WANCHAIN- CRYPTOVERSE AMA
24TH OCT 2019
GUEST: Oliver B — VP Global Communications
Q -Can you tell us about Cross-Chain Communication Protocol & it’s benefits and what were the Main Functions of its 3 different functional modules & relationship among them ?
A -I would love to dive deeper here but i believe it is more of a question for Weijia. I will get his responses to you one of the next days but please read this if you haven’t already:
Exploring Cross Chain Asset Technologies: CATA, CDEX, and CDAT
Wanchain’s VP of engineering Weijia Zhang works with the EEA on cross-chain standards
Q — How does GLOBAL Digital Crypto Communities impact Wanchain Ecosystem?
A — We aren’t only briding blockchains technically but we are also bridging the various communities. Like I mentioned before, we see a clear usecase in bringing BTC to other chains (not just Wanchain), but to EOS, to Ethereum, to Tron to basically any chain that we integrate with.. and our mission is to connect all public chains with a universal protocol (plug and play). This is the long term vision.
Q — Adoption is very key to project survival, what’s being done to drive global adoption of WAN amidst crypto regulations?
A — Getting some good dapps on Wanchain now that can leverage our PoS (which has significantly increased our tps, decentralization and reduced the cost). Cross-chain dex is the first on the list, giving Ethereum pairs a BTC pairing in a decentralized fashion as one, creating interoperable NFTs and working with enterprise to bridge them to our public chain via our middleware protocol.
A — 4.0 is key because it is bridging traditional finance to the new digital economy. Here in Europe banks have opened up their APIs so I can envision a future where we swap BTC to euros straight to your bank account.
Q — How did #Wanchain achieve so much success and reputation in such a short time ? Who do you want to give credit to — Is it to amazing team, Community, Innovation, Marketing, Partnership?
Please shed light on it?
A — We have an amazing community. The team has been working hard on the backend, on the stuff that really matters because if our tech is lacking, so will our future dapps and tools. We have an incredible, diverse team that has given it all to make Wanchain what it is.
Q — Although i dont see this point on the roadmap, i was pleasantly surprised that Wanchain recently started working on crosschain DEX prorotype. I believe DEXes are the future of decentralized financial system. I do like Komodo’s and especially Switcheo’s approaches (their UI/UX is superior), so im very curious what you can offer in this direction.) Can you please tell us more about this undertaking. What are you aiming for and when we’ll be able to see the results?
A — We have one of our ambassadors working with us on improving the ui. i think its essential as well to have the right interface and of course, the right experience to have them coming back for more. Orion Protocol is a very interesting project as well and will soon release their trading terminal on testnet. This will allow users to buy BTC, ETH etc directly from with their wallet from centralized or decentralized exchanges.. also good arbitrage opportunities and most importantly, you own the private keys
Q — What’s the significant use of PoS, PoA, PoI in Consensus, how it is beneficial for the WanChain Blockchain?
A — PoS is the most environmentally friendly solution out there and it’s also secure because you need to acquire a very heft amount of coins to attack the network, a lot more than PoW.
Q — One of Wanchain’s goals is to change and improve the way the world does financial transactions. For these goals Wanchain what is doing and how to achieve these goals and what is your future plans achieve these goals?
A — Opening up Banking APIs (like we’ve seen in Europe), reward programs (interoperable loyalty points) and supply chain are key areas of focus for us going forward.
Q — I know Wanchain from the very first till now. How much hype it was created back in 2018 because of its vision and a great team. But for now it looks so calm, What do you think about the present condition of $WAN?
A — Calm before the storm! Well, we are still a few years away (the whole space) from true adoption. I think we are in the right path by focusing on building out our ecosystem and improving our cross-chain. Loads of projects spent most of their money on dapps and tools that will never be used whilst we quietly built bridges to Ethereum, Bitcoin and EOS. No other project can claim that currently.
Q — What are the differences between the Wanchain Galaxy Consensus Proof of Stake and the original Proof of Stake?
A — Galaxy is just the “branded” version. Dapps are coming, first one is the dex in collab with Rivex, Orion protocol trading terminal and a few games (early 2020).. then enterprise we are building out the reward programs
Q — What is the strongest points of your project that helps to attract new investors on your network?
A — Building an epic ambassador program with everyone in the community. Cryptozombies type cross chain courses, articles, meetups, university challenges, sponsoring university courses, hackathons, graphics etc.. together we can achieve a lot more so I say we need to all work together to make this a success.. even projects or “competitors”
Q — As many are saying Gaming and betting will bring adoption to BlockChain industry, What is your opinion about the real adoption?
A — Yes, gaming and betting are the lowest barriers to entry and makes sense they are the first to see adoption. We want to build out cross-chain marketplaces and games.. imagine a cryptokitty interacting with a tron dog ? and a crypto pig on wanchain being swapped with a cryptokitty on ethereum.. now imagine making these characters interoperable.. you have one character that stays with you forever and you can use it in various dapps.. You can use it in a tennis game,in a card game and so forth. Check out what God’s Unchained has done with Cryptokitties. There are countless opportunities
Q — What applications for Wanchain are you working on at the moment and, in your opinion, what is going to be the first killer use case?
