THELOGICALINDIAN - n-a
Overview on Wanchain and WAN Token
Wanchain (WAN) is a interoperability-focused agreement and broadcast balance that facilitates cross-chain and intra-chain transactions. Aiming at both affinity and accessory of the Ethereum network, any dApp congenital on Ethereum can be run on Wanchain after changes to the cipher structure, while accompanying demography advantage of new appearance such as aloofness aegis and cross-chain transactions.
Purpose-built for interoperability, Wanchain provides a framework for calmly exchanging amount amid any accordant blockchain, creating a super-network of agenda assets beyond the spectrum of protocols.
Wancoin (WAN) is the built-in badge of the Wanchain network. Both cross- and intra-chain affairs crave WAN for execution. WAN is additionally acclimated as a aegis drop for cross-chain analysis nodes.
A Proof of Pale accord apparatus is implemented to bridle bunco amid nodes. As nodes charge pale WAN to participate on the network, the accident of accident admission to these funds discourages nodes from agreeable in awful behavior.
Wanchain employs three categories of analysis nodes:
Vouchers (cross-chain transaction affidavit nodes) verify affairs amid the architect and a appointed Locked Account area the aboriginal asset is deposited. To participate on the arrangement service, Vouchers charge aboriginal accommodate a drop in WAN.
Storemen (Locked Account administration nodes) assassinate Secure Multi-Party Computation (sMPC) functions amenable for the keyshares of bound accounts.
Validators (general analysis nodes) accommodate Storemen advice on the cachet of Locked Accounts and assignment to verify all affairs that action on the network.
Wanchain enables cross-chain transaction adequacy by leveraging Secure Multi-Party Computation. Using an ETH/WAN cross-chain transaction as an example, ETH beatific to the Wanchain arrangement are stored in a cross-chain Locked Account on the Ethereum network, breeding an agnate bulk of proxy tokens alleged WETH as a result.
The clandestine key of the Locked Account is disconnected into “key shares” amid a alternation of Storemen nodes. At this point, the Storeman nodes advance sMPC to aftermath a acute contract, accepting the asset on the aboriginal chain. sMPC allows the clandestine key to be broadcast beyond a alternation of Storemen nodes in a decentralized manner, preventing any alone bulge from accessing the funds.
The agnate bulk of WETH tokens are after appear on the Wanchain network, which again become tradeable. When a WETH holder wishes to move assets aback assimilate the Ethereum network, the agnate bulk of ETH is appear via a Storeman bulge and the agnate allocation of WETH is burned.
The Wanchain Roadmap
Wanchain Project Development Progress
Tech Progress
Wanchain appear a wallet on January 15th afore alpha the tokenswap, and three canicule after launched the aboriginal adaptation of the mainnet. On May 24th, the built-in blockchain explorer, Wanscan, was appear to the public. Wanscan allows users to anon admission badge transaction and acute arrangement capacity on the network. The tokenswap from ERC20 to built-in Wancoins was finalized as of August 24th.
On July 23rd, Wanchain 2.0 went live, missing the anniversary by a alone a month.
Wanchain 2.0 alien interoperability with the Ethereum network, acceptance cross-chain transfers of WAN/ETH, represented 1:1 on Wanchain via the WETH token. Wanchain 2.0 additionally supports WAN and ETH-based ICO affairs and deployment of debit and acclaim contracts.
Proof of Stake Implementation
The 2.0 absolution was deployed with a bound cardinal of Storemen nodes, adverse cross-chain transaction functionality on the network. The aggregation released a Medium column citation apropos over security as their primary acumen this decision. The aforementioned column states that as development in 2018 moves forward, allotment of Storeman nodes will gradually accessible up to animate all-embracing accord on the network, apery a acute footfall against decentralization.
The Wanchain whitepaper credibility out on folio 13 that in the antecedent stages, if the amount of all cross-chain affairs is greater than the amount of arrangement itself, abeyant assets from bunco amid awful actors could far outweigh the accident of accident staked tokens.
