This week’s new coin to watch is Wanchain, who are aiming to create a distributed future bank. I know, the word “bank” sounds scary and centralized, but this project isn’t a bank in the traditional sense. Let’s have a look at what Wanchain is.
More than just a “bank”
Essentially, Wanchain is a distributed super financial market for digital assets, like, but not limited to cryptocurrencies. They will allow an individual or institution to be their own teller at their own “bank” to provide services such as asset exchanging, credit payments, loans, transaction settlements, etc.
Solving a problem
Attempting to be a leader in the transacting and exchanging of digital assets, Wanchain sees the need to provide this service as the growth of these markets are still in the infancy stages. Most exchanges and wallets operate in a centralized manner, and Wanchain will be used to interlink blockchains, while also focusing on helping the unbanked. There are other projects (Like OmiseGo) who are attempting to help the billions of adults without bank accounts in the world. The main goal however of Wanchain is to fix the problem of transferring value between different ledgers.
They are not an ERC20 token like so many projects being released lately. It’s a lot more difficult to run your own blockchain project than it is so simply create a token on the Ethereum platform. In fact, Wanchain is smart contract platform itself, enabling private, cross-chain contracts which we’ll briefly look at below.
Using the hashtag #rebuildfinance, Wanchain thinks the banks need to stop focusing on their bottom line and instead focus on the direction we’re moving; a digital economy.
Privacy
Perhaps one of the coolest features being offered by Wanchain is the incorporation of some solid privacy features. Using Ring signatures the signer of the transaction remains completely anonymous while the receiver can still verify that the sender did indeed sign said transaction. Along with these ring signatures there are also optional One Time Addresses for the anonymity of the receiver. Toss in Private Send to obfuscate the amounts being sent, and we have some very nice privacy features added to this coin.
Cross-Chain
Locked accounts with Secure Multi-Party Compute using complex algebra allow Wanchain to convert any digital asset from a different blockchain into an alternate asset on Wanchain’s blockchain. They will even offer support for all ERC20 and protocol tokens.
There are a lot of Dapp platform coins being released with new ideas and new technology giving Ethereum a run for their money. There’s nothing wrong with some competition in a new space!
Beginning in 2016, and finally launching in March 2018 with a listing on Binance, I suspect we’ll be hearing about Wanchain for quite some time. Created and led by the ex CTO and co-founder of Factom, Jack Lu, he is accompanied by a very large team of skill developers. Popular coins on Binance tend to accompany large volume, which I try to use as a factor in determining these coins, also gives us traders the liquidity necessary for capitalizing on the volatility of these markets.
At Crypto Traders Pro, we aren’t just traders trying to capitalize on the volatility however, we are also believers in the technology and want to see a future with mass adoption which is a large part of why we chose Wanchain for the Coin to Watch this week.
Disclaimer: We are not financial advisors. We are currently not invested in Wanchain and received no compensation for creating this post. This information is for educational purposes only. Invest in cryptocurrencies at your own risk, and only invest money you can afford to lose.
