Wanchain AMA Recap
CryptoDiffer team
Hello, everyone!😁
We are glad to meet here
Founder and CEO of Wanchain, Jack Lu
Director of Communications at Wanchain, Noah Maizels
VP of Operations at Wanchain, Lini
Director of Communications at Wanchain, Noah Maizels
Hi everyone!
Founder and CEO of Wanchain, Jack Lu
Hello!
VP of Operations at Wanchain, Lini
Hey, nice to meet you here!
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
VP of Operations at Wanchain, Lini
Hello! I am Lini from Wanchain team, followed Jack back to 2017 joined Wanchain project.
Director of Communications at Wanchain, Noah Maizels
I’m Noah Maizels, and I’m the director of communications at Wanchain. I joined the team several years ago and worked with them for over two years out of their Beijing office and helped to build up the English speaking community, and create content to help explain about Wanchain’s business and technology.
Founder and CEO of Wanchain, Jack Lu
Sure I got in the space in 2012 as an investor. Started a blockchain company in China in 2016 to research privacy and cross-chain tech. Founded Wanchain in 2017
CryptoDiffer team
Q2: Can you briefly tell us what is Wanchain in 3-5 sentences?
VP of Operations at Wanchain, Lini
Wanchain is a public blockchain with support for the development of smart contracts using Solidity. Wanchain supports ring signature based private transactions and decentralized cross chain functionality.
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.
CEO at Coin, Damon Nam
I will add to that that our most recent 5.0 update adds the ability for trustless and permissionless two-directional movement of assets between Wanchain and Ethereum, and we will very soon be establishing more bridges to support the flow of assets between even more blockchains.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Founder and CEO of Wanchain, Jack Lu
Wanchain built its own public chain back to 2018; and in 2019, we implemented crosschain tech with BTC and ETH as well as adopt Proof of Stake in 2019.
Our more detailed roadmap can be found here: https://www.wanchain.org/learn/
VP of Operations at Wanchain, Lini
Then in 2020, the most important milestones are we optimized the crosschain technologies and setup ‘storeman’ as core crosschain infrastructure.
Wanchain’s Storeman node system uniquely combines secure multiparty computation, atomic swaps, threshold secret sharing, and decentralized account management to implement a decentralized cross chain solution.
Wanchain 5.0’s Storeman Node based cross-chain bridges bring decentralized, permissionless, and trustless BTC, EOS, and WAN to Ethereum.
Director of Communications at Wanchain, Noah Maizels
As I mentioned before, one of our most recent milestones is the recently launched wanBridge connecting Wanchain and Ethereum which allows for assets to flow back and forth. In the very near future we will also launch more wanBridges to connect with XRP, Bitcoin, EOS, and a lot more!
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
The large number of blockchain projects that seek inter-operability between chains, focus on “Public Chains”, because really Wanchain also focuses on interconnecting isolated Private? Could it be that they have benefits that very few know about?
VP of Operations at Wanchain, Lini
Besides connecting public chains, we do aim also connecting private chains. we launched a framework calle T-bridge which is used to integrate private chains with public chains together.
Cryptodiffer Community
What DEFI services are most in need of using wanTokens? In which sectors of the DEFI space is wanTokens most valuable?
What opportunities will the launch of WANCHAIN 5.0 bring to support DEFI and the development of DEFI space in general?
Director of Communications at Wanchain, Noah Maizels
wanTokens are great for any applications which need to make use of value from other blockchains. For example, wanTokens can allow you to get a loan based on your wanBTC, wanEOS, or wanXRP as collateral on Ethereum based applications.
Cryptodiffer Community
Wanchain have many wallet. So, can you share about Security this wallet? You know Security is really important for User.
Founder and CEO of Wanchain, Jack Lu
Our wallets are as secure as the major wallets in the market and have been used for several years without any security problems. But certainly hardware wallet is recommended along with our desktop wallet
WanWallet is non-custodial, meaning you are in charge of your seedwords. We originally had WanWalletGUI required you to sync chain data which took quite a while as the wan blockchain grew larger. We now have Wanchain Light Wallet which doesn’t require a chain sync, much more user friendly! Just keep those seedwords safe, and preferably stored in multiple places offline. Its best used together with a hardware wallet.
Cryptodiffer Community
Could Wanchain 5.0 Bring Bitcoin Into The DEFI Space? What future of DEFI can be created by combining the capabilities of WAN and BTC?
VP of Operations at Wanchain, Lini
Exactly, with wan5.0, we bring wanBTC to both wanchain, ethereum and other public chains in the near future.
