There are two major obstacles regarding blockchain platforms that Wanchain hopes to overcome.
The first being interoperability. Wanchain has entered the race to be the premier network to be able to allow different blockchains to communicate with each other and send payments across chains.
Another is to have a decentralized cryptocurrency exchange. Not only a decentralized exchange, but one that can handle trading of every single crytpocoin in existence.
That is a major undertaking, the scope of which would scare off a number of challengers.
And, that is only the tip of the iceberg. Wanchain hopes to branch out and become a virtual bank in the future. Lending, investment, settlements, and other financial services will be available as you would expect from a bank but with the added security and other benefits derived from being on a blockchain.
How To Buy WAN
So you’re interested in buying WAN? Currently, there is no way to buy WAN directly with fiat, so the best way to buy WAN is to first purchase Ethereum, transfer it to your chosen trading platform and change it to WAN. We’ll show you how.
2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.
3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.
4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.
1. First change the Buy option from BTC to ETH for USD and then choose your amount.
2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.
Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.
3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.
4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.
Your Binance account will now be credited with Ethereum.
2. On the trading platform, select the ETH section and use the search function to search for WAN/ETH and confirm.
3. On the WAN/ETH trading section you can now choose how much WAN you want to buy with your Ether. Once you have chosen your amount, press Buy WAN and place your order.
Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of WAN.
How does Wanchain work?
Wanchain, although forked from the Ethereum blockchain, is its own chain.
It uses three different modules to transfer data between Wanchain and other blockchains.
Registers a digital asset and where the asset is located and coming from.
Cross-chain transaction data transmission module:
Using nodes, a request to initiate a transfer to Wanchain is begun through a validator node. If the return is successful, a transaction is begun and the validator node begins the transfer across chains to the Wanchain network.
Transaction status query module:
This phase keeps track of the transaction as it makes its way across nodes and modules before being registered on the Wanchain blockchain.
For all of this to happen, smart contracts need to be made using a Proof of Stake protocol.
There is a three pronged verification system to facilitate the whole process.
First, vouchers are used as a security deposit from a transaction fee. This voucher will provide proof that the transaction from the original chain is valid. If a return of a false transaction comes back, then the voucher, ie security deposit, is forfeited. This ensures that transactions are indeed real as nobody will want to try to game the system and lose their deposit.
Second, validators are used to record the transaction on Wanchain’s chain. For a percentage of the transaction fee.
Lastly, storemen are stakeholders who must remain online to maintain the key shares and in return are rewarded with a portion of the transaction fee, as well.
The key shares are almost like literal keys to a safe deposit box in a bank. For security, data keys are divided into shares and a share is stored on a stormean’s hard drive. By each storeman only holding a portion of the entire key, no one person can access the account but the person who holds the entire private key, the account holder.
This, then is where the Wancoin (WAN) comes in. For all of these transactions to take place, a fee must be paid. All these fees will be paid for in WAN across the entire ecosystem. This coin is the stake that will keep the system running and stakeholders incentivized to validate the transactions.
What all this means is that Wanchain can make real world style banking out of a blockchain platform. To achieve mass adoption, a bank, or any other business or institution has to behave in a way that a user doesn’t need to know how a blockchain works. If done well, a user doesn’t even need to know the business is on a blockchain.
It’s an ambitious plan, but indications are that Wanchain has the brainpower and funds to be able to put together such a grand project.