What is the Wanchain project?
Wanchain (wanchain.org) aims to build a distributed future "bank." As a distributed digital-asset based financial infrastructure, Wanchain allows any institution or individual to set up their own virtual teller window in the “bank” and provide services such as loan origination, asset exchanges, credit payments and transaction settlements based on digital assets. To be more precise, Wanchain is a distributed super financial market based on blockchain technology.
What problems does this project solve?
As more digital assets (akin but not limited to digital currencies, stores of value and digital commodities) enter the markets, the appreciation of these assets significantly increase in value and the need for exchanges and transactions among different digital assets keeps growing.
We have seen a significant rise in centralized exchanges as well as decentralized exchanges, thus including OTC Trading of ERC20 tokens.
The problem today and of tomorrow is interlinked to the fact that exchanges and wallets are mostly operated in a centralized way. Value exchanged between different digital assets with a distributed approach will be a long-term goal in the blockchain and digital economy, just as traditional banks are important in the current economic system. Wanchain is one of the solutions in keeping costs down, interlinking blockchains (this will not only be limited to the Ethereum and Bitcoin blockchains) and helping the unbanked (adults without access to banks backed by financial institutions either due to the nature of opening a bank account or the high costs involved). Wanchain helps others running their own wallets, ledgers and smart contracts through the Wanchain platform.
The main goal of Wanchain is to solve the issue of value transfers between different ledgers.
Proof-of-concept privacy
This is perhaps one of the most distinguishing factors from other projects working on blockchain interoperability. Wanchain has already achieved a proof-of-concept privacy protection based on one-time addresses and ring-signatures, and will make this function available when version 1.0 of Wanchain is online (due to be released Q4 of 2017). Later, Wanchain willl implement cross-chain transactions among Wanchain, Ethereum and Bitcoin, as well as the cross-chain transactions of consortium blockchains that are developed based on Wanchain.
a) An example of Privacy Protection Transaction Flow
Alice wants to send some tokens to Carl in the smart contract whose address is SCAddress. Alice`s
main account is (A,B) with main private key (a,b). Carl`s main account is (C,D) with the main
private key (c,d). Alice has a sub-account Onetime_account1 with the private key sk1 in the smart
contract. The transaction flow is as follows:
Alice sends a transaction:
Step1： Alice generates an one-time account for Carl with his main account:
Onetime_account2=OTA_GenerateAccount((C,D))
Step2： Alice generates the signature for the transaction data in the smart contract through GenerateSignature(
) with sk1 and makes the final data Payload:
sig=GenerateSignature(Onetime_account1,Onetime_account2,value,nonce)
Payload=(Onetime_account1,Onetime_account2,value,nonce,sig)
Step3： Alice generates the public key set:
publickeyset＝GeneratePublicKeySet(A)
Step4： Alice generates the key image and makes the transaction message m:
I=GenerateKeyImage((A,a))
m=(publickeyset,SC_Address,Payload)
Step5： Alice generates the ring signature and makes the final transaction data:
ringsig=GenerateRingSignature(m,publickeyset,I,a)
transaction=(publickeyset,SCAddress,Payload,I,ringsig)
Step6： Alice broadcasts transaction on the Wanchain.
b)The Validator verifies a transaction:
Step1： The Validator receives transaction and makes the transaction data m to verify the ring
signature:
m=(publickeyset,SC_Address,Payload)
flag=VerifyRingSignature(m,publickeyset,I,ringsig)
Step2： If flag is true, the Validator goes to step 3. Otherwise the transaction is invalid and thrown
out.
Step3： The Validator invokes the smart contract with Payload as a parameter. Then the smart
contract verifies the signature in Payload and executes the transfer.
After step 3, the transaction is processed onto the Wanchain platform. Carl scans the sub-accounts with his scankey and recognizes that Onetime_account2 belongs to himself.
Then he gets the private key for Onetime_account2 with his main private key. Therefore he takes the tokens of Value
When did this project start?
Research started in 2016. Proof of concept for token privacy and smart contract protection was finished at the beginning of 2017. The design for cross-chain transaction mechanism and the underlying cryptographic technology was finished shorlty after.
Wanchain 1.0 is due to be released before the end of 2017 (November). There are around 20 coders working on the project but more will be incorporated to further develop the platform upon the release of Wanchain 1.0.
Who is behind this project?
Jack Lu, previous CTO and Co-Founder of Factom, founded Wanchain. The team is comprised of veteran software engineers, cryptographers and advisors with years of experience in the blockchain industry. Please view the team clicking
here How does the ICO distribution work?
Before the ICO starts, the exchange ratio will be published in accordance with the Ether price. When either 107.1 million tokens are sold or when the crowd-funding time ends, the smart contract will be automatically closed. The minimum contribution limit for each transaction is 0.1ETH. After the crowd-funding ends, the smart contracts will allocate the tokens to every crowd-funding address,and these tokens will be transferred via Ethereum wallets. When Wanchain is live, users may exchange their tokens for Wancoins at a 1:1 ratio. Wanchain version 1.0 is expected to go online in November 2017. Wanchain will also include 10% of the total supply of tokens (10% of 210 million tokens) for use by miners. Verification nodes will be run by miners staking a percentage of their coins and generating fees as part of this process. Penalties will be issued to verification nodes that try and "cheat" the system.
Token distribution
Can applications such as financial models be built on top of the Wanchain platform?
Yes. Most financial applications used in the traditional world can be implemented ontop of Wanchain. The only real difference being that these applications will be run on and by digital currencies and assets. The applications include but not limited to distributed exchanges, deposits, loans, payments and settlements, credit cards based on digital currencies and ICOs supporting multiple cryptocurrencies (altcoins). Invidividuals and institutions can therefore provide these financial services based on a multitude of digital currencies and assets.
What is the function of Wancoin, the coin that will be used on the platform?
There are two primary functions for Wancoin:
1) Process fees for Wanchain transactions and cross-chain transactions.
2) Bond deposits at each node for ensuring cross-chain transactions. In terms of applications, as more and more cross-chain transactions are run by Wanchain, the more Wancoin rises in value.
**For more updates on Wanchain, the ICO process, the use of Wancoins, verification nodes and any other questions please head to our slack group, reddit or by posting here. We will continue updating this page. As of now, due to low karma post on this account, you will have to click the imgur links to see the pictures (Sorry!). Within this week the images should all be up and running without a problem. **
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