Currently, blockchains exist in isolation and cannot communicate with each other because of the uniqueness of each one. Wanchain uses recent cryptographic theories to build a non-proprietary cross-chain protocol and distributed ledger that records both cross-chain and intra-chain transactions.
This means that Wanchain makes it possible to transfer assets between different blockchain ledgers in a distributed way. The Wanchain protocol supports smart contracts and token exchange privacy protection.
The Wanchain Cross-Chain
The vision of Wanchain cross-chain is to enable the conversion of any digital asset from any blockchain into a corresponding proxy asset on Wanchain’s blockchain. This will, in turn, enable the development of cross-chain dapps.
The Wanchain cross-chain looks to support all protocol tokens and ERC-20 tokens.
The Release of Wanchain 3.0
Wanchain announced on September 10, 2018 that the Alpha testnet for Wanchain 3.0 is now live. Wanchain 3.0 is the bridging of the Bitcoin and Ethereum blockchains.
Wanchain 2.0 was launched earlier in the year, allowing interoperability with Ethereum.
Wanchain 3.0 adds Bitcoin interoperability. This means assets can now be transferred from the Bitcoin blockchain to Ethereum, and vice versa.
The implication of this integration is that any project (dapp or protocol) built on Ethereum will now be able to connect to Bitcoin. As an example, decentralized exchanges on the Ethereum blockchain will be able to have Bitcoin trading pairs as a result of this.
How The Wanchain Cross-Chain Works
To have Bitcoin linked through Wanchain, an amount of BTC is locked on its chain while a proxy token (1:1 with BTC), known as WBTC, is launched on Wanchain.
The WBTC can then be used seamlessly across the Wanchain ecosystem. The WBTC can then be exchanged back to BTC at any time, at the will of the user, even if the user wasn’t the one who locked the BTC for WBTC.
Alpha Testing Procedure
There is a need to test this new feature of Wanchain and rid it of bugs before main release. The opportunity to be part of the testing is open to any developer that meets the qualification of the Wanchain team.
Developers who wish to take part in the Alpha testing of the Wanchain 3.0 can apply for it. This registration does not mean automatic acceptance, and those chosen will be contacted by the Wanchain team.
The Wanchain team is ahead of schedule with the release of the Wanchain 3.0, as their roadmap scheduled Wanchain 3.0 for December 2018. This shows diligence on the part of the team to deliver its vision.
After the Wanchain 3.0 full launch, the team will focus on integration with private chains. That is expected to be ready by December 2019.