- WAN 0.60%
- Coin Supply: 0
- 24H Vol: $3,060,574
Wanchain (WAN) Cryptocurrency Super Guide
Our Wanchain (WAN) guide will tell you everything you need to know. We’ll explain what Wanchain is, how it’s trying to rebuild the finance industry and give you our opinion on the project. TotalCrypto urges caution before making any cryptocurrency investments and we always encourage you to do your own research.
What Is Wanchain?
Wanchain’s goal is to build a new distribution structure for digital assets in the finance industry. Currently, the problem with digital assets is that they are stored in one place and cannot easily be transferred to other businesses using other blockchain systems. Think of Wanchain as a bridge that enables digital financial assets to move between different blockchains.
What are digital assets? These can be things like loyalty point registers and future earnings rights. The security, speed, cost effectiveness and transparency of blockchain technology makes it perfect to help businesses store and process this type of data. However, businesses are building applications and storing information on a variety of different blockchains. The problem is that data and digital assets cannot be shared with users or other businesses using a different blockchain. That’s where WAN comes in.
Blockchain is becoming more widely adopted by businesses and there are an increasing number of bespoke business applications built on private, consortium or public blockchains like Ethereum. As more businesses adopt blockchain technology, the mismatching blockchains mean their digital assets are often incompatible. Wanchain aims to solve this problem by being the framework where digital assets can be transferred, viewed or interacted with. Crucially, this compatibility will work across different types of blockchains.
Traditional banks are currently the infrastructure of the the financial framework. Wanchain aims to be the updated framework for digital assets in the financial sector. As the WAN team put it:
“With Wanchain, any institution or individual can 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. Under the guarantee of “banks” based on the blockchain infrastructure, more people can participate in financial services based on digital assets… Wanchain is a distributed super-financial market based on blockchain.”
What Else Does WAN Offer?
Wanchain allows digital assets to be transferred easily across different blockchains. However, it also has some additional key features for application developers looking at building on WAN:
- Privacy: Transactions can be verified on the network. However, unlike other systems like the Ethereum network, Wanchain has a private send function to hide the amount transferred. This is big news for businesses, who might not want the public to know how much money they are making. Also, publicly listed companies only announce their earnings figures once a quarter. The ability to hide transaction amounts protects the integrity of these earnings reports and ensures nobody has a trading advantage.
- Smart Contracts: WAN can process smart contracts. These are enhanced with Wanchain’s API’s (data feeds) and can be combined with the platforms privacy and blockchain compatibility features.
- Initial Coin Offerings: Like Ethereum, new cryptocurrency projects are able to launch their ICOs on the Wanchain network.
- WANLab: Is a blockchain incubator powered by Wanchain. The lab will give blockchain projects the resources, support, access to marketing & PR expertise, contacts and mentorship they need throughout their development process. Needless to say, projects created through WANLabs will add to the already growing Wanchain ecosystem.
- The Interoperability Alliance: In November 2017 WAN entered the alliance with Aion and ICON (both top 60 cryptocurrencies). The purpose of this organisation is to promote connectivity between different blockchains through sharing research and technology. ICON is focused on connecting together blockchains for different industries and creating an ecosystem. In addition, AION is producing the standardised protocol to be used on these chains. Together, the Interoperability Alliance have a much better chance of delivering great products and increasing their global footprints faster.
What Industry Will Wanchain Be Used In?
Wanchain aims to be the infrastructure for digital assets in the financial industry. Estimates put the financial services industry at around 12% to 19.5% of the total global economy. In money terms, that’s over 10 trillion dollars a year!
Think about the world of finance: How many of these assets can be digitalised and put on a blockchain? Shares, futures contracts, bonds, borrowing, exchange traded funds and commodities, to name a few are already traded digitally. The problem is that these financial assets are isolated on their own chains, which causes inefficiencies. With Wanchain, you can connect all these digital assets together and allow them to flow seamlessly onto the WAN network. Also, there are a lot of applications for smart contracts in finance. Once a business has digitalised assets and moved them onto Wanchain, developers can create further efficiencies through using smart contracts.
Currently, Wanchain can be used in the same way that an institution would use a bank. Services such as borrowing or lending money, payment processing, payment settlement, investment and digital currency exchanges are all possible on WAN. In the early days of banking, a narrow range of services were first offered, then the product range expanded. The same is true of Wanchain. In time, additional services could be offered, such as multi currency credit cards and peer to peer lending.
It’s still early for Wanchain and it could be used to build financial applications that we haven’t thought of yet. However, we can be certain that digitalisation of assets creates scale by enabling them to flow more freely. Its doubtful that financial companies will pass up on the opportunity to increase profitability through the use of blockchain technology. The real question is whether Wanchain is going to be the solution they use?
The WAN project is highly ambitious and is positioned in the most profitable niche on the planet. The key to making this grand vision a reality, is the team driving the project forward. TotalCrypto love the wealth of experience the team has. This is just a short summary (to do the team justice we could have written an entire article on them):
- The team contains successful cryptocurrency entrepreneurs such as Founder Jack Lu. Jack has already demonstrated his blockchain and entrepreneurial acumen by founding Wanglutech and co-founding top 100 cryptocurrency Factom.
- The WAN team also has a significant amount of venture capital experience. This is important as VC’s know how to build and scale businesses, as well as having valuable financial contacts. Dustin Byington founded a slew of business including the Bitcoin College all the way back in 2014 before founding Stokens Venture Capital. VC and angel investor Eli Wong also joins the WAN team and brings over 20 years of investment experience. Eli has gained past financial experience with roles at ING Barings, Merrill Lynch, GAM and Elixir Capital.
