What is Wanchain (WAN)?
Wanchain is positioned as a decentralized platform with the main objective of supporting seamless interoperability between several independent public and private blockchains, enabling them to intercommunicate. Wanchain provides the technological environment to facilitate interoperability through its independent blockchain platform hosted on the underlying Ethereum decentralized network.
Operations on the Wanchain blockchain are aimed at cross-chain and multi-chain functions, which the project references on its website as the ‘future of DeFi’ - interoperability between all existing blockchains. Wanchain supports cross-chain functions between popular blockchains such as Bitcoin, Ethereum, BNB Chain, Polygon, Avalanche, XRP, and many others listed by the team.
Wanchain bridges blockchain networks in three distinct ways. The first is by way of what the network refers to as a ‘direct bridge.’ Direct bridge transactions require no intermediaries to complete them. When a user wishes to move assets from one blockchain to another, they can do so directly from the source to the destination chain with no action required in between.
Another way assets are moved on Wanchain is by an implementation referred to as a layer-2 bridge. Layer-2 bridges use decentralized liquidity pools to link popular layer-2 networks built on the Ethereum blockchain, like Polygon and Arbitrum. Wanchain promotes layer-2 bridges as a cost-effective and simpler method to transfer assets between networks while preserving layer-2 throughput. There are also potential downsides to using layer-2 bridges, as the vulnerability to breaches and network exposure is also increased in layer-2 environments.
Finally, NFT bridges implement a mechanism known as lock-mint-burn-unlock to move non-fungible tokens from one blockchain to another. The original NFTs are locked securely on the source chain before being minted on the destination chain to complete the steps which lead to the NFT asset being moved to the destination blockchain - along with its associated NFT ID information and attributes.
The Wanchain project was founded in 2017 by Jack Lu, a tech expert and entrepreneur reported to have an extensive background in blockchain and technology.
Wanchain is known by its token ticker $WAN. Wanchain (WAN) has a total and circulating supply of 198.78 million WAN, with the full supply currently in circulation.
WAN is listed on Binance for trade and purchase. The current price of Wanchain is updated and available in real-time on Binance.