Whether you’re new to crypto or you’ve been around since the beginning, we’ve all experienced the limitations set by centralized exchanges. These limitations exist thanks to the pressure to abide by the laws of their respective governments.
With this in mind, we should be happy that there are platforms like Wanchain that are focused on providing decentralized, cross-chain transactions in a way that everyone can use them.
That being said, there are some important things you should know before purchasing Wancoin, so let’s get right into it
Impressive team:
Founded by Jack Lu, the same man who brought us Factom back in 2014. The entire team behind wanchain is impressive to say the least. This team is stacked. Not only do they have a long list of individuals rich with encryption, software development and blockchain experience, but they also have a few solid individuals handling the marketing side of things. Both of which are paramount for any crypto project to have a chance at success.
According to Oliver Birch of Wanchain, at its core, Wanchain wants to address the problem of value transfers between different ledgers or blockchains, and also achieve a more widely spread blockchain technology and digital asset applications.
According to their white paper they plan to achieve this by pursuing:
- Cross-chain asset transfer
- Transaction privacy protection
- Functional Extensibility
These three things are intertwined and will ultimately enable more people to interact with different blockchains in new ways.
Their big plans include the ability to exchange different cryptocurrencies through their decentralized cross-chain transaction protocol.
They aren’t exactly the first to pursue cross-chain transactions, but they are coupling this with privacy features like ring signatures, you might recognize this one from Monero, and also single use accounts.
Wanchain’s approach is different from centralized exchanges and even decentralized exchanges, although decentralized exchanges are a better option compared to their centralized counterparts, they still ultimately rely on that third party to provide the OTC (over the counter) trades.
If you’re interested in learning more on how Wanchain’s protocol completely removes the third party problem then I definitely suggest going over their white paper, it’s very well written and they go over in detail how they will achieve this and how their privacy features work.
Next up, they will also open the door for the possibility for individuals to create deposits and loans for different cryptocurrencies while at the same time reducing counter party risk.
Their platform will also allow for digital asset transactions using cryptocurrencies as a medium. This platform will also be a place for developers to create applications that can work on different blockchains, like Ethereum and Bitcoin.
Two days ago they released Wanchain 1.0 onto the mainnet so you can go ahead and check out their wallet, privacy features and block explorer.
They’ll be implementing the multi-currency wallet around June of this year, the first crypto they’ll be integrating with is Ethereum and later yet will be Bitcoin, and sometime in 2019 we can expect interactions with other private chains.
What the coin is for:
Wancoin is used to pay for the fees on the network, and they are also necessary for ensuring cross-chain transactions. Because the coin is directly related to the cross-chain transactions occurring through Wanchain, the more cross-chain transactions occur, the more valuable wancoin will become.
Let’s say you’re interested in purchasing some wancoin.
They had a massively successful ICO that sold out quickly. If you didn’t get the chance to take part in it, usually your best bet is to purchase the tokens on EtherDelta.
EtherDelta is that one decentralized exchange that lists nearly all ERC20 tokens.
It’s also notorious for being a pain to navigate and often slow to make trades, but it is for this reason that EtherDelta is also a chance for you to purchase a promising token before it hits a major exchange and most likely jumps in price.
If this is your plan to get a hold of some wancoin, let me stop you right there.
The wancoins or more appropriately called tokens that are offered on EtherDelta will not be able to be easily redeemed, or redeemed at all for use on Wanchain.
Reason being that in order to redeem your tokens on wanchain, you need to verify that you indeed own the wallet that they are stored on.
This means that those who took part in the ICO will have no problem with this, but those who purchase the tokens on EtherDelta are only purchasing pure speculation of the price and will not be able to use those tokens on the actual platform.
I believe this situation is still up in the air in regards to how people can purchase this one in a way that allows you to redeem them on the platform.
So I suggest keeping an eye on their twitter account for announcements regarding this situation.
They also have a plethora of other options for contacting their team.
All links will be included down below.
Additional Reading/Sources:
Website
White paper
Review of their ICO
Twitter
Telegram
Discord
Reddit
Facebook
Weibo
Understading the difference between public/private/consortium blockchains
Thank you again Heidi. Upvoted and resteemed.
Been hearing a lot about this one, so I'm definitely ready for it to hit the exchanges
There's so many coins! I just keep track of the ones I actively use. How do you keep track of them all?
Heidi is my hero
Wanchain listed https://steemit.com/wan/@alexanderhaxton/wan-and-ed-partnership
I have no idea about wanchain, but you understand a lot about it in this statement.
Thanks for informative post @heiditravels
Thanks, Heidi! As always, for the crypto-enthusiast and nature-lover, something for the mind and something for the soul!
Hey Heidi!! Thank you for your Videos.. I found them on Youtube, This is my first week in Steemit,, and thanks to 1 of your videos i found out about SteepShot and Dtube.. I LOVE Steepshot!! Keep Making more videos Your Awesome!!!! I gotta follow you on Here!
Coins mentioned in post:
gracias por compartir
excellent info as always, thank you..
Thanks sharing cypto video..
Will you be my friend...????
Please
nice post
Nice video and information, thanks for all, followed!
For steem I hope they get rid of their bitcoin dependency this year so people can buy steem directly. The transaction fees are theft
It's certainly interesting that there are at least some fees to enter or exit steem and sbd positions even though the network itself is fee-less. We can hope.
Thanks for the heads up on the EtherDetla issue! Anyone else interested in this issue go to 4:19 of the video to hear what @heiditravels is talking about 👍
Why do I have the feeling that tokens not being able to be redeemed is a phrase we're going to see a lot of in 2018. There are way too many exchange coins out there imo and their viability is highly uncertain.
How can we be sure is not a classic PUMP?
I had no idea how, perform this action, thanks for sharing. It helped me a lot.
Thanks for sharing good to find so much detail in one place.
Thanks so much Hedi very clued in u are...^voted again🤠
Hi Heidi,
Thank you for sharing. Crisp, to the point and useful. Keep up the good work!
Cheers
Flo
Can you do a video showing your crypto portfolio - in regards to what coins you hold and the percentage each coin is in your portfolio? Thanks
I don't want to come off as mean, but I absolutely will not do this.
I value my privacy and with that includes my investment choices.
I do not offer investment advice for a reason, that is a slippery slope where people often place blame for those who make bad calls. I don't want to be responsible for bad investment choices of others. Besides, I'm much more interested in the tech behind the coins, which is why I don't talk about price movements, instead I talk about what the projects are about.
I understand and appreciate your answer and integrity.
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STOPIt is definitely one of my goals to get some. I would like to ask you how do you find out about ICOS?
Very interesting and educative !
@heiditravels Got a 77.26% Vote via @klye
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Hi Heidi, just found your channel and really love it. Going through some of your posts and will be smashing a few upvotes your way for your great content. Also eagerly waiting for Wanchain to be listed. Keep up the good work.