Wanchain Cryptocurrency Review
What is Wanchain?
Wanchain creates a cross-chain transfer across different blockchains (see also Metronome). Forked from Ethereum, WAN is not a ERC20 token and has its own blockchain.
Wanchain is an alternative coin based on Ethereum. Privacy has been given significant priority in the protocol and a one-time address feature is an outcome of it.
Investors, traders, customers usually do not like to reveal their financial conditions or banking details, transaction history etc to others. The protocol has resolved this issue by allowing users to provide a fresh, new address each time they perform a transaction of funds. This feature makes the footsteps of the users untraceable.
Ring structures have taken the privacy and security concern to a new level. All signatures that verify a single transaction diverge among a number of users. Therefore the identity of the true generating user remains in shade and that makes tracing the root or pathway of the transactions harder.
Wanchain follows a combined protocol of Monero and Ethereum in terms of privacy maintenance. Providence of strong security and flawless privacy attracts many users, especially those who have to transact larger amounts.
It is also very suitable for confidential, official purposes and banking industry.
History and Whereabouts
The Wanchain Foundation is a Singapore based non-profit organization. It has spread its branch in Austin, Texas. The founder of the company is Jack Lu, a familiar face to the blockchain developing community. Dustin Byington, the founder of the base of Bitcoin College in 2014, acts as the president of Wanchain. In order to carry out a transaction, a user needs to pay WAN to the cross-communication verification nodes.
At the time of the Initial Coin Offering (ICO), the organization managed to sell more than 107 million WAN tokens which were converted to 120,000 ETH later on.
The sold amount is about 51 percent of the total supply. Different portions of the total volume were allotted for different purposes. Infrastructure, daily operations, marketing, community development share 10 percent each and the research & development sector engulfs the remaining 60 percent.
Working Procedure of Wanchain
Though wanchain was originated as a forked of Ethereum, it runs on entirely a separate blockchain. Another interesting thing is that the ticker symbol is WAN and it is not an ERC20 token. Its platform provides the facility of Cross-chain communication and thus positively incentivizes the flow of data between the blockchain of Wanchain and that of the others. Three modules which are employed by the platform are Registration, Cross-chain transaction data transmission module, and Transaction status query module.
Wanchain has started its journey not a long time ago. Therefore it has not undergone any severe price correction like Bitcoin or Ethereum had at the advent of the year. Therefore, it is hard to say that the price will continue at $6. It maintained consistency in case of price fluctuation from April 2018. Earlier in this season, it had to hit $2.75 in the last days of March.
The project looks forward to resolving various issues related to security and privacy, thanks to the enthusiastic, promising development team. Hopefully, the blockchain of Wanchain will be integrated with that of Ethereum at the end of this year and with that of other private chains in 2019.