Wanchain (WAN) is a Layer 1 blockchain pioneering decentralized cross-chain connectivity, supporting smart contracts and multi-chain, aimed at building a diverse DeFi ecosystem.
The project creates a secure bridge between public, private, and consortium blockchains such as Bitcoin, Ethereum, and BNB Chain, facilitating quick asset and data transfers at low fees, while developing the Galaxy Consensus staking solution and Storeman Nodes for security.
MAIN CONTENT
Wanchain is a Layer 1 blockchain that enables decentralized cross-chain transactions between various blockchain networks.
The ecosystem includes cross-chain bridges, Storeman Nodes, multi-platform wallets, and the Galaxy Consensus mechanism.
The development direction expands to non-EVM chains and completes DAO by 2025.
What is Wanchain (WAN)?
Wanchain is a public Layer 1 blockchain that integrates smart contracts and cross-chain multi-chain connectivity, allowing seamless transactions and asset transfers between Bitcoin, Ethereum, BNB Chain, Polygon, Avalanche, Arbitrum, Optimism, and many other EVM and non-EVM networks.
The project aims to build a complete DeFi ecosystem, creating interoperability between public blockchains, private networks, and consortiums.
How does Wanchain (WAN) work?
Wanchain operates on the Galaxy Consensus mechanism, combining PoS and DPoS, allowing flexible staking even with small token amounts. The cross-chain bridge technology is managed by Storeman Nodes, selective nodes through staking, verifying and securing cross-chain transactions with smart contracts, ensuring safety and transparency.
"Galaxy Consensus not only enhances security but also promotes effective and sustainable community participation in network validation."
Jack Lu, Founder & CEO Wanchain, 2024
Wanchain Products
Wanchain offers a comprehensive product suite with a focus on fully decentralized cross-chain connectivity, including:
What are Wanchain Cross-chain Bridges?
Wanchain's cross-chain bridge system supports over 20 blockchains, including EVMs like Ethereum, BNB Chain, Polygon, and non-EVMs like Bitcoin, XRP Ledger, and Polkadot. This is a bridge that does not require third-party management, using SMPC technology to sign transactions with multi-party consensus, allowing direct transactions without wrapped tokens at low costs and quickly in a few minutes.
What role do Storeman Nodes play?
Storeman Nodes are important validator nodes in the bridge system, responsible for confirming and signing cross-chain transactions. These nodes are selected from staking WAN tokens, ensuring that assets are securely protected throughout the transaction process, with rewards obtained from fees and staking.
What functions does the Wanchain wallet have?
Wanchain Wallet is a decentralized wallet that supports managing multi-chain tokens, quickly transferring cross-chain tokens, integrating WAN staking functionality, and delegating for Galaxy Consensus. The wallet has both web and mobile versions, and also supports a dApp browser compatible with Ethereum DApps thanks to EVM integration.
What is the Galaxy Consensus mechanism?
Galaxy Consensus is a consensus mechanism that combines traditional PoS with DPoS, allowing users with small token holdings to stake through delegation. This mechanism enhances security, encourages community participation, and maintains regular staking rewards for validating members.
What are the standout features of Wanchain?
Wanchain stands out with truly decentralized cross-chain connectivity, without the need for third parties or centralized bridges. The system supports scaling for both EVM and non-EVM blockchains with a robust infrastructure including wallets, developer tools, explorers, and staking UI. High security is ensured through threshold signatures and MPC, along with a commitment to privacy via Ring Signatures and one-time addresses.
Overview of the WAN Token and Tokenomics
The WAN token is Wanchain's native token with a total supply of 210 million WAN, of which approximately 198.5 million are currently in circulation. The token distribution includes 51% for token sales, 20% for the team, 19% for the foundation fund, and 10% for network rewards.
WAN is used to pay transaction fees, earn staking rewards, operate Storeman Nodes, and develop DApps on the Wanchain system.
What does Wanchain's 2025 roadmap include?
Wanchain plans to implement a community governance DAO, optimize Galaxy Consensus, expand integration with non-EVM blockchains like Solana and Cosmos, and release a cross-chain NFT SDK toolkit to enhance practical application capabilities and sustainably develop the ecosystem.
What is the project team, investors, and partners of Wanchain like?
Wanchain is led by Jack Lu – Founder & CEO with extensive experience in blockchain and privacy, along with top experts and engineers such as Dustin Byington, Zane Liang, Ying Zhang, and cryptographic experts Tony Zhang and Demmon Bai.
The project successfully raised nearly 36 million USD during the 2017 ICO funding round with many potential investors. Technology partners include Loopring, Pundi X, Chainlink, 0xcert, along with blockchain platforms like Polkadot, Bitcoin, and XRP Ledger.
"Wanchain is not just a cross-chain bridge but a diverse ecosystem aimed at promoting global DeFi."
Zane Liang, Chief Scientist Wanchain, 2024
Summary
Wanchain plays a pioneering role in the field of decentralized cross-chain connectivity, enabling interoperability between public, private, and consortium blockchains to create a comprehensive DeFi ecosystem. Despite facing competition from LayerZero, Axelar, and Wormhole, Wanchain maintains an important position thanks to its unique technology and sustainable development strategy.
This article is for informational purposes only and is not investment advice.
Frequently Asked Questions
What is Wanchain? Wanchain is a Layer 1 blockchain that supports decentralized cross-chain transactions with the ability to connect various blockchains. What is the WAN token used for? The WAN token is used to pay transaction fees, for staking, operating Storeman Nodes, and developing DApps on the Wanchain network. What role do Storeman Nodes play in Wanchain? Storeman Nodes ensure the validation and security of cross-chain transactions within Wanchain's bridge system. What is the Galaxy Consensus mechanism? It is a consensus mechanism that combines PoS and DPoS, allowing flexible staking and ensuring network security. What is Wanchain's development roadmap for 2025? Implementing DAO, optimizing Galaxy Consensus, expanding non-EVM chains, and developing cross-chain NFT SDK.
Source: https://tintucbitcoin.com/wanchain-wan-la-gi/
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