[BEIJING] Wanchain, the first public blockchain project envisioned by the Chinese firm Wanglu Tech, recently released a white paper. Wanchain is a blockchain-based distributed financial infrastructure which allows the exchange of assets among different blockchain networks in a decentralized way. With Wanchain, more organizations are able to develop their own services and innovate in the distributed finance space, It released by PR Newswire on August 3.
Connecting multiple blockchains to transfer value across networks
According to the white paper, Wanchain addresses issues associated with transferring digital assets between blockchains. The asset transfer is achieved through a decentralized cross-chain mechanism and a universal cross-chain protocol.
Based on the distributed blockchain concept without using a trusted third-party, Wanchain was designed using cutting-edge cryptographic theories that underlie its technology. In cross-chain trading, Wanchain's account locking mechanism and threshold key sharing technology support complete decentralization. This decentralization offers asset account management capability while eliminating the need for the involvement of a third party.
Three features that make the technology more suitable for financial applications
Wanchain not only acts as a connector between blockchains but also is itself a distributed ledger with Turing completeness and smart contract functionality, providing privacy protection for all transactions on the network. Wanchain features cross-chain transactions, smart contracts and privacy protection, all of which come together to address multi-asset bookkeeping, contract implementation and transaction privacy issues. Additional distributed financial applications can be developed based on Wanchain.
Interconnecting disparate blockchain networks
Wanchain is finding a wide array of applications across the financial industry, enabling the distributed trading of multiple digital assets on a future distributed finance framework, similar to traditional financial business, including asset backed securities. With Wanchain's infrastructure, individuals and businesses gain access to a wider range of financial services, while having better control over their assets and access to improved asset appreciation strategies. David A. Johnston says that Wanchain's digital asset applications are an important step forward and decentralized finance innovations are the next step in the blockchain space.
Fenbushi Capital partner Bo Shen commented, "Wanchain addresses issues associated with inter-connections between blockchains while serving as a super financial market in the new digital economy."
Jack Lu, co-founder and former CTO of Factom, and CEO of Wanglu Tech, led a team to design and development Wanchain after completion of the cross-chain transaction and privacy protection theory verification, and prototype development at the end of 2016.