WanchainWanchain allows transactions of digital assets across different blockchains by implementing cross-chain transfers protocol.
What is Wanchain?
Wanchain is a fork of Ethereum with a focus on cross-chain transactions.
Wanchain allows transactions of digital assets across different blockchains by implementing cross-chain transfers protocol. There is currently no efficient, decentralized way to exchange value between different blockchains.
In addition to the cross chain feature, Wanchain also supports smart contracts and offers privacy protections to users.
How does Wanchain work?
Wanchain has developed a cross-chain communication protocol to help transfer data between Wanchain and other blockchain. It is a smart contract that could facilitate cross-chain transactions.
Wanchain runs on a Proof-of-Stake consensus algorithm. There are four types of nodes on the network Vouchers, Validators, Storemen and General. The first three are nodes that facilitates transactions. These nodes are different types of nodes that facilitate the transaction verification process. Below is a rather technical explanation of the role of these nodes.
Vouchers are cross-chain transaction proof nodes that receive a security deposit from the transaction fee. In exchange, they validate the transaction between the original account and the Wanchain locked account. If the transaction is invalid, the security deposit will be taken from the holding account, and the Voucher will no longer be approving transaction.
Validators are general verification nodes that register the transactional data on Wanchain’s blockchain for a share of the transaction fee.
Storemen are locked account management nodes that have to be online and keep their own key shares to get their part of the fee.
If you don’t have sufficient Wancoin holdings to run a verification node, you can still run a general node.
WAN is Wanchain’s native token. It is used to pay for WAN security deposits to the Vouchers.
In terms of the privacy feature, Wanchain uses uses ring signatures and one-time address generation to provide users with anonymity in transactions. Ring signature mixes the sender signature with other fake accounts, making it difficult to track who the sender is. Also, for each transaction, the platform generates a new address to prevent detection of transaction patterns.