What Is Wanchain (WAN)?
Wanchain is decentralized finance (DeFi) and blockchain interoperability platform connecting multiple blockchains. Interoperability is the ability to process and access information across two or more blockchains. Wanchain is one such platform created with an aim to connect isolated public and private blockchains allowing for cross-chain transactions and enabling a clear flow of digital assets and data.
WAN stands for ‘wide area network’ in the network terminology; and, Wanchain is engaged in building a network of many such blockchains that could not communicate earlier. Wanchain supports the development of smart contracts using the Solidity programming language. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. The platform provides the infrastructure for developers to write smart contracts, build decentralized applications (DApps), or issue a fungible or Non-fungible token on Wanchain. It is possible to connect and circulate any public or private blockchain assets on Wanchain.
As per its whitepaper, Wanchain is an Ethereum-based general public ledger, and there are two types of transactions on the blockchain network; intra-chain and cross-chain. Wanchain uses a proof-of-stake consensus mechanism and a privacy protection feature for ordinary intra-chain transactions. For cross-chain transactions, Wanchain uses both consensus and incentive-based mechanisms.
Firstly, to enable cross-chain transactions on Wanchain, both the blockchains and assets need to be registered on-chain for unique identification. For this, an asset registration protocol is available on the platform. To convert their vision of an open finance cross-chain world into a reality, Wanchain is open to building strong strategic relationships and technology partnerships.
Wanchain's native coin is WAN, which enables coin holders to perform various functions. Only WAN holders can earn proof-of-stake block rewards and staking rewards on the platform. Wanchain also has different kinds of crypto wallets for various needs of the users like desktop wallet, mobile wallet, an offline wallet, and a browser extension wallet on Wanchain.
History of Wanchain (WAN)
Wanchain started operations in 2017. Jack Lu is the CEO of Wanchain. The maximum supply of WAN is 210,000,000 coins.
