[ANN][ICO] Wanchain - Connecting blockchains to exchange value

[machinayz]

ICO

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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

Current Status of Project?

ICO was postponed and the project is currently accepting whitelist applications (until 26th September 2017 - wanchain.org/whitelist).

The Gold Whitelist has closed.

Silver Whitelist [OPEN]
Approved applicants who submitted the form after the lock on 20th September until today, 26th September 16:00 UTC.

*Terms*
- Neither contribution amount nor participation is guaranteed in the ICO.
- KYC/AML still required.

*Please expect up to 10 days to process all Gold Whitelist applications. An e-mail will be sent out to all applicants once reviewed.*

The process of the ICO

Please note that even if you submit your Silver Whitelist Form last, you still have the same chances as everyone else on the Silver Whitelist.

ICO Gold Whitelist will be open for 24 hours on the day of the ICO with an allocated cap (further details will be released in the coming days).

After the 24 hours, the tokens will be sold to Gold and Silver Whitelists (regardless of the time they submitted the application) with an uncapped amount until all tokens are sold.

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. **

WEBSITE

[1714800280]

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[marketbay]

Very interesting but how does it differ from Blocknet?

[danipay]

ICO

WHITEPAPER

TECHNICAL WHITEPAPER

COMMERCIAL WHITEPAPER

REDDIT

SLACK

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. **

WEBSITE

[machinayz]

Very interesting but how does it differ from Blocknet?

There are two major factors that differentiates Wanchain from other projects in the same space. For one, there is no need for a trusted third party. In other words, it is completely decentralized. Secondly, when cross-chain transactions are executed, the mechanism in the original chain will not be changed (it adapts). Wanchain was built on Go and allows the support of smart contracts being applied to a number of different scenarios whilst also providing a concept-of-privacy.

[cryptoworldwide]

Any social media bounty campaign?

[machinayz]

Any social media bounty campaign?

Hi cryptoworldwide. At the moment (leading up to the ICO) there is no social media bounty campaign. However, there will be talks about it upon completion of the ICO.

[machinayz]

Watching this one!

Glad to hear that. If you have any questions regarding this post, whitepapers or the project in itself please let know

[Phroneo]

How does this differ from Polybius which is supposed to be another decentralised bank?

[ntsdm1]

the only bank i trust is memyself&i bank of the front pocket

[SF17]

Hey guys!  I tried to register with your Slack and when I input my email address, a "Failed! token_revoked" message comes up in red or "No account for this team"
What's the deal with that?  Anyone experience this?

[machinayz]

Hey guys!  I tried to register with your Slack and when I input my email address, a "Failed! token_revoked" message comes up in red or "No account for this team"
What's the deal with that?  Anyone experience this?

Try using the link again or accessing it directly using the slack invitation link: wanchain.slack.com

If it doesn´t work please PM me and I will send you an invite. There have been a few problems with many slack groups lately.

EDIT: USE THIS FOR THE SLACK INVITE: https://wanchain.herokuapp.com/invite

[machinayz]

How does this differ from Polybius which is supposed to be another decentralised bank?

I believe Polybius is not using its platform for communications/exchanges/privacy protection between other ledgers but exclusively and native to the Ethereum ledger. Polybius is built on the Ethereum network and is working exclusively within this platform.

Wanchain is built on Ethereum Go but will create smart contracts not only within Ethereum blockchain as a decentralized bank but between other blockchains as well - thus incorporating privacy protection for the users, exchange of value (tokens,currencies) and communications between other blockchains (not limited to only one) and using smart contracts in a variety of scenarios.

As far as the roadmap goes, the testnet will be released in September with the Wanchain 1.0 release in Q4 2017. COMMERCIAL WHITEPAPER - SEE PAGE 13 FOR ROADMAP

In June 2016, theoretical research and POC (Proof of Concept)
started for cross-chain transaction and privacy protection.
Going back to the origins of Wanchain, we introduced multi-chain division and
multi-chain layering methods in the Factom project, which mainly solved the
single-chain performance problem. The design was later referenced in many
parts of the prototype British National Crypto-currency. The architecture of
Wanchain is similar in nature to these previous projects. Our team has been
continuously researching cross-chain technology, and the current result is
based on this research. In June 2016, Wanchain project design began and the
team started researching and developing blockchain cryptographic algorithms.

In December 2016, proof of concept development is conducted for
token privacy protection of smart contracts.
Theoretical proof for token privacy protection of smart contracts based on
one-time addresses and ring signatures was completed in 2016, and the POC
was completed at the beginning of 2017. At the beginning of 2017, we
completed the design of the cross-chain transaction mechanism and the
cryptographic technology.

In June 2017, the white paper is released. The Wanchain website
goes online and Wanchain enters the ICO phase.
This commercial white paper and the technology white paper were released
together. We will give the first version to our advisory team and many other
blockchain insiders to review, hold several closed-door meetings, and collect
comments and feedback. Based on this feedback, and after revisions and
proofreading, the Wanchain project will be officially announced to the public,
and enter the public crowd-funding stage.

