How to Buy Wanchain
Wanchain is a cross-chain protocol that is geared toward the financial sector. It offers smart contracts, privacy tools, and cross-chain transactions that links together multiple blockchain networks with the intention of exchanging value. WAN is Wanchain’s native token.
Wanchain is the first blockchain to offer cross-chain features that are compatible with the Bitcoin (BTC) network in the world.
What is Wanchain?
Wanchain makes it possible to exchange digital assets across multiple blockchain technologies, such as Bitcoin and Ethereum. Its goal is to establish an advanced financial structure that cross-connects all blockchain technologies.
Because there are so many different blockchain technologies and cryptocurrencies, a way to exchange value between these technologies and digital coins and tokens in a decentralized, efficient manner does not exist. Wanchain aims to change this by making it possible to exchange crypto coins across multiple blockchains, quickly and safely.
Wanchain is an independent blockchain. As such, it links together the accounts of other independent blockchains in order to establish a framework that assets can be exchanged on. However, the Wanchain platform isn’t only for currency transfers; it can also be used to create various financial applications via smart contracts, privacy features, and its native WAN token.
While Wanchain is based on the Ethereum network, it is a totally separate and independent blockchain. Furthermore, its native token, WAN, isn’t an ERC20 token. While there are multiple aspects of the Wanchain platform, the foundation is its cross-chain communication protocol.
Cross-chain communication protocol makes it possible to transfer data between the Wanchain blockchain and other blockchains. It features three functional modules. These include the following:
- Registration, which registers the chain that a transaction begins on, in addition to the asset that is being transferred.
- Cross-chain transaction data transmission, which serves as the start of the request for cross-chain transactions on the Wanchain protocol, recognizes whether or not the validator node returns success, and enables the permissible transaction from the validator node to the original chain.
- Transaction status query, which keeps track of the transaction.
Essentially, the Wanchain cross-chain communication practice uses smart contracts to allow for the exchange of assets from the Wanchain network, as well as to allow the exchange of assets from other networks.
Like Ethereum, Wanchain uses a proof-of-stake algorithm. There are three verification nodes that are used to maintain the Wanchain network, as well as to split the transaction fees. These verification nodes include:
- Vouchers, proof nodes for cross-chain transactions. These nodes collect a security deposit from via the transaction fee, which serves as proof of the transaction between the origination account and the locked account on Wanchain.
- Validators, nodes for general verification, which keep track of transactional data that takes place on the Wanchain platform, in exchange for a percentage of the transaction fee.
- Storemen, nodes that manage locked accounts. Storemen are required to remain online and uphold their own key shares in order to receive a percentage of transaction fee.
Those who cannot run a verification node because they don’t have enough WAN are still able to operate a general node. With a general node, transactions are not directly validated; rather, the stakes are entrusted to verification nodes who allocation a percentage of the transaction fee back to the individual who is operating the general node.
Where to Buy Wanchain
Wanchain can be purchased via multiple online exchanges, such as:
Why Buy Wanchain?
The goal of Wanchain is to decentralize the financial industry via private, secure, smart contracts that take place across multiple chains. Once fully functional, it will allow organizations to develop blockchain-based applications that can be used in a multitude of ways, including payments, exchanges, lending, borrowing, and investments.
Given the privacy, ease of use, and potential that Wanchain offers, it will revolutionize the use of blockchain technology for the financial industry.
How to Sell Wanchain
To sell Wanchain, use the following steps:
- Create an account on the altcoin exchange
- Fund the account with WAN tokens
- Sell WAN tokens for cryptocurrency that can be exchange for fiat currencies
- Sell the cryptocurrency for a fiat currency
- Withdraw the fiat currency from the exchange account to a bank account
Which Wallets Can I Use for Wanchain?
- Wanchain wallet
- Ledger Nano