What is Wanchain (WAN)?

Blockchain technology just keeps improving at a breakneck speed, but interoperability - how easily blockchains transfer assets and data from one to another -is still one of its biggest hurdles. That's where Wanchain comes in. Built to enable blockchain connectivity and ease, Wanchain (WAN) is an open-source network platform for cross-chain transfers and network interoperability. The Wanchain token (WAN) powers the ecosystem as both a utility and a governance token.

For today's market, Wanchain could be thought of as a sleeping giant who is at a best position for massive growth in the next market cycle. With interoperability technology solidly in place and expanding network integrations, Wanchain offers one of the most overlooked opportunities for blockchain infrastructure. In this next growth phase, the organization has just brought on a new Marketing Director, which signals a new focus on exposure, adoption, and worldwide presence.

To know Wanchain is to know how it interlinks disconnected blockchains, backs decentralized applications (dApps), and progresses toward an interoperable Web3 - a goal whose significance grows with every market cycle.

The Origins and Purpose of Wanchain

Wanchain was launched in 2017 by blockchain pioneer Jack Lu to create a decentralized platform for interoperability between blockchains. In 2018, Wanchain created the first decentralized bridge between Bitcoin and Ethereum and coined the term "blockchain bridge."

The majority of blockchains were siloed at that time, and there was no easy way for users to transfer assets or information from one network to another, such as Bitcoin, Ethereum, Solana, Avalanche or next-generation chains on the horizon. Siloing choked decentralized finance (DeFi) innovation and slowed Web3 app adoption.

Wanchain's Core Mission

• Interoperability: Facilitating assets and information to flow between various blockchains.

• Decentralization: Building an open, permissionless validators' network without relying on centralized bridges.

• Accessibility: Facilitating effortless cross-chain transactions for developers and users.

Major Milestones

Wanchain crypto since day one:

• Best security track record in the industry with 7+ years uninterrupted up-time with zero security exploits.

• Connected 48 blockchains, both EVMs and non-EVMs.

• Secured billions in cross-chain transfers

• Expert at connecting non-EVMs with bridges to Cardano, Dogecoin, Kava, Noble, Polkadot, Solana, Sui, Tron, XRP Ledger, VeChain.

• Released periodic updates with improved security, validator rewards, and interoperability.

Since interoperability was the focus since day one, Wanchain was an early resolver of one of the biggest issues of blockchain.

How Wanchain Works: Cross-Chain Bridges and Technology

Wanchain crypto essentially allows unconnected blockchains to securely and in a decentralized manner interact with one another. Centralized solutions that place the onus of custody of funds with third parties are not in tune with Wanchain's system that leverages cryptographic techniques and a network of validators in an attempt to achieve trustless interoperability.

Cross-Chain Bridges

As one of the originators of cross-chain bridging, Wanchain pioneered the use of lock-mint-burn-unlock mechanism that powers a large part of cross-chain transfers until today.

This mechanism works in four steps:

1. Locks your native asset on the source chain.

2. Mints the wrapped representation of your asset on the destination chain.

3. Burns the wrapped asset on the destination chain.

4. Unlocks the native on the source chain.

The steps 1 & 2 are applied when you bridge to the chain of your choice and steps 3 & 4 take place once you bridge back to the original chain. The amount of locked and minted assets is always the same. This makes sure that users' funds are protected.

Technology Behind Wanchain

• Secure Multi-Party Computation (sMPC): Validators utilize sMPC protocols to collectively store keys in such a way that no party can access them alone. 

• Proof of Stake (PoS) Validators: Validators stake Wanchain token (WAN) to wager and earn rewards on consensus participation, thus directly incentivizing network security. 

• EVM Compatibility: Wanchain is fully Ethereum Virtual Machine (EVM)-compatible, thus enabling developers to directly deploy Ethereum-based dApps on its blockchain. 

Real-World Applications

• Cross-chain DeFi protocols

• NFT transfers between networks

• Interoperability enterprise business solutions

Through the convergence of decentralization and state-of-the-art cryptography, Wanchain establishes an end-to-end secure and scalable platform for interoperating the blockchain ecosystem.

Wanchain Token (WAN) and Its Use

No Wanchain blog article would be complete without an article on the Wanchain token's (WAN) function. Being the native cryptocurrency of the Wanchain platform, WAN plays the basic function of fueling the ecosystem and incentivizing users.

Main Use Cases of WAN

• Transaction Fees. WAN is used in paying gas fees for transferring tokens or conducting transactions from smart contracts on the Wanchain blockchain.

• Validation and Staking. Validators must stake WAN for network validation and reaching a consensus. Validators receive block rewards and transaction fees in exchange. 

• Cross-Chain Operations. When assets are transferred between blockchains using Wanchain bridges, WAN often has to pay cross-chain transaction fees.

• Governance. WAN holders can craft and vote on proposals for Community Treasury shaping the future direction for Wanchain.

Tokenomics

• Total Supply: 210 million WAN with 94% WAN already in circulation

• Consensus Model: Proof of Stake (PoS).

• Distribution: Distributed to validators, developers, and community for decentralization.

In brief, Wanchain token (WAN) is not just a payment token. It is the oxygen that sustains the system, balances users', developers', and validators' incentives, and makes the project vision of blockchain interoperability possible.

Use Cases and Real-World Applications of Wanchain

To know what Wanchain is is to know how it's utilized on a daily basis. With cross-chain decentralized trading, Wanchain crypto powers a myriad of blockchain industry applications.