In September 2017, the ICO will begin to sell tokens and release a
Wanchain test network.
After two months of publicity, and after ensuring that potential participants
interested in the ICO fully understand the relevant Wanchain information, the
Wanchain project will open token sales and simultaneously release a
Wanchain test network. ICO sales will be publicly available through Ethereum
ERC-20 tokens; participants can buy it directly through their ERC-20 Ethereum
wallets. In order to benefit other participants, we will also have sales
cooperation through official partners.

In November 2017, Wanchain 1.0 will be launched.
Wanchain wallets and smart contract functionality with privacy protection will be
completed and Wancoin will be released.
In order to promote more rapid community development and business
applications for the Wanchain project, Wanchain will first introduce privacy
protection version 1.0 and then introduce the official Wanchain wallet. At that
time, participants holding ICO tokens can download the official Wanchain
wallet and exchange the crowdfunded tokens for Wancoin.
In June 2018, Wanchain 2.0 will be launched. Ethereum cross-chain
trading will be available, the Wanchain 2.0 cross-chain protocol will
be online, and the multi-currency Wanchain Wallet 1.0 will be
online.

The main goal of Wanchain project in 2018 is to achieve cross-chain trading
with Ethereum and Bitcoin, while promoting the Wanchain community and
environment. The goal of the Wanchain community is to attract more talented
developers to the low-level Wanchain protocols and tools and offer better
multi-currency wallets, browsers and other options for users. At the same time,
we will encourage and support more developers to develop different
Wanchain financial applications based on the needs of the end-user.
By the end of 2018, Wanchain 3.0 will be online. Bitcoin cross-chain
trading will be available, the Wanchain 2.0 cross-chain protocol will
be online, and the multi-currency Wanchain Wallet 2.0 will be
online.
The Wanchain business team will conduct targeted market promotions and
gain more in-depth cooperation from digital currency exchanges, OTC
institutions, digital wallets and other agencies, to provide digital currency
transactions for the distributed infrastructure. In the traditional financial
sector, Wanchain will seek more application development team members and
encourage and support them to use Wanchain as their basic platform to build
alliances and pave the way for future cross-chain connections.

In 2019, Wanchain 4.0 will be online. Wanchain cross-chain trading
is available, the Wanchain 3.0 cross-chain protocol will be online,
and the multi-currency Wanchain Wallet 3.0 will be online.
As the Wanchain technology platform matures, Wanchain will support more
digital currencies and digital assets in the public blockchain network. While the
consortium chains are increasingly applied to conventional applications, the
value of cross-chain transactions will be fully explored.

[Phroneo]

Thanks, so it's relatively similar with a bigger scope?

How about comparing to upcoming ICOs like Bankera and Change?

http://bankera.com/
https://change-bank.com/

[auroboros]

If I don't misunderstand, wanchain will be a virtual bank in the form of an application that has its own accounting application, and as a user, they will open their respective tellers, whenever they want, this concept is very good and idealistic, I will keep monitoring the progress, hopefully success

[Phroneo]

Also realised this looks very similar to OmiseGO. What are the advantages / disadvantages of this project over OMG?

Thanks

[machinayz]

If I don't misunderstand, wanchain will be a virtual bank in the form of an application that has its own accounting application, and as a user, they will open their respective tellers, whenever they want, this concept is very good and idealistic, I will keep monitoring the progress, hopefully success

That is correct. It will also allow interoperability (in this sense, communicating and exchanging tokens through its platform with other blockchains - the aim is to incorporate as many altcoins as possible in the near future).

[machinayz]

Thanks, so it's relatively similar with a bigger scope?

How about comparing to upcoming ICOs like Bankera and Change?

http://bankera.com/
https://change-bank.com/

Bankera - Judging from their website I believe they need to acquire a banking license. This will function more in a centralized way. Nothing is wrong with that but it is completely different to Wanchain that aims at being a decentralized and distributed financial market - offering concept-of-privacy (privacy protection of users) as well as incorporating secure transactions between other blockchains. In order to verify transactions and run the ecosytem, miners will stake a percentage of their WANCOINS (the platform token) to run a verification node.

Change - not too familiar with this so I will read up on it and give you my input on the differences.

[wnj4]

There are many similar projects as Wanchain, what is make your project different than others?

[Phroneo]

Thanks, so it's relatively similar with a bigger scope?

How about comparing to upcoming ICOs like Bankera and Change?

http://bankera.com/
https://change-bank.com/

Bankera - Judging from their website I believe they need to acquire a banking license. This will function more in a centralized way. Nothing is wrong with that but it is completely different to Wanchain that aims at being a decentralized and distributed financial market - offering concept-of-privacy (privacy protection of users) as well as incorporating secure transactions between other blockchains. In order to verify transactions and run the ecosytem, miners will stake a percentage of their WANCOINS (the platform token) to run a verification node.

Change - not too familiar with this so I will read up on it and give you my input on the differences.

Great thanks!  How about OMG.  They appear to be doing something very similar with building a cross chain system. 
I wonder whether their greatest focus on this is a big advantage.

[spiderlee]

Any bounty program?