Wanchain - Rebuilding Finance with a Multi-Blockchain Platform
Did you know that over 2 and a half billion people in the world don't have access to a bank?
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Many of these affected people may not actually be poor. Some are just in "low-value" zones as deemed by financial corporations and thus don't have access to loans, credit payment or even international transfers.
This means that even in areas of emerging markets and mixed economies, the economy and infrastructure suffer. No access to good financial services can even lead to Strict Importation Policies on a national level, and hefty fees for any less-than-legal way of acquiring financial services.
Although blockchain technology is still relatively new, its transparent quality, decentralized nature as well as immutable feature make it a better option than conventional methods of financial exchange.
The fore-runners of cryptocurrency (Bitcoin and Ethereum) have shown us that not only can we run a decentralized financial network, but we can also use the blockchain to plan and execute tasks efficiently using smart contracts.
The blockchain offers the wonderful prospect of operating in a trustless environment where both parties are protected from fraud without imposing a central authority.
So what can the blockchain do for the "low-value" areas?
Well, the blockchain by design is not limited by physical borders. It is not controlled by any government and thus cannot be banned or restricted.
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Your blockchain assets are digital and thus cannot be physically stolen. Your cryptocurrency wallets cannot be "frozen" like a normal bank account.
With cryptocurrency you can trade over borders and effectively provide services on the internet without having to pay any "levy" or fee to any central body.
These and many more are ways the blockchain can be used to help the less privileged members of the globe.
Wanchain wants to do this exactly. Wanchain aims to build a distributed bank that will utilize modern infrastructure of digital assets and financial framework to connect and exchange values over different blockchains ledgers.
Wanchain is developing a cross-chain protocol and a distributed leger that will record both cross-chain and intra-chain transactions.
This means that any and every blockchain can easily integrate with the Wanchain network to connect to and perform low cost, inter-ledger value transfers. This will be executed via Smart contracts and is protected by Token Exchange Privacy Protection.
VISION OF WANCHAIN
Wanchain aims to provide a blockchain based platform/digital market that will allow any individual or organization to set up their own business and provide financial services based on digital assets without the limitations of region or middle-man interference and fees.
WANCHAIN BACKGROUND
Banking Foundation - Wanchain is built on the background of the modern bank. Debtor-creditor relationships are registered on a ledger and asset/value transfers are also recorded. The digital ledger prevents double-spending.
Transaction Privacy Protection - Wanchain recognizes the importance of confidentiality and protection of user privacy. Trading parties have the option to conduct their transaction with Privacy Protection.
Functional Financial Extensibility - With Wanchain, users can carry out various forms of financial operations such as loans and deposits, currency exchange, issuing and trading digital assets.
WANCHAIN ECOSYSTEM
Wanchain is an advanced infrastructure that provides support for cross-chain interoperability between various types of blockchains(public and private). Wanchain is an Ethereum-based ledger with its own unique applications and smart contracts.
The blockchains and their assets will first be registered with Wanchain in order to be allocated their unique identifiers. When an unregistered asset is transferred from the original chain to Wanchain, Wanchain will create a new asset Identifier code using a built-in asset template to deploy a new smart contract based on the cross-chain transaction information. Mapping tokens are then assigned to those assets. If the asset is already registered, Wanchain will simply use the already existing smart contract to execute the transaction.
USER CASE SCENARIO
Alice is the Manager for a media company called XYZ in England. She is also a long time crypto enthusiast. She comes across the work of a Venezuelan writer called Bob and decides to enlist his services. Bob's country is currently going through a lot of economic problems so he is unsure how to receive payment as the financial institutions may not allow international transfers. Alice then introduces Wanchain and encourages him to set up an account. After he sets it up, they negotiate and agree that Alice will pay Bob 10 ETH for his services.
Using a simple to understand Wanchain template, Alice creates a smart contract and when Bob's work is approved, the 10 ETH is automatically sent to his wallet.
Bob is overjoyed at a way to get money in his country despite the government and financial system hurdles. He goes to meet a local crypto trader (Cris) and they agree to exchange the eth for physical USD($). Cris gives Bob his Ethereum wallet address and Bob makes the transfer successfully. Bob gets his money and the transaction is completed successfully.
KEY TECHNOLOGIES
Verification Node Consensus Mechanism - Wanchain uses Proof of Stake (PoS) consensus algorithm. Because PoS is susceptible to 51% account, Wanchain added this verification mechanism to increase the cost of colluding. Verification is of 3 categories,
- Cross-chain Transaction Proof nodes (Vouchers are issued as proof of transaction)
- Locked-account management nodes (Storemen receive notices and compute signature shares to complete the signature required to unlock deposits)
Generating Locked Account Signature - Central verification nodes (using Validators).
Incentive Mechanism - Vouchers receive transaction fees as security deposits. If the proof tendered is false the deposit is deducted from the holding account. This promotes honesty and security.
Locked Account Generation Scheme - Wanchain allows creation of secure multi-sig accounts secured by multi-party computation and threshold key sharing.
Please refer to Whitepaper Page 20
Smart Token Transaction Anonymity - On Wanchain, ring-signature and one-time accounts are used to make smart contract token transactions anonymous. Ring-signature mechanism craftily mixes the transaction sender ID in a set of fake members to make the sender virtually untraceable. Combine that with the use of one -time addresses and the users identity is completely hidden.
The Wanchain mainnet is already live and you can even view and transact over their network.
APPLICATIONS OF WANCHAIN
The complexity and robustness of the Wanchain platform allow it to be utilized in various ways. These include, but are not limited to
Borrowing and Lending - Using smart contracts, individuals or companies can set interest rates and release corresponding vouchers of locked tokens when agreements have been met.
Payment and Settlement - Individuals and companies can choose to accept payments for their good or services in digital value. With the Wanchain Wallet, they can receive multi-currency payments and easily convert or hold them.
Transaction and Exchange - The Wanchain Wallet allows you to easily pay for services with a few clicks. You can also exchange currencies using smart contracts to trade at real-time value.
Investment and Financing - Investors can use their digital currencies to buy assets and participate in ICOs. Businesses also benefit from this as the Wanchain Wallet is capable of supporting multiple currencies allowing a broad range of investors to access and partake in their fundraising events(ICOs) and sale of assets.
Peer-to-Peer lending services .
Multi-currency credit cards and debit cards, etc
The possibilities are only limited by the users imagination.
In my subsequent posts I'll discuss in detail how Wanchain secures Intra-chain and cross-chain transactions, the Wanchain custom token Wancoin, the unique technologies and the Wanchain Team. Don't miss out!
WANCHAIN SOCIAL MEDIA
To learn more about this wonderful project, you can visit the Wanchain website.
You can also read the Wanchain whitepaper | Wanchain Yellow Paper | and Wanchain Commercial Paper for the technical explanations.
The team is always willing to answer questions and you can reach them on any of their social media accounts.
Telegram | Discord | Twitter | Reddit | Facebook | Medium | Weibo | Github
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DISCLAIMER: The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investing should be carried out based on any information presented here. You can lose all of your money by not investing wisely. The above information is for educational and entertainment purposes only. Kindly Endeavor to DO YOUR OWN RESEARCH.
Image Credits: The Unbanked | Blockchain Benefits
All other images were derived from the Wanchain website and Wanchain whitepaper.
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