Wanchain ethereum

Wanchain is a platform enabling decentralized transfer of value between isolated blockchains. How does it work? Wanchain uses a proprietary cross-chain mechanism to lock funds in each respective blockchain and creates proxy tokens on Wanchain in a wrapped form to be used in the Wanchain ecosystem.

When the use or dApp wants to redeem the original tokens on the native blockchain e. Ethereum or Bitcoin , then smart contracts would be executed to release the locked tokens. What Wanchain aims to solve? Wanchain is trying to solve one of the toughest challenges in the industry — the need to enable transfer of value between isolated blockchains. With this announcement, wanchain has become one of the first protocols to demonstrate the viability of cross-chain transactions.

The project has made linking blockchains its core focus, with the aim of enabling use cases like multi-asset ICOs and better decentralized exchanges — the latter of which has been the goal of a growing number of startups. In January, it executed a token migration from ethereum to its own blockchain. For now, Wanchain's solution only allows ether the native currency of the ethereum network to be transferred to wanchain and back, but in time, according to a statement, wanchain will "allow for seamless integration with almost any blockchain in existence.

How it works Teaching blockchain protocols to speak each others' languages is a daunting technical challenge, Lu contends, because "different blockchains have different consensus algorithms. Bitcoin represented such a milestone because it was the first decentralized solution to solve the "double-spend" problem: in a nutshell, since data is infinitely replicable, what's to stop someone from spending the bitcoin in their account, then spending it again?

Lu told CoinDesk: "On a single chain, it's already very challenging to solve the problem of double-spending. And if you're trying to solve the problem of double-spending cross-chain, it's even harder. That ether then becomes available on wanchain as the "mapping token," WETH.

If the user wants to transfer the value back to ethereum, the WETH is burned, and the original ether is unlocked using a threshold scheme, in which a certain number of the storemen nodes must provide fragments of a secret key. That way, no single node can double-spend the ether while the corresponding WETH still exists.

Wanchain is not alone in this market, though. Nuco's aion project started its work with ethereum as well, releasing a "testnet" version of its ether token bridge in June, plus a handful of other projects and startups have been working on creating links between disparate blockchains — for instance, dogecoin and ethereum. Yet there seems to be interest around collaborative efforts as they relate to this particular use case.

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