What is Wanchain (WAN)?

What is Wanchain (WAN)?

What is the multipurpose coin, WAN?



Wan is a cryptocurrency that was created in 2017 by Jack Lu, a professional in technology who is sincerely interested in blockchain technology. Wan is a digital currency used in the Wanchain for transaction fees, internetwork bridging, and Smart Contracts.



Wanchain also acts as a bridge between many other currencies such as Bitcoin, Ethereum, Ripples, etc.





The Origin of Wanchain



The origin of Wanchain came from the purpose of bridging networks from different blockchains, such as public blockchains, private blockchains, and consortiums. Wanchain aims to provide a smooth and efficient bridging between different blockchain networks.



Despite being able to make transactions at high speeds with cryptocurrencies, there are certain limitations to most cryptocurrencies, which is the ability to make cross-chain transactions. Being able to make cross-chain transactions requires the necessity of having a mediator, like an exchange, which makes it centralized and expensive.





How does Wanchain Work?



The Wanchain network has a purpose to bridge different networks, which is also known as a cross-chain network, like a mediator. Regardless of being a public blockchain, private blockchain, or consortium, it allows users to make cross-chain transactions almost immediately. Individuals wouldn’t have to rely on a centralized exchange or any mediators at all, because Wanchain works on a Galaxy Proof of Stake network.





Prominent Point of Wanchain



Individuals are able to make cross-chain transactions smoothly, efficiently, and securely through Smart Contracts. The prominent point of a Galaxy Proof of Stake network is the ability to work securely and effectively. This solves the power consumption problem that a Proof of Work network has.



Wanchain’s blockchain network has 2 forms of validation, one which is a regular validator that works to confirm each transaction within the network, and a storeman validator, which has a duty to confirm cross-chain transactions.



Wanchain also has a secure multi-party computation technology, which can be used to ensure that each transaction is secure and every private information will not be disclosed, regardless of who the owner is.





Summary



Wanchain is one of the most differentiated blockchain networks available compared to other networks because it aims to bridge the gap between networks to create efficiency in making cross-chain transactions. While most other blockchains networks just aim to create a faster and more efficient blockchain network.



However, every investment in this field involves risks, therefore proper research is advised before making any investment.





Reference:



ExploreWanchain, Wanchain, Binance Research, Coinmarketcap

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