Wanchain, the Chinese name Wanweichain, focuses on the research and development of cross-chain mechanisms, and realizes the grand goal of Wanchain interconnection by building a distributed financial infrastructure with cross-chain capabilities. Up to now, Wanchain has successfully cross-chain integrated Bitcoin, Ethereum, EOS, and ecological tokens on Ethereum and EOS, and designed and proposed a general cross-chain framework T-Bridge, which aims to realize assets and data in different public chains and Free circulation between alliance chains. In terms of consensus mechanism, Wanchain has designed and launched a practical PoS consensus protocol with a complete delegation mechanism, namely Galaxy Consensus.

Project targeting

From the perspective of the development of the blockchain industry, Wanchain's ultimate vision is to create a distributed future "bank", and realize cross-ledger assets by establishing connections between different blockchain ledgers Transfer, providing an infrastructure for financial applications based on digital currency and digital assets. Maximize the value-carrying and value-transmitting functions of the blockchain, and maximize the equality and openness of the blockchain.
From the perspective of blockchain underlying technology development, Wanchain has applied a number of cutting-edge cryptography technologies such as secure multi-party computation, threshold key sharing, ring signature scheme based on elliptic curves, one-time account generation mechanism, and It is the first time to solve the problem of privacy protection of smart contract token transactions. To some extent, Wanchain is a typical application of advanced cryptography theory to solve problems in the field of blockchain, and represents the development direction of the underlying technology of blockchain, which is the transformation from conditional security to provable security, from logic control to algorithm Theory controls shifts. Wanchain has a professional cryptography research team who will continue to contribute to the application of cryptography in the blockchain field to the entire industry.
From the perspective of blockchain technology application, Wanchain is not only a blockchain project that realizes cross-chain transactions and multi-asset interoperability, but also a complete blockchain development platform. While Wanchain realizes cross-chain transaction functions, it is also a blockchain network that can operate independently: it contains native currency, supports smart contracts, and has a privacy protection mechanism for smart contract token transactions. Any developer can develop financial applications that meet the needs on Wanchain according to the application scenarios.

Project application scenario

Digital currency lending
As digital currency becomes a wider medium of exchange and a more important carrier of value storage, it is inevitable to use digital currency to create new value and obtain corresponding benefits The trend, just like investing Bitcoin in "mining", is similar to investing in other blockchain projects ICO. With the continuous increase of the application scope of digital currency, the fields and opportunities for direct investment in digital currency (without conversion into legal currency, and the investment income is also denominated in digital currency) are gradually increasing. People who use digital currency to create value need more digital currency, and those who hold digital currency need to maintain and increase the value, and there will be more and more demand for digital currency lending business. Wanchain supports institutions or individuals with credit and capital capabilities as the supply and demand intermediary of digital currency to complete the deposit and loan business. Taking Ethereum as an example, the implementation method is that the intermediary uses smart contracts to create deposit applications and set interest on Wanchain. The address corresponding to the contract, the deposit smart contract on Wanchain issues the certificate corresponding to the deposit (the token on Wanchain, similar to a bank deposit certificate) to the user's account on Wanchain, and the smart contract automatically calculates the interest. When the user needs to withdraw the Ethereum deposit, the certificate is transferred back to the intermediary address, and the contract executes the cross-chain transaction to unlock the corresponding Ethereum on the original chain and transfer it back to the original user's account. The important point that this scenario is superior to the traditional model is always that the deposit reserve as a deposit and loan intermediary (the locked original chain assets corresponding to the intermediary address) is transparent, and the depositor can always know the deposit reserve situation.
Digital Currency Payment Settlement
More and more merchants are accepting digital assets such as Bitcoin as a means of payment. In the future, there will be more business scenarios using multiple digital currencies as payment media . It is inconvenient for users to install multiple wallets on
computers and mobile phones for payment, just as the current payment requires intermediaries such as VISA, Paypal, and Alipay for unified integration of payment and settlement. Wanchain itself is a distributed multi-currency platform. In essence, just as third-party payment connects the ledgers of different banks under its own unified ledger, Wanchain realizes similar functions in the field of digital currency. Any merchant and user can install the Wanchain wallet to complete multi-currency payment and settlement functions without installing multiple digital currency wallets.
Digital Currency Transaction Exchange
At present, the completion of digital currency exchange mainly relies on centralized exchanges and OTC intermediaries. All transactions are based on trust in exchanges and intermediaries. After multiple currencies are connected to Wanchain, exchanges or intermediaries can realize multi-currency bidding transactions and one-to-one OTC transactions through smart contracts. Wanchain provides a privacy-protected transaction mechanism to provide support for transactions that require privacy protection. Import digital currency without privacy protection into Wanchain, initiate a private transaction in Wanchain, and finally transfer the digital currency back to the original chain. To a certain extent, the privacy protection of the original chain is realized by cutting off the fund tracking path. This usage scenario is similar to the currency mixing mode that appeared earlier.
Digital asset investment and financing
We have seen the trend that traditional assets are mapped to the blockchain in the form of alliance chains, such as commercial papers, commercial credits, future income rights, application Receipt, etc. In the future, more financial assets will be recorded in the form of distributed ledgers based on alliance chains. When these alliance links are connected to Wanchain, the alliance chain becomes the provider of financial assets, and holders of digital currency can use the digital currency in their hands to purchase these assets for investment. Analogous to traditional banking business, this is similar to buying wealth management products at a bank. The difference is that more intermediaries can participate, or asset holders can directly conduct asset financing. ICO has now become an important means of crowdfunding in the blockchain field, and this trend is spreading to non-blockchain fields. More and more projects, especially those based on Ethereum, directly use smart contracts for ICO, which makes the whole process more transparent and fair, but they can only use Ethereum for crowdfunding, which causes inconvenience to investors holding other digital currencies . Based on the ICO platform developed by Wanchain, or a separate ICO project, the issuer can support multi-currency investment while issuing with smart contracts. Investors can more conveniently invest in Ethereum, Bitcoin or any other blockchain tokens connected to Wanchain, and the sponsor can manage the funds raised by themselves more conveniently. Furthermore, when the project goes online, as long as the new blockchain is connected to Wanchain, the conversion of crowdfunding share and native currency can be easily completed through the cross-chain mechanism. Using Wanchain, we will enter an era of full-process blockchain-based digital rights issuance.
Other application scenarios
The above descriptions are the most basic application scenarios, the purpose is to let readers better understand the operation logic and value of Wanchain. By analogy, it is conceivable that through Wanchain, digital currency-based multi-currency credit cards can be issued; multiple assets can be packaged for asset securitization; P2P business and crowdfunding business based on multiple digital currencies can be carried out. The application of blockchain technology in banks has been regarded as an important strategy by major banks, but the starting point is mostly based on how to use blockchain technology to transform traditional businesses; while banking businesses such as currency exchange in the digital currency field are already booming. The progress of blockchain in these two fields is like two parallel lines. As the proportion of digital assets in the economy increases day by day, the integration with the real economy continues to increase. These two parallel lines will also converge: digital assets enter the bank's balance sheet (the bank supports the deposit and loan of digital assets), and the bank's balance sheet is partially transferred to the blockchain (the legal currency is expressed in the form of blockchain tokens) and accounting). Wanchain's cross-ledger asset transfer feature will be able to support future integration.