Wanchain (WAN)

Rank #1133

Wanchain is a blockchain focused on connecting the present to the future through the exploration and implementation of blockchain technology. The goal is to create a distributed model of financial infrastructure for digital assets, aiming for a digital “bank” that evolves beyond traditional operations.

How the connection between blockchains works

Wanchain allows different ledgers to exchange and connect value in a distributed way. It uses a cross-chain protocol based on cryptographic theories to record transactions between chains and also within the same chain.

Public, private, or consortium chains can integrate with Wanchain to carry out asset transfers between ledgers with low interoperability cost. In addition, the ledger supports smart contracts and privacy protection mechanisms for token exchange.

What Wanchain is used for

The network was designed so that institutions and users can configure their own virtual windows in the distributed “bank.” These environments can offer services such as loan origination, asset exchanges, credit payments, and transaction settlement based on digital assets.

In practice, the proposal is to support greater participation in blockchain-based financial services, with Wanchain functioning as a distributed super financial marketplace.

Security with keys and locked accounts

To deal with multiple parties, Wanchain uses the Locked Account Generation Scheme, supported by Shamir’s Secret Sharing Scheme. The idea is to split a key into parts and distribute them among the participants involved.

The Storemen manage the key shares of the locked accounts for the transactions. The method seeks greater decentralization and stability, allowing execution even when some Validators go offline, with transactions conducted by the original chain.

Organization and the role of the WAN token

The Wanchain Foundation is a non-profit organization operating mainly in Singapore and with a relevant presence in Austin, TX. The network was founded by Jack Lu, with participation associated with the open-source project.

WAN tokens were initially distributed as ERC-20 to ICO participants, but today it is possible to exchange them on the Wanchain mainnet or buy them directly, avoiding common confusion about the nature of WAN.