- The project also has a decent sized team of accomplished developers with experience at large companies such as Dell or in Silicon Valley. Some have even held CTO positions at other companies. A significant number of Wanchain developers have over 10 years experience and certainly know their way around a keyboard.
- Marketing is important. There is a reason why companies dedicate such a large chunk of their resources to this area. WAN have managed to get Benn Godenzi on their team. Benn is a veteran when it comes to crypto marketing, having held Director of marketing positions for Aion, STK Token and CryptoCurve.
WAN Founder Jack Lu & Factom. Why Could It Be Important?
Jack Lu also co-founded Factom, this project developed methods of storing identities and records on the blockchain. Factom has reached all time market cap highs of $715 million. This project’s success shows that Jack already knows how to build a business in the cryptocurrency space. This track record can only be a positive when it comes the WAN project.
Identity storage and securing data such as land deeds on the blockchain are both heavily regulated areas. Factom successfully entered into deals with the government of Georgia and Honduras, with many companies also using their solutions. The point is that the Wanchain project should benefit from Jack Lu’s contacts made during his time at Factom. Jack has also proved that he knows how to comply with regulation. This know how, should come in very handy with the WAN project. Especially because the financial sector is one of the most heavily regulated sectors on the planet.
Financial institutions may love the tech, but there is simply no way they can adopt technology such as WAN, unless they are sure their regulator will give them the thumbs up. This is why TotalCrypto believes Mr Lu’s experience at Factom could be critical to Wanchain’s success and eventual adoption.
The Future Of Wanchain
The project already has a massive following and even though it has only recently come out of ICO, it is already a top 40 cryptocurrency. The success of Wanchain will be determined by the number of financial institutions and companies using the project’s framework. If there is significant adoption by major players in the financial industry, then WAN could well achieve its goal of being the ‘updated framework for digital assets in the financial sector’.
Wanchain certainly does have the momentum at the moment but there is competition from the cryptocurrency Fusion. The financial niche is the most valuable sector on the planet and WAN will certainly not be given a free run at the sector. It also remains to be seen if Financial institutions will use WAN or look to build their own systems.
What we do know, is that it makes perfect sense for the financial industry to be on the blockchain and Wanchain solves a lot of the problems preventing business adoption. We will let the WAN team outline their own roadmap and then it’s on you to decide if they are worth investing in:
It should be noted that the project is one of the few that have repeatedly delivered on their roadmap goals earlier than stated. This strategy of under promising and over delivering gives us confidence in the team and project.
The WAN ICO
The Wanchain ICO took place on 4th October 2017 and raised $36 million in just one minute. The project was one of the fastest selling ICOs in cryptocurrency history and this shows the strong support Wanchain has in the cryptocurrency community. Even more impressively, they achieved this despite having no investors from the US, China and South Korea (who were barred from taking part in the ICO).
Should I Invest In Wanchain?
- They have a truly amazing team. The project has over 20 team members and 11 advisors who all have significant experience in their field and a track record of excellence. The team is well balanced and includes technical, marketing, VC, hedge fund, media and financial expertise. To cap this off, many team members have founded their own successful companies and have previous success in the cryptocurrency space.
- There is a trend in the financial sector towards digitalising increasing numbers of assets. Indeed, the industries need for security, privacy and the numerous potential uses of smart contracts, make it ideal to have on the blockchain.
- Wanchain doesn’t need to get much of a share of the over $10 trillion dollars generated by the finance industry per year, to be very valuable indeed.
- The project appears to understand the requirements of financial institutions and has created a product to cater to the market. TotalCrypto also loves how Jack Lu has already succeeded in the heavily regulated identity and data storage markets. This gives us confidence that WAN will be able to overcome the obstacles of financial regulation.
- Finance is such a large market that Wanchain is going to have stiff competition. Other cryptocurrencies like Fusion are trying to do a similar thing and the traditional businesses in the financial industry have the resources to try and make their own systems. It remains to be seen if WAN can be adopted at scale and successfully create the ecosystem it is attempting to.
- It is still uncertain how many of the world’s financial regulators will object to Wanchain. If a financial regulator looks on the solution negatively, any institution using a license issued by that regulator, is simply not going to use Wanchain.
Buying Wanchain (WAN)?
The two main ways of buying WAN are through Coinbase and Binance. Need some help? The good news, is that we have created this nice guide to show you how. Just follow the walkthrough and you will have your WAN in no time!
The TotalCrypto Team are very optimistic on the future of Wanchain. The project aims to grab a slice of the biggest pie in the world and we believe that the trend of digitising assets will only increase over the coming years. WAN is well positioned to benefit from this trend and we believe that membership in The Interoperability Alliance will only help accelerate growth.
The WAN ecosystem is still young and needs widespread adoption from traditional financial businesses in order to be deemed a success. Financial regulatory bodies may serve as a headwind for the project. However, Jack Lu has already shown that he is skilled at dealing with regulators and speaking their language.
TotalCrypto will be monitoring Wanchain’s progress over the following months and we are certainly excited about their potential.
Below we’ve listed some key resources relevant to Wanchain (WAN).
👍 Best Free Wallets
We recommend you use the official WAN wallet. Currently this wallet is supported on: Windows, macOS and Linux.
📈 Best Apps To Track Your WAN Investment
Want more details on precisely how Wanchain is rebuilding finance? The Wanchain team gets into all the details in their official white paper.