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What is Wanchain?

Wanchain is a decentralised blockchain interoperability solution that enables cross-chain transactions and smart contracts across multiple blockchain networks. It functions as a bridge, allowing communication and transactions between various blockchains, both public and private, without reliance on third-party platforms.

How does Wanchain work?

Wanchain works by leveraging various technical mechanisms to enable secure and efficient cross-chain transactions. It uses a Proof of Stake (PoS) consensus algorithm with advanced cryptographic techniques, such as Secure Multiparty Computation and Shamir's Secret Sharing, to ensure transaction integrity. Wanchain also supports smart contracts via Solidity, allowing for Ethereum Virtual Machine (EVM) compatibility. Its cross-chain functionalities are facilitated through different types of bridges like two-way, direct, and NFT bridges, employing mechanisms like "lock-mint-burn-unlock" for seamless asset transfers.

What are the potential use cases for Wanchain?

Wanchain has several potential use cases across different sectors:

• Decentralised Exchanges (DEXs): Facilitates cross-chain asset trading without intermediaries.
• Lending and Borrowing Platforms: Supports cross-chain lending services, enhancing liquidity.
• Stablecoin Issuance: Enables issuing stablecoins operable on multiple blockchains.
• Crowdfunding Platforms: Allows for cross-chain crowdfunding initiatives.
• Multi-Currency Payment Systems: Facilitates multi-currency payments and settlements across different blockchains.

What is the history of Wanchain?

Wanchain was founded in 2016 by Jack Lu and Dustin Byington. It was conceived to address the lack of interoperability in the blockchain space. In October 2017, Wanchain conducted a successful ICO, and its mainnet launched in January 2018. The project has seen significant developments, such as the release of Wanchain 2.0 in July 2018 with Ethereum interoperability. Wanchain continues to evolve with efforts to include more blockchains into its ecosystem, aiming toward greater decentralisation and enhanced financial market capabilities.