Wanchain, the distributed financial infrastructure powered by cross-chain technology, launched version 2.0 of its platform. Wanchain 2.0 is now the world’s first and only interoperable blockchain with secure multi-party computing. This marks a significant milestone for the entire blockchain space and a major step toward the vision of a fully interconnected internet of value.
With the exponentially increasing number of isolated blockchains over the past 10 years, the lack of interoperability between blockchains has been the one major obstacle that the industry has needed to overcome in order for mass adoption of blockchain technology to happen. Although there are currently a few interoperability solutions in development, Wanchain 2.0 is the first cross-chain interoperability solution that actually works.
Wanchain‘s vision has always been to connect the world’s digital assets by connecting all of the disparate blockchain platforms that cannot communicate with each other. Currently, the Wanchain platform is fully connected to the Ethereum blockchain, with the capabilities and development plans necessary to scale. A combination of smart contracts, multi-party computing and threshold key sharing allows an ETH token to be transferred cross-chain from Ethereum’s blockchain and accurately represented 1:1 on Wanchain’s platform with a token called WETH. This functionality also allows for ICO contracts supporting ETH and WAN and deployment of debit and credit contracts for WAN, ETH, and other tokens.
Jack Lu, CEO Wanchain commented, “The industry is still in a nascent phase, and we feel fortunate to be a leader in an industry that is surely going to change and improve the way the world operates. This initial cross-chain implementation with Ethereum is only the beginning.”
As integrations with additional blockchains continue to be added, Wanchain’s new cross-chain technology is set to pave the way toward a future where individuals and enterprises can gain access to a decentralised platform offering privacy-protected financial services such as digital asset management and exchanges, loans, and credit payments. However, the possibilities do not end there; Wanchain’s cross-chain functionality opens entire new worlds of opportunities across many industries.
By the end of 2018, Wanchain will support BTC cross-chain functionality and plans to realise cross-chain functionality for at least one or two ERC20 tokens.