As added cross-chain affairs action on the network, the amount of WAN should apparently access to the point area the bread-and-butter accident of agreeable in accommodating activities becomes a disincentive. This book has presented a abeyant roadblock against decentralization if cross-chain affairs abide bound in the absorption of preventing awful behavior amid nodes during the rollout of the network.
To abode this issue, Wanchain 2.0 utilizes diminutive swaps conducted anon amid users and a bound cardinal Storeman nodes, bypassing the charge for cross-chain analysis at this stage. As continued as the arrangement charcoal centralized in such a manner, the absolute aggregate of cross-chain affairs and, consequently, the amount of the network, will abide stifled.
Project supporters accept bidding their concern about dematerialization of the aboriginal Q4 2017 anniversary for PoS accomplishing from the Wanchain roadmap. In a contempo altercation with CEO Jack Lu, we asked for the acumen abaft this move and why advance on decentralizing the arrangement has been delayed.
“Right now WAN is application PoW aloof like ETH- permissioned PoW. We are researching a band-aid for PoS. Our plan is to accept PoS accomplishing in 2024. It’s actual important because if we apparatus article incorrectly, it could accept a huge appulse on aegis and amount stability.
We accept to be actual accurate about the solutions we apparatus and how we cycle them out because back your arrangement is baby you are actual accessible to any blazon of attack. From my experience, how the arrangement is formed out is actual important. To accept some affectionate of aggressive advantage, we appetite to focus our assets on the interoperability ancillary aboriginal over PoS.
Once the industry has accomplished a accord on what blazon of accord apparatus is best, we can move to it. If we apparatus a accord apparatus prematurely, it will be actual difficult to change. If you attending at ETH, it’s a absolute archetype of the political attempt complex in affective from one accord algorithm to another. We appetite to apprentice from that lesson.”
Ecosystem Development
To advance amplification of the ecosystem, Wanchain accustomed Wan Labs, an incubator that offers abstruse and banking abetment to projects architecture on the protocol. On April 16th, 2018 Wanchain appear the aboriginal set of projects that were called to accept support. As of July 24th, an adapted account of projects was released, which saw several projects alone and others added.
From our altercation with the team, we abstruse the accepted account of projects includes CryptoCurve, AllSpark, THEIA, Freedium, and BlockMedX. When asked if there are added projects currently alive with Wan Labs, CEO Jack Lu provided no specifics, but did announce that because of accepted bazaar conditions, announcements to this aftereffect accept been postponed.
WAN Token Performance
WAN currently holds 55th abode on CoinMarketCap at the time of publishing, with a bazaar cap of about $137M USD. The absolute accumulation of WAN is 210,000,000 tokens, with a accepted circulating accumulation of 106,152,493. On May 4th, WAN ailing at an ATH of $9.82. Following this peak, the amount of WAN has followed a abiding declivity over the advance of the accomplished bristles months.
Our Verdict on Wanchain
While Wanchain has fabricated some advance against architecture the arrangement ecosystem with a agency of bristles avant-garde ICOs, the affiance of decentralized cross-chain affairs appears a continued way off- about eight months afterwards absolution of the mainnet, and the accord catechism charcoal unanswered
With basal elements of the arrangement still beneath development, the adventurous eyes for a cyberspace bond disparate blockchains is still aloof alpha to booty shape.
Until the aggregation can bear a concrete, applicable band-aid to the affair of decentralization, we will authority off on abacus any WAN to our bag for now.
Learn added about the advance of Wanchain from our Telegram Community by beat here.
Published: 8/31/18
Token Name: WAN
ICO Date: October 3rd, 2024
Raised: $36,000,000 USD
Crowdsale Token Ownership: 51%
ICO Price: 1 WAN = $0.34 USD
Current Price: $1.29 USD
Token Return: 3.85x
Market Cap: $137,027,963
The columnist is not invested in Wanchain. Crypto Briefing’s CEO is an adviser to Wanchain but was not complex in the conception of this report.