Cryptodiffer Community
A cоmpetitive fee is crucial fоr the success of a DeFi platfоrm. Hоw does WanSwap оutperform other projects with similar models? With Swap service, what is its competitive advantage over other platforms like UniSwap, JustSwap?
VP of Operations at Wanchain, Lini
WanSwap is a pure community driven Defi project built on wanchain, and i shall say it is also the first crosschain swap application with crosschain assets are supported on it.
Speak of crosschain Defi, here’re some thoughts: With the upcoming launch of wanTokens on Ethereum (Wanchain 5.0’s Storeman Node Bridge powered cross-chain assets), you may be wondering why and how we are bringing wanTokens to Ethereum, and how they fit into the current landscape of cross-chain assets.
We have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself. On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum.
This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. Here at Wanchain we have anticipated this issue, and it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens. The first wanTokens to launch on Ethereum will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more.
Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will be eager to include wanTokens into their system. We envision wanBTC and wanEOS being used as collateral on protocols such as Compound or Cream for lending and borrowing, and in asset pools on Curve or Swerve and many others. The inclusion of a diverse array of high quality assets from other chains would give any DeFi protocol a big competitive advantage.
What WAN networks did for data and knowledge, Wanchain predicts their cross-chain infrastructure will do for decentralized financial applications (DeFi)
wanBTC and other wanTokens like wanEOS, wanXRP or wanDOT are all completely decentralized crosschain assets secured by the Storeman mechanism.
Cryptodiffer Community
What is the current capacity and performance of the Wanchain network? Any metrics on the amount of WAN staking, number of nodes, transactions and more?
Founder and CEO of Wanchain, Jack Lu
Wanchain is able to process 1000-3000 tps per second; the proof of stake staking has 25.56M Wan locked over 47 nodes with average reward at 8.61% per year; the storeman have 4.71M Wan locked over 21 storeman (one full group) with average rewards at 12.72% per year.
Cryptodiffer Community
– Can you explain the functionality of wanBridges? It serves to interconnect with any network? Will it be necessary to make a deposit of my tokens to get tokens in the Wanchain network?
– Wanchain 5.0 was recently released. Are there plans to further evolve this network? Maybe a Wanchain 6.0? Or will this be the final version?
Founder and CEO of Wanchain, Jack Lu
Wanbridge is a decentralized, permissionless crosschain network that allow assets to be moved both ways. Anyone can participate by setting up a node or by delegation. Version number is certainly not important. And of course we will continue to improve the system on every front.
Cryptodiffer Community
Can you explain what are the advantages of wanswap?
What are the conditions for registering coins on wanswap? and How wanswap is diffrent from other swaps?
Director of Communications at Wanchain, Noah Maizels
WanSwap is based on UniSsap, but be built on Wanchain instead of Ethereum. It will have transaction fees hundreds of times lower than Uniswap (just pennies or less per TX), and transactions will be almost instant instead of a couple of minutes to hours or more. As it is built on Wancahin, it will also be easy for you trade with any wanToken, and to easily withdraw any wanTokens back to the token’s native chain
Cryptodiffer Community
What is the current capacity and performance of the Wanchain network? Any metrics on the amount of WAN staking, number of nodes, transactions and more?
VP of Operations at Wanchain, Lini
Wan blockchain is capable of roughly 3k TPS, making it super fast and efficient. We currently have 25.56M Wan locked up in PoS earning rewards, as well as 4.71M Wan locked in Storemen nodes. There are 47 Validators and 21 storemen nodes
Cryptodiffer Community
What are the key differences and advantages of wanBTC from WBTC? Why do I need multiple ERC20 BTC?
VP of Operations at Wanchain, Lini
WBTC is completely centralized, whereas wanBTC will be decentralized. In any part of the market it is best to have competition. Competition is what drives progress and is ultimately best for consumers.
Cryptodiffer Community
How do you attract investors to be interested in Wanchain ? Because some investors only focus on short-term prices rather than long term?
Founder and CEO of Wanchain, Jack Lu
There are a whole bunch of products set to roll out very soon, some have already gone live.
● WanWallet Desktop
● WanWallet Mobile
● WanMask
● WanWallet Offline
● Wanchain Explorer
● Web Bridge
● More surprises!
Cryptodiffer Community
– Has the WanBridge Storeman Selection Deadline been reached or I can still set up and register my Storeman node?
Can you explain how the Storeman node selection process works?
