Review on Wanchain by Efughi Lucky

Name: Wanchain
Item: Wanchain
Rating: 4

August 28, 2018

Cross-chain transfers are quickly becoming more important as Blockchains look…

Cross-chain transfers are quickly becoming more important as Blockchains look to collaborate with another in order to scale faster.
Wanchain offers a gateway for Blockchains to communicate and coin holders to make transactions across multiple chains without the need to trade coins on exchanges.
Much like API’s connected different social media platforms, enabling users to sign on to any website with their Facebook credentials, the real value for the blockchain space will be allowing users to seamlessly transfer value from one blockchain to the next without any significant effort.
Based on this trajectory, I believe Wanchain is already ahead of the curve, and by partnering with other Blockchains focused on interoperability; they are creating the building blocks for the technology to reach mainstream adoption.
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Pros

Today there are hundreds of Blockchains operating in the crypto space, each possessing their own coins that grant users access to utilize the services provided within their respective ecosystems. As the industry continues to grow, the next logical step in its evolution is to provide ways for users to exchange value between Blockchains. This is the problem that Wanchain aims to solve. Wanchain is creating a platform for transferring digital assets between different Blockchains. Users will be able to spend their cryptocurrencies in non-native Blockchains without having to trade them on exchange. Wanchain’s own platform is an independent blockchain, which enables it to design a unique framework for transferring value between cryptocurrencies under one shared ledger. With its cross chain transfer framework, Wanchain also provides a variety of financial applications: Borrowing and Lending Payment and Settlement Transaction and Exchange Investment and Financing Wanchain uses a cross chain communication protocol combined with smart contracts in order to transfer data between Wanchain and other Blockchains. Jack is a Blockchain entrepreneur and technical expert who graduated from Peking University and Ohio State University. Prior to working at Wanchain he was the co-founder of Factom, a decentralized data storage company. He also cofounded Wanglu-Tech, a blockchain enterprise company. Jack has also been a senior software architect at Hewlett Packard and Xerox.

Cons

Despite the really advanced technology and strong roadmap, Wanchain is facing serious competition from ICON and AION. ICON ranked first based on market cap (#23 overall on the crypto market). Wanchain is second (#43 overall), and AION is third (#46 overall). These other Blockchains have established a network of partnerships globally, while Wanchain is still primarily dominant in China. Wanchain will need to expand beyond China in order to establish the top position amongst cross-chain focused Blockchains. Despite this, it looks like Wanchain should benefit from being part of the Blockchain Interoperability Alliance. We also expect that the target market is large enough for all of these blockchains to co-exist and flourish.