Review on Wanchain by Inioluwa Okedeji
Wanchain: A Cross-chain Cryptocurrency Project With The Aim Of Connecting Many Isolated Blockchains.
Wanchain is another cryptocurrency project in the endless list of cryptocurrency projects available in the cryptospace. The noticable feature in this project is the Cross-chain technology it possesses, that is, the ability to support more than one blockchain in its network. There are other projects with this same Cross chain feature but in the case of this project, it aims to connect nothing less than ten thousand blockchains and as the WAN in its name implies, it means ten thousand in Chinese. WAN - which also means Wide Area Network, is a befitting name that matches the aim and purpose of the project.
Right there on the platform, one can see the project's roadmap, how far it has come since its first launch and how it's going. Looking at this project's roadmap I can say that Wanchain is progressing in accordance with their plans which is to bring as much as possible isolated blockchains and connect them together. The only delay to some of these plans might be due to the ongoing pandemic because I saw that some phases are still ongoing and haven't been completed even though it's pass the time allotted for it.
Another interesting thing I discovered on the platform is that, one can burn the Wanchain proxy token which are used in the Wanchain ecosystem so as to unlock the original token. Burning of tokens here is a process used to reduce the number of tokens in circulation thereby making the token scarce which will then increase the value of the token. So the burning of Wanchain proxy tokens will assuredly result in the increase in value of the token.
Another important advantage of the Wanchain Cross-chain technology is that it will provide opportunities to develop many Cross-chain decentralized applications such as exchange, mobile payments and lots more that will ensure the efficiency of the Cross-chain.
In other to achieve their vision, I noticed on the platform that they are making partnerships with many other infamous cryptocurrency projects such as Bitcoin, ethereum, EOS and others, these projects are known for their efficient blockchain network and for a Cross-chain project to be in partnership with them tells you that such a project has embarked on a voyage to a great destination.
Pros
- The main advantage of the Wanchain project is obviously the Cross-chain technology is features.
- It features the burning of proxy tokens which will help unlock the original tokens and also increase the value of the tokens.
- Provision of opportunities for developers to develop Cross-chain applications to increase the efficiency of the Cross-chain network.
- Another important thing is that, the nature of this project will definitely ensure an increase in the decentralization of finance.
Cons
- As of now, other than the delay in some phases of the project, I see no demerit to the project.
