After ICO, Wanchain Unveils Future Plans
On Monday, April 16, the president of the Wanchain Foundation revealed the first six projects that will be launched on Wanchain with the extensive support from WANLab.
But this is not where the story ends.
As Wanchain expands further and as more and more projects get added to the ecosystem, Wanchain will achieve its goal of becoming a distributed bank of sorts, providing decentralized financial infrastructure to its participants. Just like a regular bank, Wanchain will foster debtor-creditor relationships and act as a decentralized ledger of all transactions. However, Wanchain will be superior to traditional banks since the platform will be unable to create additional money out of the blue and bloat up the circulating supply.
Wanchain Cross-Chain Transactions
Wanchain’s biggest selling point are its cross-chain transaction, enabling users to transfer value not only from Ethereum to Ethereum, for example, but also from Ethereum to Bitcoin, and vice-versa. This is achieved through the use of placeholder tokens and locked accounts.
Wanchain also has exceptional privacy protection thanks to one-time accounts and ring signatures. In the future, it will be possible to exchange BTC for NEO’s NEP5tokens, EOS, or any of the numerous ERC20 tokens. It is important to note that, although Wanchain is an improved fork of Ethereum, WAN is not an ERC20 token. The tokens are part of the Wanchain mainnet, which will also support ICOs of its own further down the line.
Wancoins will be used to pay fees, invest into ICOs, and form verification nodes.
Obviously, the six projects that were announced on Monday are just the first step. Every six months, Wanchain plans to implement big changes to further develop the ecosystem. In June of 2018, six months after Wanchain 1.0, Wanchain 2.0 will be released, featuring Ethereum integration. This means that all the associated ERC20 tokens will become a part of Wanchain, as well. Six months later, in December, Bitcoin will join the party. Integrating private chains is the final step, but that shouldn’t happen before December 2019.
Wanchain Challenges & Conclusion
It is an ambitious project and, obviously, there are some hurdles in the way, including competition from Kyber, 0x, Komodo, ICON, and AION. Additionally, Ethereum developers will have to somehow solve the looming issue of Ethereum’s scalability before Wanchain can fully deliver on its promises.
Nevertheless, Wanchain is focused on working with its “competitors”, and its team, which includes Jack Lu, has already formed some key partnerships (e.g. with Decentraland and Kybernetwork, backed by Vitalik Buterin), in addition to receiving investments from River Capital and Fenbushi Capital. The key thing to remember here, however, is Wanchain’s potential. The potential that could lead developers and financiers to develop new and profitable financial services on the blockchain, making Wanchain a hub for insurances, banks and other institutions – a move that Wanchain compares to the revolutionary paradigm shift after the introduction of digital photography.