Wancoin Will Ultimately Foster The Connection Of All Blockchains That Will Lead To Mass Adoption In The Crypto-Sphere

With the rate at which traditional banks are dominating our present financial scheme. Wanchain seeks to create an unfamiliar system of digital assets that'll ultimately foster the combining of all digital assets into one single blockchain.

Last year precisely, we all saw the advent of both derivatives and precious metals as well as other new digital assets that were created to represent a complete eco-system that'll propel the masses to invest in other blockchain-related assets. A good example of such initiative is the Coin Offering (ICOS).

Having said that, Wanchain affix's transactions and exchanges across different blockchain ledgers in an appropriate and suitable distributed method. This also asserts that any blockchain network in general regardless of the fact that it is public, partnership and private chain, Wanchain will leverage the integration of these blockchains in order to establish and connect these ledgers to execute low-cost inter-ledger asset transfers.

Token utility

As stated in their whitepaper...

Wanchain seeks to build a new, distributed infrastructure of digital assets to form an improved, modern framework. whitepaper source

Wancoin (WAN) is the native currency for the Wanchain platform, in a quest to comprehend what this token is used for. I'll briefly explain that;

Wancoin will ultimately be used to perform all transactions (inter-network and cross-chain) transactions on the Wanchain platform. Hence transactions and other performances will require a specific amount of WAN, this also connotes that before transactions such as deposits, transfers and withdrawals are made, users will need to pay a specific WAN token for such activity.

According to their website the team sold over 107.1 million tokens in the course of their ICO sales. This was a huge achievement for the team, they also plan to distribute the funds they made from their ICO sales through the following method:

• 60% of the sales will go directly to the research and development department
• 10% goes to the community advancement
• 10% goes to the marketers
• 10% goes to the infrastructure enhancement
• And lastly 10% goes to their daily activities.
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  Basically, Wanchain's long-term fantasy is absolutely aspiring. Users will be able to carry out their own 'virtual teller' as well as other digital-based assets together with financial services such as; asset exchanges, loan origination, transaction settlements, and credit payments.

  With the assistance of blockchain technology, Wanchain will effortlessly authorize transactions across different exchange platform without the help of a third party or middlemen. One essential fact about Wanchain is the fact that users can transfer digital assets with the help of a decentralized cross-chain compact.

  Additionally, Wanchain will also operate through a medium in which its own inward blockchain will be executed via the help of smart contract components.

  Furthermore, Wanchain uses a primary technique that'll foster the transferring of data between other chains as well as the blockchain. These techniques comprise three prime modules;

  • Registration module - This module documents the transactions each user makes as well as the destination where the funds are transferred.

  • Data transmission module - This module triggers the documentation of all the transactions carried out on the platform (Wanchain). This module checks the validity of every transaction whether it is successful, legal and valid.

  • Transaction status query module - Lastly the query module, monitors all the transactions and then passes the information to the database.

  In summary, the cross-chain protocol plays a key role in utilizing smart contracts to users that will ultimately enable the authorization when transferring digital assets to Wanchain and vice versa.

  Wanchain wallet

  Wanchain is a platform that connects the world's digital assets into one single blockchain. The platform's wallet comprises of a private key and a public key. These keys play a crucial role when making transactions across other blockchains. Since these keys play a crucial role in securing our funds, we should never share them with anyone. Reason being, peradventure someone knows your private keys, they'll automatically have access to your funds and can easily steal your assets.

  Wanchain system has one main wallet called Wan Wallet that is designed to operate in its network. However, the development team has indicated it is working to get more wallets to support it. The wallet allows users to deploy smart contracts just like in the Ethereum system.

  Furthermore, Wanchain assists its users to utilize their digital assets. With the help of their wallet, users across the globe can transfer digital assets either in private transaction or public.

  In conclusion

  With the help of cross-chain smart contracts, Wanchain will definitely decentralize the financial industry. According to their whitepaper, it asserts that more features with complete integration will be added to the platform, they include; integration with Bitcoin, Ethereum and a multi-coin wallet.

  Disclaimer

  I am not a financial adviser, hence this article entails researched words and forward-looking statements. I sincerely recommend my readers to do their own research.