A — A game like God’s Unchained that allows characters from different blockchains to battle with each other.. bridging blockchains technically and the respective communities.. I’d love to see something like that on Wanchain and maybe we will soon enough
Q — With Wanchain protocol. What problems has blockchain solved in countries, and what additional problems do you think it could solve and how? (ie; corruption, security)
A — It will solve problems you see with cash now (it is untraceable, can be laundered, you can’t see who had the bills last). Blockchain will make cash go away in time.
It’s funny the argument fr money laundering is still being used when talking about Bitcoin when you know they have used the explorer to catch criminals (chainanalysis).. because it is transparent and every transaction is there, forever.
Q — With POS online and switch to wanchain 4.0 , do you think that now big corps and enterprises attract and invest in it? Is Wanchain will be among a few projects in the DeFi area that are going to rock in 2020?
A — Wanchain is a middleware protocol connecting different blockchains together and enabling the transfer of value across them. We’re also looking into non-fungible tokens and other forms of transferring data across (not only value) which will be extremely useful for enterprise. However, It is still very early for enterprises getting involved.
We’ve established partnerships with Eleven Paths (Telefonica’s Cyber Security Unit), PUC Malaysia and a number of others in China which we cannot disclose at this time. We are one of the few interoperability platforms with a working solution (Ethereum, Bitcoin and soon EOS bridge) but we are the very early stage of the adoption cycle and like any new technology, it takes time to get proper traction. More companies are getting involved now than last year or in 2017. The market is different but it has matured and projects are forced to build real solutions for problems.
With PoS (which went live a little over a month ago and the team focusing on cross-chain improvements now, it is only going to get better, and easier to use our tools and dapps. For both public and private blockchains.
Q — Recently Wanchain joined Mousebelt Blockchain Education Alliance with Stellar, Hedera, LTO Network. Why Wanchain decided to join all these and what is advantage of Wanchain to join all these factors?
A — As I just mentioned, we’re at the very early stage of the adoption cycle. We’re either at the innovators or early adopters level but in any case, we’re at the point where we need to simplify the whole process. We need easier to use tools, dApps and better documentation across the space. We need better onboarding and that all starts at the education level.
The ones using tools such as wallets and dApps (such as games) are mostly tech-savvy or developers. How do we bring new users?
1) Educate the current and new generations
2) Build solutions for actual problems not “build products in search of problems”.
3) Provide better onboarding for developers (courses, hackathons, virtual and physical workshops).
Q — What inattentiveness have WAN added to the DeFi ecosystem?
A — Wanchain has created bridges to ethereum and bitcoin. This proves that our cross-chain mechanism works across any blockchain. So we are taking that and improving our cross.chain experience for users. We are looking at ways to improve the speed (state channels, layer 2 solutions) and reduce the cost. Once we have achieved these critical improvements, we can start to build even better use cases on our blockchain. Another thing the team is looking at is how to bring bitcoin and other assets to other blockchains (not just Wanchain). Bringing BTC to Ethereum, to EOS and all the other chains. It’s a long process but we’re working on creating a sustainable platform above anything else.
Q — We can issue proxy token with the help of wanchain. What is difference between normal token and proxy token and How its work on wanchain ecosystem?
A — So a proxy token is like an IOU . I give you this token as a representation of something. It can be manual or automatic (ill explain what I mean by this below). Let’s look at Kybers WBTC. The WBTC on Ethereum now is basically an erc-20 that tells you this token is backed by a real Bitcoin but is managed by a central custodian (in this case Bitgo). Bitgo has a great reputation and I don’t see any risks in the short term but they could still be shut down one day and that IOU you have, would be useless. With our WBTC (or proxy Bitcoin) it’s in the WRC-20 format (as with ERC-20) but you (the user) can swap it for the native Bitcoin at any point you wish.
These Bitcoin are in locked accounts on the Bitcoin chain, which are secured by a distributed network of Wanchain storemen nodes. Our plan is to open them up (fully decentralize the storemen) and allow users (just like with validation) to secure the cross-chain bridges we establish.
In other words, I can issue a token tomorrow and tell you its backed by real gold. You need to trust me that i have the physical gold backing the IOU.. this is in the centralized WBTC version, but with our solution, you’d automatically get the gold sent to your house.
Q — Wanchain reached a maximum> $ 9 per coin, the drop, this somehow affects or affected the project? How does wanchain 3.0 work, that is, is it reliable to use with BTC in a decentralized and private way?
A — Wanchain 3.0 is a great first step towards our mission of becoming a fully decentralized network. PoS builds on top of that idea, making it more of a reality. Currently, our storemen are distributed but they are distributed (the private keys are at least) so one or a few storemen nodes never have access to the private key, thus never being able to collude and steal the Bitcoin or assets that are locked in the accounts.
We are making constant improvements and slowly decentralizing to ensure that in the future, not one or a few entities hold most of the “power” or “decision making”
We get asked a lot why we didn’t decentralize from the start and all i can say is look at what happened with Verge, Vertcoin, Ethereum classic, Monacoin.. they were all attacked and it cost the hackers next to nothing to conduct such attacks..
It’s too early to fully decentralize a network that is going to support a number of enterprises and public chains. It takes a long time to build trust right? But it only takes one incident to make that go away
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 Beijing (China), Austin (USA), Kuala Lumpur (Malaysia), and Madrid (Spain).
You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.
Join Cryptoverse links below: