Wanchain Founder Jack Lu Presented in Blockchain Hong Kong Meetup on 18 Dec, 2017
The global financial platform for cross-chain smart contracts, Wanchain, has raised 74,332 ETH in its crowdsale and its Silver-whitelist (39,251 ETH) was completed within 15 minutes. Its Founder, Jack Lu, has come to Hong Kong on 18 Dec to speak about Wanchain’s latest development in a Blockchain Hong Kong Meetup event organized by Blockchain Association of Hong Kong. The event response is overwhelming and the participants have interactive discussions with Jack.
In the meetup, Jack shared various use cases of Wanchain. As Wanchain supports cross-chain transactions between public chains such as Bitcoin and Ethereum, as well as easy integration with consortium chains, exchange between different cryptocurrencies and digital assets becomes possible and convenient. Different types of exchanges such as distributed exchanges or OTC exchanges can be a player in the Wanchain ecosystem for cross-chain cryptocurrencies exchange.
Jack also talked about how to perform a digital asset loan in Wanchain. For example, simply a lender can deposit its BTC by a cross-chain transaction into Wanchain which the BTC will be controlled by a loan broker. Lender will then automatically receive WAN tokens with interest accumulated. On other hand, because the borrower has signed loan agreement in Wanchain, Wanchain will automatically confirm the loans and release BTC from the loan broker to the borrower by another cross-chain smart contract.
By the same technology, digital asset investment through Wanchain can be achieved by connection with other consortium chains which hold assets like mortgage-backed securities, account receivables or other kind of commercial bills. Investors can use their cryptocurrencies such as ETH to deposit into Wanchain and receive the corresponding digital assets from the consortium chains. Upon the time of assets redemption, investors will transfer the assets back into the consortium chains and the original assets holder will pay its principal and interests into Wanchain. By a cross-chain smart contract with Ethereum blockchain, investors can receive their invested sum with interest in ETH.
Therefore, it opens up a new opportunity for ICO buyers. They will not be bounded by using ETH for ICO because Wanchain facilitates the cross-chain transaction bewteen ETH and their digital assets. (Currently most of the ICO are on Ethereum blockchain and require ICO buyers to use ETH to purchase the ICO token, which is a ERC-20 token.) The ICO process will be decentralized as a result.
Furthermore, Jack explained the Wanchain ecosystem is by various stakeholders participation, and mainly divided into 3 layers naming Governance Body, Open Source Community and Commercial Community. Technical topics on cross-chain transaction protocol, the locked account, the one time account (OTA) system and ring signature for privacy protection have also been covered. In the Q&A section, Jack also compared Wanchain to other cross-chain projects like Cosmos, Polkadot and AION and discussed about the features of each of them, as well as the market positioning between Wanchain and Ripple.
Wanchain Testnet has been launched, and now they are in discussion with several exchanges for the listing of WANcoin. They are marching through their development roadmap and expected to launch Bitcoin and Ethereum cross-chain transactions within 2018, and consortium cross-chain transactions in 2019.
