Introducing Wanchain: no more isolated blockchains!

This is my first article where I am going to share my thoughts about an exciting blockchain project called Wanchain, which is probably one of the most ambitious developments there could be in the blockchain industry. However, before diving deep into what this project is all about, I consider it is important to put things into context and cover the importance that blockchain technology, in general, has for the digital space, especially when it comes to commerce and the easy transaction of value.

Blockchain and the digital economy

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Anywhere we look we can see our society is becoming more digital with every passing year, people in general, are spending more time on their favorite social platforms, and even those who until a few years ago were kind of skeptical about involving themselves in the world of digital interactions, are slowly getting used to consuming information and keeping in touch with their social circles through digital applications.

I know this is the case because on a personal level, I have seen people from the third age starting to adopt smartphones to use social apps and be on constant communication with their family and old friends, and even though at the beginning it can be a little bit challenging for people who are using digital platforms for the first time, eventually they get used to it. The trend is extremely clear, digital interactions are here to stay, and they are only going to continue to improve as new technology is developed, and the best ones will naturally attract the most users.

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The innovation from the last few years that is probably the most important for the digital space is blockchain technology, it made possible the creation of decentralized and immutable networks where information and value can easily be transferred on a p2p basis without a single party being in complete control, which means greater security, and with no central point of failure due to the distributed nodes all over the world that maintain the blockchain.

This technology opens a whole new universe for digital commerce to expand like never before possible, for example, people that weren’t able to participate in the traditional systems to transfer money through a digital platform due to living in remote places where there isn’t a proper financial infrastructure, they can now easily use any of the available cryptocurrencies, which is something that anyone can do, and be able to send and receive valuable tokens freely with no complication whatsoever, this fact is commonly referred to as “banking the unbanked”, and is one of the most important changes that blockchain (with Bitcoin as the first example) makes possible.

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However, there are also other disrupting results, like the possibility of tokenizing every single type of asset there might be, to properly represent them in a particular blockchain, facilitating how the transfer of that value is registered and recorded, this is possible thanks to the inherent immutability of blockchain technology, which is a key aspect in providing state-of-the-art security for these networks and their transactions.

In short words, blockchain technology is capable of bringing a lot of benefits for the digital space, but there is a particular issue where solutions are yet to be completely developed.

Isolated Blockchains

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Even though this industry has been growing thanks to all of the innovations that are being developed as a result of the amount of resources that are invested and the talented people working to figure out all sort of new ways to develop applications, protocols, and platforms, right now we find ourselves with a plethora of blockchains, some more common and valuable than others, but either way, it is undeniable there are currently an incredibly high amount of blockchain projects in the market.

According to data from coinmarket (one of the most common websites with information about blockchain projects regarding their current prices, market capitalization, the volume of transactions, among other useful information), there are currently more than two thousand different cryptocurrencies, like the image below is showing:

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It is important to know how many listed tokens there are because blockchains weren’t originally designed to work with each other, this means the majority of the more than two thousand cryptocurrencies listed on coinmarket, cannot interact between them. Users need to use exchanges to trade one crypto for another one, instead of doing it directly through a cross-chain transaction. This issue might seem small, but it can certainly halt the growth of this industry. The entire crypto economy, and hence, the digital economy, would be much more dynamic if people were able to do transactions directly across different blockchains.

Fortunately, there is a project named Wanchain, that is developing solutions to allow blockchains to interact with each other.

What is Wanchain?

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Wanchain is a blockchain project looking to develop the necessary protocols to allow different blockchains to interact directly with each other, they are looking to provide a platform where other developers can create applications that can simultaneously operate in multiple blockchains, while also having top-notch privacy and compatibility with smart contracts.

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The first blockchain to be fully compatible with Wanchain’s infrastructure was Ethereum, however, in the coming months, Bitcoin is also going to be fully compatible, and slowly but surely, more and more different blockchains will be able to have cross-chains transactions thanks to the work that is currently being done in this ambitious project.

Wanchain's ultimate goal is to eventually allow for the general interoperability in the blockchain industry to become something real, which can result in smart contracts triggering transactions in different blockchains, increasing even more the already high sophistication in the financial tools that are present in the digital space.

Conclusion

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This was the first article about the Wanchain project, it consisted of general information about the impact that blockchain technology can have in the digital economy, as well as general information about what the Wanchain team is trying to achieve

In the following articles, I am going to cover more information about the most interesting aspects of this project, as well as some technical elements that are the ones doing the magic when it comes to achieving real blockchain interoperability.

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Feel free to ask any question you might have and to share yout thoughts about this project in the comments below.

For those interested in reading more about Wanchain, I will add some official links:

· Project Website: https://wanchain.org/

· Products & Services: https://wanchain.org/product

· Documents: http://www.wanchaindocs.org/en/latest/

· Facebook: https://www.facebook.com/wanchainfoundation/

· Medium: https://medium.com/wanchain-foundation

· Telegram: https://t.me/WanchainANN

“DISCLAIMER: The information contained within this post shall not be taken as financial advice. I am not a financial advisor and none of your investments should be carried out based on any information presented here. You can lose all of your money by investing. The following information is for educational and entertainment purposes only.”