1. Decentralized Finance (DeFi)

Wanchain bridges allow the user to move tokens like Bitcoin, Ethereum, USDT and USDC between chains, so they can profit from DeFi opportunities on any chain. This raises liquidity and breaks silos typically formed by isolated blockchains.

2. NFT Cross-Chain Transfers

Non-Fungible Tokens (NFTs) are usually bound to a single blockchain. Wanchain makes it possible for NFTs to bridge and move across networks, making it possible for marketplaces and creators to access additional users.

3. Enterprise Solutions

Wanchain partners with businesses to build blockchain-based solutions for supply chain management, digital identity, and cross-border payments. With its interoperable and secure infrastructure, Wanchain is suitable for real-world applications while advancing the broader goal of blockchain standardization. In collaboration with the Ethereum Enterprise Alliance, Wanchain launched the industry's first interoperability standard - an initiative comparable to how TCP/IP enabled seamless data exchange between servers. 

Building on this concept, Wanchain has contributed Smoot, an open-source interoperability platform, to the Linux Foundation's Decentralized Trust project. This contribution has already attracted the attention of major corporate members of the LFDT interested in building enterprise-grade cross-chain solutions.

4. Multi-Chain dApp Development

As Wanchain is EVM-compatible, dApp developers can build decentralized applications with the ability to transfer assets cross-chain. This gives dApps on Wanchain a competitive edge in terms of flexibility and user base.

5. Payments and Transfers

For general consumers, Wanchain allows them to transfer assets cross-chain fast and securely across 40+ blockchains without dependence on centralized exchanges.

By having the ability to connect different blockchains and sustaining multiple applications, Wanchain is emerging as one of the most interoperable platforms in the crypto world.

Wanchain Partnerships and Ecosystem Development

A robust ecosystem is what matters most to every blockchain project, and Wanchain crypto has not ceased to develop through partnerships and integrations that enable it to remain ahead in interoperability.

Key Partnerships

• Blockchain Networks: Wanchain has built bridges to mainstream blockchains such as Bitcoin, Ethereum, Binance Smart Chain, Polkadot, and XRP Ledger to facilitate cross-swapping of assets between ecosystems. 

• Enterprises: Wanchain has developed projects with enterprise use cases, i.e., cross-border payments and digital infrastructure. 

• DeFi Projects: Interoperating with decentralized finance protocols, Wanchain opens up liquidity streams and introduces new use cases of the Wanchain token (WAN).

Ecosystem Expansion

The Wanchain ecosystem does not stop at cross-chain bridges. It also encompasses:

• Validators and Stakers who run the network and are rewarded in WAN.

• Developers who build EVM-compatible dApps leveraging Wanchain's cross-chain capability.

• Community Projects driving adoption through education, outreach, and real-world pilots.

Impact on Adoption

Each partnership brings value and legitimacy to Wanchain. Further support for other blockchains and institutions only helps to solidify that Wanchain is a long-term blockchain interoperability solution, and not a short-term bridge program.

Is Wanchain a Good Investment?

To any prospective investor of wanchain crypto, the runaway top question is: is Wanchain a good investment? Depends on balancing both its strengths and weaknesses.

Strengths

• Crystal Clear Use Case: Wanchain solves the real use case of blockchain-to-blockchain interoperability, which is the solution to Web3 and DeFi expansion. 

• Solid Technology: EVM compatibility, security-by-design cross-chain bridges, and Proof of Stake validation make Wanchain a technically solid platform.

• Mass-Scale Ecosystem: Multi-blockchain support, business partnerships, and enterprise pilot programs give it legitimacy and invite adoption.

• Usefulness of WAN Token: Wanchain token (WAN) is utilized in network utilization, staking, fee, and voting, leading to a stable demand.

Risk

• Competition: Risk of Wanchain arrives in the form of competition from other interoperability projects such as Polkadot, Cosmos, and Chainlink with proper investment and proper utilization.

• Adoption Speed: Cross-chain technology is in progress, and massive adoption is time-consuming.

• Market Volatility: Like all cryptocurrencies, WAN will be subject to price volatility and overall market trends. 

If interoperability between blockchains is the future of crypto, then Wanchain has one of the industry's most secure and decentralized suite of interoperability products. But like any investment, risk management and diversification are in order.

Is Wanchain a good investment then? For investors that are considering long-term growth Web3 infrastructure, Wanchain is certainly a project to keep an eye on.

Why Wanchain Matters

In a description of what is Wanchain, there is more to it than some other blockchain project. Wanchain cryptocurrency is a critical component of the Web3 solution: interoperability. With effortless asset transfer and blockchain-to-blockchain communication, Wanchain is addressing one of the biggest problems in the space.

The Wanchain token (WAN) fuels this platform, facilitating staking, governance, cross-chain operations, and transaction fees. The extensive use case coverage - from DeFi and NFTs to corporate adoption - is an endorsement of the project's strength and breadth.

To developers, Wanchain is the place where they ought to be developing multi-chain running dApps. To users, it is a simple solution to transfer assets without centralized custodians. And to investors, it is a compelling vision-based project in one of the most promising areas of blockchain development.

With aggressive competition and continuous adoption, Wanchain has shown continuous success through cooperation, technology, and foundation backing. Is Wanchain a good investment, then? If the future of cryptocurrency is interoperability, Wanchain's role in that future cannot be overlooked.