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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
Wanchain- “Distributed Bank”
White paper: https://www.wanchain.org/files/Wanchain-Whitepaper-EN-version.pdf
Review of their ICO: https://icodrops.com/wanchain/
Twitter account: https://twitter.com/wanchain_org
Understading the difference between public/private/consortium blockchains: https://www.blockchaindailynews.com/The-difference-between-a-Private-Public-Consortium-Blockchain_a24681.html
Medium article by Oliver Birch of Wanchain: “The main goal of Wanchain is to solve the issue of value transfers between different ledgers.”
President of Wanchain explaining why the tokens on EtherDelta will be difficult if not impossible to be redeemed on the platform: https://twitter.com/wanchain_org/status/946543948192915456
Addressing the FOMO with good perspective: https://www.reddit.com/r/wanchain/comments/7rne3q/your_profits_may_not_be_what_you_are_hoping_for/
There are some important things you should know before purchasing Wancoin, so let’s get right into it.
Founded by Jack Lu, the same man who brought us Factom back in 2014. The entire team behind wanchain is impressive to say the least. This team is stacked. Not only do they have a long list of individuals rich with encryption, software development and blockchain experience, but they also have a few solid individuals handling the marketing side of things. Both of which are paramount for any crypto project to have a chance at success.
According to Oliver Birch of Wanchain, at its core, Wanchain wants to address the problem of value transfers between different ledgers or blockchains, and also achieve a more widely spread blockchain technology and digital asset applications. (https://medium.com/@interblockchains/wanchain-interoperability-420e5022c138)
According to their white paper they plan to achieve this by pursuing
* Cross-chain asset transfer
* Transaction privacy protection
* Functional Extensibility
They aren’t exactly the first to pursue cross-chain transactions, but they are coupling this with privacy features like ring signatures, you might recognize this one from Monero, and also single use accounts.
If you’re interested in learning more on how Wanchain’s protocol completely removes the third party problem then I definitely suggest going over their white paper, it’s very well written and they go over in detail how they will achieve this and how their privacy features work.
What the coin is for:
Wancoin is used to pay for the fees on the network, and they are also necessary for ensuring cross-chain transactions. Because the coin is directly related to the cross-chain transactions occurring through Wanchain, the more cross-chain transactions occur, the more valuable wancoin will become. (article from Oliver Birch)
Ok so let’s say you’re interested in purchasing some wancoin. They had a massively successful ICO that sold out quickly. If you didn’t get the chance to take part in it, usually your best bet is to purchase the tokens on EtherDelta. EtherDelta is that one decentralized exchange that lists nearly all ERC20 tokens. It’s also notorious for being a pain to navigate and often slow to make trades, but it is for this reason that EtherDelta is also a chance for you to purchase a promising token before it hits a major exchange and most likely jumps in price.
If this is your plan to get a hold of some wancoin, let me stop you right there. The wancoins or more appropriately called tokens that are offered on EtherDelta will not be able to be easily redeemed, or redeemed at all for use on Wanchain. Reason being that in order to redeem your tokens on wanchain, you need to verify that you indeed own the wallet that they are stored on. This means that those who took part in the ICO will have no problem with this, but those who purchase the tokens on EtherDelta are only purchasing pure speculation of the price and will not be able to use those tokens on the actual platform.