacy protection whereby trading parties choose to conduct transactions with privacy protection on transfers, exchange of digital assets and also provide anonymous protection to digital asset holders.

I assume with what I have written above that you understand the capabilities of Wanchain blockchain.

In the next paragraphs, I will explain more in regards to Wanchain architecture so that you can easily understand in detail how the whole blockchain works.

Source White Paper Fig 2.1

I have to admit that these paragraphs below will seem complicated the first time you read them! I will do my best to explain everything in detail so that you can understand.

I will also use the images provided in the Whitepaper.

It is imperative to first know the meaning of computer architecture before we delve deep in Wanchain Architecture.

What is computer architecture?

I will quote from Wikipedia

In computer engineering, computer architecture is a set of rules and methods that describe the functionality, organization, and implementation of computer systems

We should all be aware by now that Wanchain enables interconnection and interoperability between the different blockchain networks, it also completes and maintains records of cross-chain transitions.

I will be showing you how the above is done!

It has to be noted all that is in quotes I got from the Wanchain White Paper

1.Distributed Ledger and Smart Contract Virtual Machine

Wanchain is an Ethereum-based generic ledger that runs applications independently, with account models and smart contracts that implement various original Ethereum functions. On top of those, we added cross-chain transactions and achieved smart contract token privacy protection.

As stated above, Wanchain is an ethereum based generic ledger that functions like any other Ethereum apps with added cross-chain transactions and smart contract token privacy protection capabilities.

2.Native Coin

Wancoin is the native coin of Wanchain. Both cross-chain and intra-chain transactions consume a certain amount of Wancoin. Wancoin is also used in security deposits for the cross-chain verification nodes

You can find out more details about Wancoin from Coinmarketcap.

3.Consensus Mechanism

Wanchain adopts a Proof of Stake (POS) consensus mechanism for ordinary transactions and implements consensus and incentive mechanisms for cross-chain transactions.

These mechanisms are discussed in the following sections.

4.Intra-Chain Transactions

Common transaction methods in Wanchain are the same as in Ethereum, but we have added a privacy protection mechanism that is implemented through a ring signature scheme and a one-time account mechanism.

5.Cross-Chain Integration

Both blockchains and assets that integrate with Wanchain first need to be registered on Wanchain to make sure that they can be uniquely identified. These functions are completed via chain and asset registration protocols.

For cross-chain transactions, we use secure multi-party computing and threshold secret-sharing joint anchoring schemes to achieve minimal-cost integration through the cross-chain communication protocol without changing the original chain’s implementation.

6.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. When a registered asset is transferred from the original chain to Wanchain.

Wanchain will issue the corresponding equivalent tokens in the existing contracts to ensure that the original chain assets can still be traded on Wanchain.

There is a great example below as quoted from the White Paper demonstrating how a transfer is done between a public blockchain and Wanchain Blockchain.

Scenario

This example is taken from the White Paper
Alice and Bob have accounts on Ethereum and Wanchain respectively, and Alice needs to transfer 10 ETH to Bob.

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 ETH′ (ether prime) on Wanchain, which corresponds to the ETH needing to be cross-transferred to Bob on Wanchain.

You can check out this image below to have an idea of what is described above.

Source White Paper Fig 2.2

I hope you have clearly understood how a person can send a digital asset from one blockchain to another!
I would advise you to read more from the Wanchain White Paper so that you can read the technical details.

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

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Jarau Moses