Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: PRIBO247 on December 11, 2018, 05:50:53 PM
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“Wanchain is a separate, independent, public chain,” CEO Jack Lu
says on a recent December morning. He explains that it is
essentially a fork of Ethereum which integrated a lot of privacy-
focused changes and primarily focuses on cross-chain
compatibility.
Wanchain wants to be the bridge between blockchains, allowing
multi-crypto transaction execution in a private manner. Officially,
in text, it describes itself as “the world’s first and only
interoperable blockchain with secure multi-party computation.”
Wanchain layman might think of it like Ethereum + Monero with a
hint of ShapeShift. Wanchain seeks to perform the functions of all
of the above. While it’s not necessarily competing with Ethereum
as a token platform, if tokens leverage Wanchain’s capabilities,
they would have the inherent ability to be transferred in terms of
value between blockchains. They add a high degree of privacy not
had in Bitcoin or Ethereum, and their ultimate goal is to act at the
decentralized intermediary between blockchains, as ShapeShift
and other exchanges currently do in a centralized manner. “You
can have private transactions on Wanchain,” Lu tells this reporter.
Wanchain utilizes Secure Multi-Party Computing – SMPC – to
execute cross-chain transactions. This means that the receiving
party can be sure the funds are locked in the sending party’s
anterior wallet. Lu explains:
“We have interoperability solutions, cross-chain
solutions, which allow us to connect with other
blockchains like Ethereum and Bitcoin. SMPC allows us
to control assets in a separate chain. When the user
wants to send a coin or transaction from Bitcoin to
Wanchain, SPMC knows how to handle this bridge. It will
send the Bitcoin transactions to a locked account in
Bitcoin, and at the same time we will issue a token – but
it’s not really an issuance because we just transfer a
proxy token on Wanchain to that particular user.”
Wanchain Creates Bridge from Ethereum to Bitcoin
Lu says that in the future, public chains like Ethereum and Bitcoin
can essentially be represented and shielded with the privacy of
Wanchain. While the transparency inherent in Bitcoin is nice, there
are plenty of users who wish for more privacy. Lu says that
Wanchain uses the Monero style of private transactions. In
Monero, at least, a view key is required to even know anything,
really, about a given transaction, although the records are publicly
accessible.
It is Wanchain’s interoperability that attracted the MakerDAO, a
smart contract which contains as much as 1% of all Ethereum and
stabilizes units to the dollar through algorithmic methods, to
Wanchain when seeking a cross-chain compatibility partner.
Tuesday, Wanchain announced and launched its Bitcoin
interoperability upgrade. The move marks its 3.0 iteration, the 2.0
series having been the generation when they focused on Ethereum
interoperability.
The reader may call to mind the recent work of R3 , as this reporter
did, and their ability to move funds through the centralized
clearinghouse networks of banks and certain value networks like
Ripple, with their recently released Cordapp. Lu pointed out that
the work R3 is doing is primarily for the blockchain consortiums it
represents, which include large financial institutions who have
specific needs. He said that Wanchain, in the present, is focused
on linking blockchains and adding privacy wherever possible, and
in the future, they fully intend to add more blockchains – virtually
any blockchain that might have demand for it.
Using Wanchain for cross-chain transactions instead centralized
exchanges means that transactions stay secure and decentralized.
There is no counterparty risk, and as they point out in a press
release around the 3.0 launch:
Decentralized exchanges leveraging Wanchain’s cross-
chain (Ethereum-based) or build directly on Wanchain
will now be able to offer Bitcoin trading pairs. New pairs
on decentralized exchanges with BTC will allow for
drastic increases in liquidity for the space at large. Other
use cases for this cross-chain capability could include
cross-chain crypto loans, crypto payments leveraging
multiple chains, and any other use case for bringing
Bitcoin to applications currently siloed to Ethereum. The
opportunities cross-chain with Bitcoin will bring for
Wanchain and the industry are quite exciting.
Basically, any exchange that’s running either Ethereum and
Wanchain or Bitcoin and Wanchain can now offer additional pairs
without an undue amount of work. Wanchain does the work for
them, and Lu says, “For this release, we will add a lot of Ethereum
tokens. We’ve already announced about MakerDAO, which is a
stablecoin, but now we’ve also added other Ethereum tokens, so
now all these ERC-20 tokens can be traded against Bitcoin in a
decentralized exchange.”
The Wanchain wallet has a convenient “crosschain” button
embedded in it, and documents make it clear how to execute
cross-chain transactions. The Wan, the native token of the
Wanchain, was trading at around 33 cents USD at time of writing.
If significant demand for the network’s functions picks up, demand
for the token would as well.
Source : https://www.ccn.com/