Wanchain is decentralized blockchain that aims to drive blockchain adoption through interoperability. In this article, as Kriptokoin.com, “What is Wanchain?” We will answer the question. In addition, we will touch on other questions about the project.
What is Wanchain? What does it do?
Wanchain is creating a new digital asset financial market by implementing cross-chain transfers between different blockchains. With the number of various cryptocurrencies, tokens and blockchains currently in the ecosystem, there is currently no efficient, decentralized way to exchange value between them. As an independent blockchain, Wanchain links accounts of independent chains to provide a framework for exchanging these assets. The platform is not only used for money transfers. You can use Wanchain to build countless financial applications, through smart contracts, privacy protection protocols, and the native Wancoin (WAN) token, among other things.
Wanchain has been building its cross-chain infrastructure since 2017. It launched a decentralized BTC-ETH direct bridge in early 2021. Wanchain also offers decentralized bridges connecting Bitcoin, Ethereum, Ripple and EOS. It plans to support other chains like Polkadot. Wanchain’s cross-chain bridges are supported by unified decentralized collateral pools.
What is WANcoin?
Wancoin (WAN) is Wanchain’s native token. Processes consume a certain amount of WAN. You must pay WAN security deposit to cross-chain verification nodes when transacting.
How does Wanchain work?
Despite being forked from Ethereum, Wanchain is a completely separate blockchain. Wancoin (WAN) is not an ERC20 token. The platform has many parts, but the cross-chain communication protocol is the backbone behind it all.
Cross Chain Communication Protocol
The cross-chain communication protocol provides a way to transfer data between Wanchain and other chains.
The protocol has three functional modules:
Registration module: Records the chain from which a transaction originates, as well as the entity being transferred
Cross-chain transaction data transmission module: Initiates a cross-chain transaction request to Wanchain. The validator confirms whether the node is successful. Facilitates legal transaction from validator node to original chain
Process status query module: Monitors the status of the transaction
At its core, the cross-chain communication protocol uses smart contracts to enable you to exchange assets with Wanchain and vice versa.
What is Wanchain? How to get WAN coin?
Wanchain is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. The exchanges where Wanchain is traded are listed as follows. Binance, KuCoin, DigiFinex, Huobi Global. Users who want to invest in the project should open an account on one of these exchanges.
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