WAN

Overview of WAN

Wanchain, also known as WAN, is a type of cryptocurrency that was founded in 2017 by Jack Lu, Dustin Byington, and Wang Dong. It is a type of digital currency that is supported by various exchanges including Binance, Kucoin, and Huobi. For storage, the WAN token can be held in wallets such as MyEtherWallet, Ledger, and Trezor. The main objective of Wanchain is to create a new distributed financial infrastructure that can connect different blockchain networks together. This allows for more streamlined and efficient transfers of value.

Pros and Cons

What Makes WAN Unique？

Wanchain, abbreviated as WAN, sets itself apart from other cryptocurrencies through its emphasis on cross-blockchain compatibility. Its primary innovation lies in its ability to create a new distributed financial infrastructure that seamlessly connects separate blockchains. This is designed to support efficient value transfers, including cross-chain transactions, across different blockchain networks.

In the majority of cryptocurrencies, transactions and smart contracts operate within their native blockchain. They often face difficulties in directly interacting with other blockchain platforms or transferring value across other networks seamlessly. In contrast, WAN's infrastructure supports interoperability, i.e., the ability to share information across different blockchain networks and conduct inter-blockchain transactions.

How Does WAN Work？

Wanchain, or WAN, works on a principle intended to unify the worlds digital assets and transform the digital economy. It adopts a consensus mechanism called Galaxy Consensus, which is based on the Proof of Stake (PoS) model with added features: a random number generation protocol (Verifiable Random Function) and a Leader Selection Mechanism.

In its network, validators are selected through a staking process where the WAN token is used. Validators participate in the consensus protocol to validate and record transactions on the Wanchain ledger. For their service, validators are rewarded proportionate to their staked tokens.

Wanchain's primary feature – cross-chain compatibility – is realized through a series of complex operations involving locked accounts, proxy tokens, and smart contracts. When a token on one blockchain needs to be transferred to another, the original token is locked on the source blockchain first. Then, a proxy token is created on the target blockchain, which represents the value of the locked token. Users can trade the proxy token within the target blockchain environment or redeem it for the original locked token.

Exchanges to Buy WAN

WAN tokens are available for purchase on several cryptocurrency exchanges. Here is a list of ten such exchanges, along with some of the currency pairs and token pairs they support:

1. Binance: This exchange supports WAN trading with pairs such as WAN/BTC, WAN/BNB, WAN/ETH, and WAN/USDT.

2. KuCoin: This platform offers pairs like WAN/BTC, WAN/ETH, and WAN/USDT.

3. Huobi Global: On Huobi, you can trade using pairs such as WAN/BTC, WAN/ETH, and WAN/USDT.

4. Bitrue: This exchange supports WAN trading with pairs like WAN/XRP, WAN/USDT, and WAN/BTC.

5. Bithumb: You can trade WAN on Bithumb with the pair WAN/KRW.

How to Store WAN？

Storing WAN tokens involves using a cryptocurrency wallet that is compatible with the tokens. Here are some wallets that are compatible with WAN:

1. Wanchain Wallet: This is the official desktop wallet developed specifically for storing, managing, and transacting WAN.

2. MyEtherWallet (MEW): As WAN is an ERC-20 token, it can be stored on any wallet which supports Ethereum-based tokens. MyEtherWallet is a free, open-source, client-side interface for creating and managing Ethereum wallets.

3. Ledger: Ledger is a hardware wallet, which is a type of wallet that stores the user's private keys in a secure hardware device. It has a reputation for being one of the safest ways to store cryptocurrencies.

Should You Buy WAN？

As a cryptographic asset, WAN is suitable for those who have a good understanding of the cryptocurrency market and blockchain technology. It may be an option for individuals who:

1. Are interested in the project's goal of creating a new distributed financial infrastructure.

2. Are willing to understand and engage with Wanchain's unique cross-chain transaction technology.

3. Are seeking a cryptocurrency that offers interoperability, privacy features, and the capability to deploy smart contracts.

4. Are comfortable with the inherent volatility and risk associated with the cryptocurrency market.

FAQs

Q: What is the unique selling point of Wanchain or WAN？

A: Wanchain's unique selling point is its ability to create a decentralized financial infrastructure that allows seamless interoperability between different blockchain networks.

Q: Are there any specific wallets recommended for storing WAN tokens？

A: Yes, WAN tokens can be securely stored in the official Wanchain Wallet, or ERC-20 compatible wallets such as MyEtherWallet, Ledger, Trezor, MetaMask, or Trust Wallet.

Q: In what scenario would WAN become more effective？

A: The effectiveness of WAN's network interoperability largely hinges on its widespread adoption by other blockchain networks.

Q: How susceptible is WAN to market fluctuations？

A: As with all cryptocurrencies, WAN is subject to the volatile nature of the cryptocurrency market, which can result in significant fluctuations in its value.