Director of Communications at Wanchain, Noah Maizels
For the Wanchain / Ethereum bridge, the first cycle has already begun. A little over a month later, the next cycle will begin. If you are interested in joining with your own Storeman node, you can start from the next cycle. You can also join a bridge for another blockchain pair, several new bridges will be launching soon.
Cryptodiffer Community
How important is the community to you? And how can we collaborate or help you for the development of the project?
VP of Operations at Wanchain, Lini
As for any project, community is extremely important. The community are the ones who ultimately use our products and support us on our mission. We have our ambassadors who help test out our products and leave feedback for improvements. If you are interested in joining, shoot me a message!
Cryptodiffer Community
Can you explain a little about the safety of your project? What can make investors believe that the assets that investors have will be safe?
Founder and CEO of Wanchain, Jack Lu
Exchanges are centralized parties and they hold your private keys. Wanchain is different. You don’t have to trust us. Instead you trust the open source code and the network.
Cryptodiffer Community
In your roadmap, it’s mentioned that Wanchain plans to develop cross-chain mechanism for NFTs. How will it work considering that NFTs are not really interchangeable?
VP of Operations at Wanchain, Lini
For crosschain NFT, yes, we did that part. for tech perspective, it adopted the existing crosschain framework. Now only issue is how to price those NFT tokens. That is a economic concern, not tech barrier. we are working on that.
Cryptodiffer Community
What is $ WAN token used for? How can I get $ WAN token? What are the benefits of holding $ WAN token?
Director of Communications at Wanchain, Noah Maizels
Wanchain currently has multiple dApps built in collaboration with FinNexus. You can try them out from directly within the Wanchain light wallet. Wan can be used for a variety of things such as:
• Staking 💰
• Incentivizing validator, and storemen nodes on Wanchain for cross-chain transactions
• Private transactions 🕵️♂️
• Smart contract creation
• Running dApps 📲
• Jack’s Pot 🎱
• Wandora Box 🔮
• FinNexus Options 💵
• WanDex (WRDEX/BitllyDEX) 📈
• Other potential future use cases
Cryptodiffer Community
What new cryptographic business models can be created in Wanchain 5.0? What are the opportunities for WAN coin holders?
VP of Operations at Wanchain, Lini
WAN as native tokens and utility token will be widely used for crosschain collaterals, guarantee of those wanTokens as well as gas fee, and governance vote token.
Founder and CEO of Wanchain, Jack Lu
More wan coins will be locked up as collaterals and a lot of wan coins will be moved to Ethereum to participate in many DeFi applications. And of course this is just our first step for the cross-chain DeFi ecosystem
Cryptodiffer Community
Wanchain is a complex project. Are you planning to create educational materials so that more people understand your goals and vision?
Director of Communications at Wanchain, Noah Maizels
Its best to follow our medium here: https://medium.com/wanchain-foundation
Team is constantly working with the devs to create simplified articles helping the community understand the more complex parts of the project. We recently released a series of deep dive articles going over Wanchain 5.0 as a whole, Economic incentives of our Storeman nodes and the Wanchain 5.0 Cryptographic Foundation. Check out the 3 chapter series on our medium!
Cryptodiffer Community
Was the original purpose of the Wanchain project DeFi? Or blockchain itself?
Director of Communications at Wanchain, Noah Maizels
Pretty much DeFi, when Wanchain launched DeFi was not even a word, but the types of decentralized financial applications we describe in our white paper from several years ago are exactly DeFi
Cryptodiffer Community
According to the terms of the “Partner Program”, Storeman will receive all rewards from node. If Storeman deceives me, can I withdraw funds immediately? Is there a temporary lockdown? At least 10,000 Wants to enter is expensive for me. Is there a chance to participate in awards such as using 1000 WAN?
VP of Operations at Wanchain, Lini
Misunderstood the Partner meaning, the node control NO assets/tokens of yours. node only get rewards on behalf of you. yes, u can pull out from a node any time and your assets will never be taken away from your wallet!
Cryptodiffer Community
In a comment on Twitter, you talked about “WanLend”, what exactly will be the purpose of this application and what benefits will it provide to users?
VP of Operations at Wanchain, Lini
Yes, wanLend, this is similar to Compound or Aave, it’s a Defi lending dApp on wanchain for the crosschain assets to be borrowed and lend with certain interests.
Cryptodiffer TEAM
Thank you for your time! Great answers!
Thank you everyone who took part today!
VP of Operations at Wanchain, Lini
Thank you for inviting us for this great AMA!
Director of Communications at Wanchain, Noah Maizels
It’s been great!
Thanks for having us!
