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. **
if the number of votes is large enough.
