Wanchain | Forming a new commercial landscape
Wanchain is a project that was developed for the consumption of developers. The aim is to serve as a bedrock for decentralized applications, which will allow them to have a real-time interaction with other projects within the Wanchain network (main-chain).
Wanchain renders cross-chain transfer of assets by establishing an infrastructure that permits the transfer of digital between different blockchains on its network; this creates a framework for financial applications that use the digital currency technology.
The scope of Wanchain is beyond the provision of infrastructures that allow the transfer of assets in real-time. Wanchain also allows these projects to do this in a manner that makes them essentially independent of each other. Wanchain does this through the use of their native currency (the WANcoin) which will be the major medium of exchange for the transfer of assets within the network.
Wanchain is so flexible that it suits the need of any developer, irrespective of the type of decentralized application they would like to build on the network. All you need to do is follow the application guidelines for building an application on the Wanchain network. All applications on Wanchain will co-exist in the ecosystem and enjoy mutual/complementary benefits of patronage from the Wanchain's clients. Wanchain will only be a financial back-end powering an array of projects within its network. These projects are industry-specific and are referred to as INDUSTRYChains; they will be connecting to the Wanchain main-chain using the Wanchain cross-chain technology.
It is important to know that these individual projects are not going to be based on the Wanchain main-chain but instead, they remain on their independent blockchains but connect with the Wanchain main-chain for interaction purposes only. Wanchain, in this case, is nothing but a connector that connects various projects using its very own blockchain (Wanchain main-chain).
In a seamless and creative way, Wanchain solves the problem of isolation between decentralized applications on their respective blockchains. Before the creation of Wanchain, it was impossible to transfer assets between two blockchains without depending on centralized third-party exchanges. Wanchain however, is paving the path for truly decentralized systems without any third-party reliance. Wanchain is using a wider-scope blockchain technology to make this happen. By a wider-scope blockchain technology transfer of assets is achievable between blockchains without taking funds to centralized exchanges where one would need to pay transaction fees then withdraw fees and so on.
The sad thing about this is not only the fact that transaction fees are taken by these centralized exchanges but sometimes, funds are also lost in the process (accidentally or stolen by hackers). Giving up control of one’s asset is a terrible experience that most crypto-agnostics would avoid at all cost.
So for application developers, one use-case of the Wanchain system is for fostering cryptocurrency transfer across different blockchains. In the future, the scope of the benefit of what Wanchain offers would change rapidly as more services will be added in the future by the team. However, the problem of low interaction between independent blockchain projects is an immediate one that needs to be solved as soon as possible.
Another use-case for Wanchain as time goes on is the usefulness in terms of integrating traditional financial systems with the digital ones. There will be a need for interaction between these projects in order to achieve their various objectives and this would place a high demand on a system like Wanchain.
As the idea behind Wanchain becomes widely accepted, this revolution would bring about a change in the commercial landscape of this era. Just like the creation and development of the internet has brought about massive changes in the initial commercial landscape, forming an e-commerce model. The emergence of the blockchain technology is also doing the same at the moment. With a 3rd generation blockchain project like Wanchain seeking to integrate these different projects, there would definitely be a difference in people’s viewpoint once the idea goes mainstream.
This is why we do no err each time we say the famous slogan on the Wanchain homepage that “Wanchain [is] … rebuilding finance”. We are about to witness the birth of a new financial service system as Wanchain also joins the movement to promote the good news of Financial Inclusion by implementing a model that is readily able to integrate different financial applications.