Wanchain wants to become the “backbone of the new digital economy”. The Wanchain team aims to rebuild finance by connecting the world’s digital assets onto a single blockchain, while offering private cross-chain smart contracts.
Wanchain aims to build a distributed “bank”. Just as traditional banks are the infrastructure of the current financial framework, Wanchain seeks to build a new, distributed infrastructure of digital assets to form an improved, modern framework - an ambitious goal indeed.
Wanchain connects and exchanges value between different blockchain ledgers in a distributed manner. It uses the latest cryptographic theories to build a non-proprietarycross-chain protocol and a distributed ledger that records both cross-chain and intra-chain transactions.
Any blockchain network, whether a public, private or consortium chain, can integrate with Wanchain to establish connections between different ledgers and perform low cost inter-ledger asset transfers. The Wanchain ledger supports not only smart contracts, but also token exchange privacy protection.
The Vouchers receive transaction fees from the corresponding shares as a security deposit. If the proof provided is found to be false, the security deposit is deducted from the holding account and the node authority status will be revoked.Such an incentive mechanism ensures that stakeholders in Wanchain can earn stake-related benefits while also motivating them to entrust their stakes to trusted verification nodes. This improves the security and stability of Wanchain.
In Wanchain’s cross-chain transaction solution, assets on the original chain exist in the form of smart contract tokens after they are transferred into Wanchain. On one hand, the initiators of smart contract token transactions are hidden in a collection of accounts, via ring signature technology, so that they are not traceable. On the other hand, one-time use of accounts in smart contracts is allowed, so the corresponding relationship with the original account on Wanchain cannot be established. By using a combination of the above two methods, Wanchain achieves the confidentiality of smart contract token transactions, allows cross-chain transactions of assets under privacy protection, expands application scenarios and provides a better user experience.
Both blockchains and assets that integrate with Wanchain first need to be registered on Wanchain to make sure that they can be uniquely identified. These functions are completed via chain and asset registration protocols. For cross-chain transactions, we use secure multi-party computing and threshold secret-sharing joint anchoring schemes to achieveminimal-cost integration through the cross-chain communication protocol withoutchanging the original chain’s implementation. Wanchain is a complete platform that can be applied to broad financial applications with privacy protection for smart contract token transactions of public and private chains. What’s more important is that other blockchains developed on Wanchain are equivalent to the homogeneous blockchains of Wanchain and have the same cross-chain mechanism and seamless integration with each other.
When an unregistered asset is transferred from the original chain to Wanchain, Wanchain will create a new asset using a built-in asset template to deploy a new smart contract based on the cross-chain transaction information. When a registered asset is transferred from the original chain to Wanchain, Wanchain will issue the corresponding equivalent tokens in the existing contracts toensure that the original chain assets can still be traded on Wanchain.
Only those holding a high enough stake in the Wanchain network can become a verification node. Nodes that fail to be verification nodes are known as general nodes. The general nodes cannot participate in the verification process of cross-chain transactions, but they can entrust the stakes they hold to the trusted verification nodes. The entrusted verification nodes distribute the transaction fees they receive to the general nodes in proportion to the entrusted stakes. If the entrusted verification node is punished, general nodes will bear a corresponding loss.
Fortunately, we have both Trezor and Ledger support for WAN.
Ledger
As for using the Ledger Nano S, the first step towards setting up your device is unboxing it and checking if you have received all the accessories with the device. Once you have it unboxed, you need to configure it and initialize it before being able to use it. The process is quite simple and will hardly take about 20-30 minutes post which you will be set to use your Ledger Nano S device.
Setup guide video: here
Trezor
As for Trezor, installing is really simple. To properly install it users should attach the unit to the computer. After that continue with installing the bridge which allows the Trezor to join with the computer. The first step is to connect the Trezor to device’s USB slot with the cable given in the box. After that, go to myTrezor.com and proceed with installing the browser extension. Trezor can also be used on Android or an iPhone, or on a Windows or Mac computer. Now, initiate the extension and myTrezor will direct you to pick a PIN. After this, you will notice nine buttons but the numbers are hidden. After this, users should check the Trezor’s screen to recognize which numbers are in which place because it switches every time. Now set the PIN. Shortly after, Trezor should present a 24-word wallet “seed”. In short, one word at a time. Note down this seed and save it carefully. If your Trezor device malfunctions or is lost, you can utilize the seed to reconstruct the complete wallet.
Setup guide video: here
Wanchain Wallet
Wanchain wallet is the official wallet, which enables you to send, receive and store WAN token and other tokens built on the Wanchain blockchain. With the release of version 2.0, Wanchain started supporting cross-chain transactions with Ethereum. Wanchain wallet is supporting Windows, Linux and Mac OS, so you don’t have to switch onto a newer operating system. The best part is that the Wanwallet 2.0 works with both main and test networks of Wanchain and Ethereum, is considered as one of the best Wanchain online wallets.
Trust Wallet
Trust Wallet is one of the most reliable Wanchain mobile wallets which is available as both Wanchain wallet android and ios that enables you to send, receive and store cryptocurrencies like Wanchain and other ERC20 tokens. This open-source wallet focuses on providing a straightforward and easy platform and the best part is that it allows you to control the private key completely.
Unfortunately, there aren't any established or well-known WAN web wallets we can trust. We advise you to look at the Desktop/Hardware wallet options.
As for credit card or bank transfer purchases, there aren't any available options we would trust. In that case, the best way ot purchase WAN is through an exchange like Binance or Huobi, which both offer BTC and ETH pairs with WAN.
Binance
Binanace is the leading crypto to crypto exchange around with over 100 coins supported for deposit and withdrawal.
The exchange accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with Simplex to allow credit card purchases of cryptocurrencies at a premium.
A flat rate of 0.1% is very lucrative fee for any trader who doesn’t need immediate fiat liquidation. Incredibly, it undercuts most other large exchanges, some of which charge upward of 0.2%. That’s a pretty sizeable difference if you’re working with large orders.
Huobi
Founded in 2013, Huobi is a cryptocurrency exchange with over a million users and more than $1 billion in assets under its custody. Headquartered in Singapore, the company has an international presence. Huobi offers competitive trading fees when it comes to its commissions, as the broker charges 0.2% on major crypto pairs such as BTC/USDT, whether your order is helping to create liquidity or take it away.
