What is Wanchain
Wanchain is a blockchain-based platform that aims at creating an ecosystem that will become a basis for the crypto banking system. This platform is designed to feature two core features that are essential for banks: interaction between different blockchains and financial services like payment system, investments, seamless exchange and so on. In addition, Wanchain is the platform for decentralized applications (also called dApps) and smart contracts as tools for financial operations.
The native currency of this blockchain is called Wancoin. It works similar to GAS in NEO’s blockchain — the main purpose is security deposits for transactions between blockchains and fueling transactions within the blockchain. WAN is mined through a modified Proof-of-Stake (abbreviated as PoS) algorithm. It includes the modernized role system where users take part in the blockchain’s life in three different node modes. There are:
- Vouchers, who hold security deposits and help to maintain cross-chain transactions.
- Validators, who make records in the blocks for a fee.
- Storemen, who verifies transactions with the stake principle.
The team behind Wanchain is a Chinese company called Wanglu Tech. It is a $560 million tech enterprise founded by Jack Lu — a co-founder and CTO at Factom. Wanchain is quite a new project since it started operation in 2017. But it already collected some attention from the community. For instance, Wanchain’s ICO pre-sale completed on October 4th, 2017, and at that point, the company sold 51% of the total available supply and rose around 120 000 ETH. Other significant highlights of the Wanchain’s campaign are partnerships with Formosa Financial and Chainlink and joining the Blockchain Interoperability Alliance (IOA).
Wanchain was first presented as a for of the Ethereum blockchain. Consequently, WAN was initially designed as an ERC-20 token. Shortly after the release, the platform moved to its own code making WAN an independent coin.
Within the first several months after WAN entered the big market, the price met its all-time peak, when it reached $9,92 on the 3rd of May 2018. After that, the chart directed down for the rest of the year. Despite the attempts to went back to the bullrun in July and August, the WAN’s rate decreased to the point of $0,353 per coin by the end of the year.
Throughout the year 2019 WAN tried to make a breakout above the $0,6 line but didn’t succeed so far. The price rode on the roller-coaster chart with harsh fluctuations, especially before September. On August 24 Wancoin took its year peak of $0,561. After that, the price dropped and established in the sideways under $0,3.
As of this writing, the current WAN price is $0,1772. According to the CoinMarketCap website, the current market cap of this coin is $18 810 255 which is the number 137 in the overall cryptocurrencies ranking. The daily trading volume is $1 792 419. 106 152 493 WAN are in circulation so far, when the total available supply is 210 000 000 WAN.
Besides the utility purposes, Wancoin is a trading option. It is listed on many major cryptocurrency exchanges like Binance, Huobi, KuCoin and BiTrue. There are trading pairs with BTC, ETH and some more.
Wancoin works similar to Ethereum and NEO in the matter of hosting currencies. WAN is built on open-source code, so anyone can develop their currencies based on the platform. Anyone who owns WAN can possibly get airdrops from other projects.
Wanchain is a project that focuses on fulfilling a modern crypto user’s demands. This is the main reason it made quite a good start and managed to gather attention and investments. Many experts and crypto-related portals are quite optimistic about their price forecasts when talking about WAN.
- Crypto Ground makes big long-term and short-term bids on WAN. According to their article, the price will reach $0.2906 in the middle of 2020 and $9.9114 in 2023.
- Cryptoinfobase posted an article about WAN in November 2019 — the author states that the price will likely reach $1 in 2020.
- Coinswitch is even more positive in their prediction. The article on their website states that the possible price of WAN in 2020 is $9.06.
This article must not be taken as financial advice, but we find Wancoin quite interesting as an investment option.
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