Wanchain (WAN) -Before its foray to the financial system, blockchain technology was specified as alternate means of transactions. Ten years later, it had done well in that regard but there are doubts in certain quarters over its continued isolation. Many had complained of secluded crypto currencies, making them hard to exchange among their peers. Same car plays out on the blockchain since they cannot co-function.
In this post, we’ll be looking at Wanchain (WAN); a blockchain with a difference. Taking into account existing downsides to scalability and operations of the platform, the project positions itself as one that can unite blockchains to achieve optimum functionality.
There is strength in unity and drawing inspiration together, Wanchain (WAN) has put in place relevant technologies to foster unity among chains. It would be recalled that the blockchain usurped all known financial protocols and installed regime of peer transactions. Their disparity has led to diversified transactions with each chain working on its own.
When Wanchain (WAN) unites these, different blockchains will have unique transactions. The project is not focusing on this unity alone, but is extending its frontiers to better financial service. A post by Icorating posit that Wanchain (WAN) is creating avenue for seamless transactions across chains.
Breaking Away from Traditional Banking
Wanchain (WAN) is working tirelessly towards making blockchain another financial medium that creates comfort. With conventional banks taking up the space and exploiting users, a decentralized banking will do whole lot of good.
The project we have here is set to launch a distributed banking service that will run on the blockchain. By this breakaway, obvious monopoly exhibited by banks will be relegated.
The blockchain had indeed being blessed with alternate services against those offered by banks. First, they were exchanged where cryptos were traded. At the moment, cryptographic currencies are worth $300 billion and the value keeps soaring.
Wanchain (WAN) wants to make these currencies work for the good of the greater populace. Since many platforms are accepting it as exchange and others are mapping their assets to the blockchain, the coast is clear for Wanchain’s (WAN) goal to foster distributed banking on the blockchain.
A Dip Into Wanchain’s (WAN) Transactions
The project is looking at peer transactions among its users. First, there will be enablement of consortium chains. It would be recalled that these chains were the medium used by fiat businesses when mapping their assets into the blockchain. When this comes to play, there will be interoperability between assets since they can be moved across chains. There will also be facilitation of transactions on the chain.
In furtherance of its goal to foist distributed banking, Wanchain (WAN) will offer same service as traditional banks. The only difference is their scope because the platform will offer deposit and loan services on the blockchain. Typical with every exchange, it allows use of cryptographic currencies as exchange.
As captured by Medium, Wanchain (WAN) had gone on to create the WanLab. In another scenario, the platform will issue and trade new intakes into the digit community. It also positions itself as a platform to exchange digital assets and also provides succinct security to transactions.
Wanchain (WAN) Structure
Wanchain (WAN) packs the best technologies of the decentralized world. Propelled by a Proof-of-Stake consensus mechanism, the project was able to implement interoperability in chain networks and also brought seamless cross-chain transactions.
It runs on distributed ledger that facilitates independence of applications. On their other hand, developers are allowed access to create DApps that are in tune with the project’s goals.
Narrowing it down, Wanchain (WAN) offers intra-chain transactions. Buoyed by privacy of its smart contract, the project boasts the ability to adapt to many financial scenarios. Intra-chain transactions patterned after Ethereum’s have additional security layer that confirms transactions through ring signatures.
Wanchain (WAN) Cross-chain Transactions
Wanchain (WAN) has provisions for interoperable transactions across platforms. The idea was to facilitate movement of assets between chains with additional security in place. Sometimes, unverified assets litter the digital space. This was because no policy was in place to confirm them.
Wanchain (WAN) literally offers asset policing because it sends unverified assets to separate chains and delegates smart contracts that will co-function with delegated asset template. On the other hand, the integration of verified assets into its chain leads to release of equivalent tokens to match existing smart contracts of such assets.
While securing assets on the platform, Wanchain (WAN) also positions its token as a medium for exchange. Hackernoon aptly captured Wanchain (WAN) as the highway to financial uplift of crypto-assets.
Wanchain (WAN) seeks to make the blockchain work for everyone. Also, it makes provision for blockchain banking services.
This will take over all other aspects of traditional banking except that it would not be centralized. Simply put, Wanchain (WAN) is a platform that not only unites blockchains but also makes crypto assets work effectively.