Current State of the Cryptocurrency Market
The cryptocurrency market has risen significantly in the past few years and the market cap has grown beyond that of some of the largest companies. The need for cryptocurrency is increasing not only as an investment but as a medium of exchange.
As new cryptocurrencies enter the markets, there requires a growing need for value exchange between different digital assets. The problem is interlinked to the fact that exchanges and wallets are primarily operated in a centralized way.
Value exchanged between different digital assets with a distributed approach will be a long-term goal in the blockchain and digital economy, just as traditional banks are important in the current economic system. This is where Wanchain comes in.
What Problem is this Coin Trying to Solve?
Wanchain, at its core, is trying to address the problem of value transfers between different blockchains and cryptocurrencies. It is a distributed ledger that:
- Achieves the interconnection and interoperability between different blockchain networks.
- Completes records of cross-chain transactions.
- Maintains cross-chain transaction details.
Wanchain aims to design a new decentralized financial infrastructure, that allows the exchange of value among different blockchain networks. We can only see Wanchain’s usefulness increase as cross-chain transactions are more heavily required in cryptocurrency.
Not only is Wanchain limited to being a cross-chain protocol however, it is also a distributed ledger that records cross-chain and intra-chain transactions within the network. Unlike other atomic cross-chain protocol tokens, Wanchain supports privacy protection for its users.
Who’s behind the project?
Wanchain was founded by ex-Factom CTO, Jack Lu. He launched Factom in 2014 and its ICO successfully raised over $9 million. Factom is now one of the top 100 cryptocurrencies in the world, valued at over $260 million.
The team also consists of individuals with highly diverse backgrounds in various, interlocking fields such as cryptographic security, blockchain, marketing, and software engineering. Many of the developers graduated from Peking University one of the top institutions for higher education, not only in China, but in the world.
What are the tokens used for?
Wancoins are used to pay for the fees that are required when completing cross-chain transactions.
They are also used for bond deposits at each node for ensuring cross-chain transactions. The more cross-chain transactions are run by Wanchain, the more Wancoin rises in value.
What other coins are trying to accomplish something similar?
Loopring, Kyber, Omisego, and Ark are just some of the coins that have cross-chain atomic swap capabilities like Wanchain. Monero also shares a similar privacy protection system, with features such as one-time addresses and ring signatures. And just like Chainlink, Wanchain uses blockchain middleware to allow smart contracts on different networks to connect together. The Wanchain protocol seamlessly connects blockchain networks together, recording cross-chain and intra-chain transactions.
What does Wanchain do better than those coins?
What sets Wanchain apart is that the coin is coupling cross-chain transactions with privacy features such as ring signatures and one-time addresses.
Essentially you can say it is ETH, XRP, and XMR all in one. Firstly, it has the smart contract capabilities of Ethereum as it is a hard-fork, but already has proof-of-stake and private transactions. It is commonly labeled as the “Chinese Ripple”, however Wanchain is much more decentralized than Ripple, truly representing what a distributed super financial market should be. And lastly, it has Monero-style privacy features as it generates a new one time address for each transaction, which keeps each transaction private and the holders anonymous. But what really ties all this together is its interoperability features.
In November 2017, Wanchain also entered the “Blockchain Interoperability Alliance”. The Alliance is backed by ICON, Aion, and Wanchain and has the shared goal of create a globally accepted standard for connecting isolated blockchain networks.
Current Project Status
Speeding down its roadmap, Wanchain has developed a unique cross-chain protocol, becoming the first coin to use one-time addresses and ring-signatures to support privacy protection for its users. They recently developed this technology during Q4 of 2017.
Wanchain Mainnet 1.0 has just recently gone live with features including its own wallet, privacy protecion, and blockchain explorer. After this, Wanchain aims to implement cross-chain transactions among Wanchain, Ethereum and Bitcoin, as well as cross-chain transactions of consortium blockchains that are developed based on Wanchain.
Wanchain Price Speculation
Wanchain’s market cap at ICO was $36 milion, with a price of $0.34 per WAN. To get a better understanding of what Wanchain’s upside potential is, we can take a look at Ripple, as Wanchain is commonly referred to as the “Chinese Ripple”. As of now, Ripple’s market cap is $40 billion. If Wanchain managed to capture just 20% of Ripple’s market cap at a minimum(which is highly likely considering all the hype surrounding this coin), we’re looking at a $8 billion market cap. With its circulating supply of 107 million coins, it would mean a price of approximately $75. This would mean a 22,000% increase (220x) from ICO price in USD.
Although this is purely speculative, this provides a glimpse into how profitable of a long-term hold Wanchain can be.
How to get started investing in Wanchain
Wanchain was hugely successful in their ICO, reaching their $36 million hard cap rather quickly.
Although there is a WAN on EtherDelta, the company has specifically stated that those tokens will NOT be redeemable for real Wancoins. Their terms of sale has stated do not trade wan tokens until main net is released.
Stay tuned for their big exchange release by following their twitter as well as joining Binance telegram and following the big exchange twitters, Binance and KuCoin.