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Wanchain (WAN) is a distributed ledger protocol that helps in cross-chain transactions along with the interoperability of multiple chains. The Wanchain cryptocurrency has forked from Ethereum to have its blockchain. It processes and maintains the records of all cross-chain transactions by running autonomously.
The current market price of WAN is $2.24 after an increase of 2.84% over 24-hours. The central exchange platforms to trade WAN include Huobi Global, KuCoin, Binance, Bitrue, and BKEX. The platform is aiming to form a new financial market for virtual assets by implementing cross-chain transfer.
Wanchain’s Network of decentralized Storeman Nodes works to allow the assets to freely flow between blockchains without any third party. It unites the isolated virtual assets with each other by the use of cross-chain smart contracts. Here, different blockchains' assets can easily interact with one another inside DApps on the same chain. The assets can be withdrawn back to their native chain or sent to a new chain after being used in Decentralized Finance Applications. Additionally, the information is free to flow between different blockchains without any central third party.
In a world where most of the transactions are completed by the involvement of third-party platforms, Wanchain is entirely decentralized, which employs the threshold secret-sharing and multi-party computing technologies to manage accounts. It is aiming to create a broader market for virtual assets by connecting various standalone blockchains.
· Cross-chain communication protocol- This protocol, having smart contracts as its significant part, helps transfer between Wanchain and other blockchains. It consists of a registration module, transaction status query module, and cross-chain transaction data transmission module.
· Verification Node Consensus Algorithm- The Network involves a proof-of-stake consensus algorithm consisting of three verification nodes. These are namely vouchers, validators, and storemen.
· Locked account generation scheme- The Wanchain network uses the Locked Account Generation Scheme to secure the keys and funds for multi-party transactions.
· Smart Contract Token Transaction Anonymity- This is to ensure privacy and anonymity during the transactions. No person can detect others' transaction patterns because its ring structure allotment makes it challenging to track the transactions.
Wanchain has recently partnered with Ripple, which was confirmed via Twitter on April 10, 2021. The price of WAN is expected to rise in the coming years. The experts expect it to grow more than 150% in the coming 2 to 3 years, and it can be seen as a profitable option for a long-term investment.