Wanchain

What is Wanchain?

Wanchain is a unique project that functions as both a sustainable Layer 1 Proof-of-Stake (PoS) blockchain and a decentralized blockchain interoperability solution. The Layer 1 PoS blockchain offers a complete Ethereum-like environment compatible with standard Ethereum tools, decentralized applications (DAPPs), and protocols. Utilizing the Galaxy Consensus, a PoS algorithm developed by renowned researchers and academics, Wanchain enhances random number generation and block production through distributed secret sharing and threshold signatures, drawing inspiration from Cardano's Ouroboros.

Wanchain's decentralized bridges serve as non-custodial connectors linking both Ethereum Virtual Machine (EVM) and non-EVM networks without relying on centralized intermediaries. These bridges deploy Secure Multiparty Computation (sMPC) and Shamir's Secret Sharing to secure crosschain assets, forming a wide area network of more than 15 interconnected Layer 1 and Layer 2 networks.

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Recent Video Interview

Main points of the interview:

• Wanchain's journey from 2017, focusing on blockchain interoperability and cross-chain messaging.
• Highlighted products include cross-chain Bridges, X Flows for native-to-native transactions, and general message passing.
• Future goals aim for seamless blockchain interactions, simplifying user experience akin to using the internet.
• Wanchain's commitment to security with storeman nodes and decentralized bridge node groups.

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What Problem is Wanchain Solving?

Wanchain addresses the issue of siloed and isolated blockchains that hinder the vision of a connected Web3. The project aims to unify networks and promote peer-to-peer interactions in a trustless and permissionless manner. By creating a truly decentralized and interoperable wide area network of blockchains, Wanchain seeks to make the exchange of information seamless and efficient.

How is Wanchain secured?

Wanchain's security is anchored in the PoS Validator Nodes employing the Galaxy Consensus algorithm, requiring the staking of WAN tokens for transaction validation. The decentralized collateral pools, supported by Bridge Nodes, further enhance security across various crosschain bridges, ensuring the integrity of the network.

Ecosystem

Wanchain's crosschain infrastructure, established since 2017, connects a diverse range of networks, including Ethereum, Bitcoin, BNB Chain, Avalance, MoonRiver, Fantom, XRP, Dogecoin, Telos, Songbird, Metis, Polkadot Relay Chain, and others. The decentralized bridges, supported by unified decentralised collateral pools, facilitate seamless asset transfer between these interconnected blockchains.

What are Wanchain Bridge Nodes?

Apart from PoS Validator Nodes, Wanchain introduces Bridge Nodes, responsible for executing and verifying crosschain transactions. These nodes stake WAN tokens as collateral, contributing to a unified decentralised collateral pool. With 25 active Bridge Nodes forming the Bridge or Storeman Group, the monthly re-election process ensures the decentralization of the network.

Wanchain offers various crosschain bridges, including Direct Bridges, Layer 2 Bridges, and NFT Bridges. The lock-mint-burn-unlock method dominates Direct Bridges, securing crosschain assets by locking the original asset on the source blockchain, minting a wrapped token on the destination blockchain, and allowing users to burn the token to retrieve the original asset. Layer 2 Bridges employ decentralized liquidity pools, while NFT bridges cater to specific project requirements, transferring NFT IDs and attributes across blockchains.

What is WAN?

WAN, or Wancoin, serves as the native currency of Wanchain, powering all transactions, crosschain transactions, and smart contracts. WAN tokens enable various functions, including incentives for validator nodes, DAPP usage, collateral, staking activities, private transactions, and smart contracts.

What is WanMask?

WanMask, a secure browser extension similar to MetaMask, allows users to interact with the Wanchain blockchain. It is used for transactions, emphasizing security practices such as strong passwords and secure seed phrases.

Wanchain Team Background

Established in 2017, Wanchain is the brainchild of Jack Lu and has its headquarters in Beijing, China, and Austin, Texas. Jack Lu, the founder and CEO, is a seasoned entrepreneur and technical expert with a keen interest in blockchain technology. Prior to spearheading Wanchain, he co-founded Factom in 2014, where he served as the Chief Technology Officer. Beyond his achievements at Factom, Jack Lu is the founder of Wanglutech, a blockchain protocol dedicated to data deposit certificates and digital assets.

Adding depth to Wanchain's leadership team is Li Ni, the Vice President of Operations. Li Ni brings over 15 years of comprehensive experience in computer science and the technology industry to his role. His expertise extends to encompass marketing, business development, and sales. Before joining Wanchain, Li Ni held notable positions at ZTE, SuperMap Software, and Delta Electronics, contributing significantly to the technological landscape.

Project Development

In 2024, Wanchain will embark on a promising journey, building upon the achievements of the past year. The forthcoming year holds exciting prospects, with the continued evolution of Wanchain's decentralized blockchain interoperability solution, the Wanchain L1 blockchain, and the native WAN coin, featuring the introduction of bridge fees. Anticipate the integration of new networks, both Ethereum Virtual Machines (EVMs) and non-EVMs, into Wanchain's renowned cross-chain infrastructure. The expansion of XFlows and XStake is on the horizon, accompanied by the introduction of innovative cross-chain products. Wanchain promises a year filled with significant developments, fostering connection and collaboration to collectively shape the future of blockchain technology.