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.
3. Privacy
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.
5. Wancoin
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.
💬 Talk to me here:
Twitter - https://twitter.com/DavidHayCrypto
Facebook - https://www.facebook.com/davidhay.org/
Reddit - https://www.reddit.com/r/DavidHay
🔥 Upcoming Conferences (March 24th Los Angeles):
http://nac3.io
💳 Buy bitcoin,ethereum and altcoins here (Visa & Mastercard Accepted):
http://www.davidhay.org/bitcoin
👕 Cryptocurrency Swag & Comical T-Shirts:
http://bit.ly/2yt0e9l
⚡️ Favorite Tools:
Desktop Wallet - http://exodus.io
IPhone Wallet - http://blockchain.info
Hardware Wallet - http://Trezor.io
Coin Research - https://coincheckup.com/
Mine Crypto With Your Computer - http://bit.ly/2vwse9l
Accept Crytpo on Your Website - http://bit.ly/2A17fkR
Bitcoin Blockchain Explorer - https://blockexplorer.com/
Great post @davidhay. Very interesting read about Wanchain. I have a couple questions:
Thanks again for your quality content both here on Steemit and on YouTube. I am a regular reader and viewer of your content. Keep doing what you are doing, it's great!
Thank you.
A reliable source of Wancoin is unavailable at the moment. It was being traded on EtherDelta, but those where ERC20 tokens sold during the ICO. Unfortunately, if you purchase those ERC20 tokens you wont be able to swap them for the actual Wancoins unless your email address matches the one used to purchase them during the ICO. They should announce when the Wancoins will be available for purchase on an exchange via there official telegram announcement channel: https://t.me/WanchainANN
It is unclear which project will be fully up and running first. Or which features will be prioritized over others during the roll out of each Blockchain. There are some similarities between the two projects as you've pointed out. It will be interesting to see what happens.
Awesome thank you for the Telegram Announcement Channel, I have joined the channel so will be able to keep up to date on their progress.
It is very interesting to see what happens. I am so keen to see how the cross-chain transactions works. There are a number of projects working on it, it will be such a game changer if someone can get it right.
I look forward to your next post and video.
I have the same questions :)
Thanks for your quality content @davidhay
I really think this is disruptive and excellent platform, this is a game changer definitely!!!
Hey @davidhay Nice post, I really enjoy your youtube videos about cryptocurrency, crypto & chronic series. You always back your videos about any cryptocurrency with detailed study. Thanks for teaching dollar cost averaging the investment. And thanks for educating me and the community in this space.
Cheers !!
I do enjoy your take on different projects. You have never disappointed me with your explanations. You always do a good summary of what you are talking about. I do enjoy reading your articles or watching your videos.
As for Wanchain they have some great ideas but there is quite a few similar project out there so I think it will be a race for them. It depends if they will be able to finish a lot of the stuff before the others. I know they are planning to upgrade their code if Etherium does something that they need. At least I read that somewhere.
Thank you again for this it was a great read!
It is awesome to see more Steemit tailored and Steemit exclusive content from you, @davidhay! Great overview of Wanchain and Wancoin, thanks! The cross-chain transactions would be huge but also seem to be a tricky one to pull off. I'll definitely add Wanchain/Wancoin to my watch list. You didn't mention the total supply of Wancoin. According to the current implementation of the ERC-20 token, it is 210'000'000 WAN (etherscan.io). I guess this will also be the total supply once they run it on Wanchain and not Ethereum anymore.