Wanchain Price(WAN)

Wanchain (WAN) is described as both a sustainable Layer 1 Proof of Stake (PoS) blockchain and a decentralized solution for blockchain interoperability. It aims to address the issue of isolated blockchain networks by creating a "wide area network of blockchains" that enables seamless asset and data transfers across different chains. The Wanchain Layer 1 PoS blockchain offers an Ethereum-like environment compatible with standard Ethereum tools, decentralized applications (dApps), and protocols. It utilizes a proprietary Proof of Stake consensus algorithm called Galaxy Consensus, which incorporates cryptographic schemes such as distributed secret sharing and threshold signatures for improved random number generation and block production. Galaxy Consensus is noted as a continuation of Cardano's Ouroboros. A core feature of Wanchain is its decentralized, direct, and non-custodial bridges, which connect both EVM (Ethereum Virtual Machine) and non-EVM networks without relying on centralized intermediaries. These bridges employ a combination of Secure Multiparty Computation (sMPC) and Shamir's Secret Sharing to secure cross-chain assets. Wanchain's network supports over 15 Layer 1 and Layer 2 blockchains, including Bitcoin, Ethereum, Avalanche, BNB Chain, and Dogecoin. It supports the bridging of both fungible and non-fungible tokens. The process for cross-chain token transfers often involves a "lock-mint-burn-unlock" method, where assets are locked on the source chain and a wrapped token is minted on the destination chain. The native utility token, WAN, has several use cases within the ecosystem. It is used for validator incentives, allowing users to earn WAN by running Proof of Stake validator nodes or Storeman validator nodes. Token holders can also stake their WAN to delegate to Storeman Validator nodes and earn staking rewards. Additionally, WAN is used for transaction fees, smart contracts, and as collateral for cross-chain bridging nodes. Wanchain also supports various decentralized finance (DeFi) dApps, such as Automated Market Makers and decentralized lending platforms. The project was founded by Jack Lu and launched its token with an ICO in 2017. Learn more

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