About Wanchain (WAN)weiss-badge

Overview

Wanchain (WAN) is an ERC20 token that aims to rebuild finance with private cross-chain smart contracts executed with new distributed financial infrastructure. Cross-chain transactions are a primary focus for Wanchain. The platform allows any digital asset on any blockchain to be converted into a corresponding proxy asset on Wanchain's blockchain. This enables the development of cross-chain decentralised applications (DApps) and eliminates centralised counter-party risk. Wanchain's blockchain plans to support Ethereum DApps and other protocol token Dapps. Any Ethereum DApp can run on Wanchain without code changes, though the DApps can be altered with Wanchain's API's. Privacy is a significant focus for Wanchain. One Time Addresses (OTA) provide total anonymity to the signer of the transaction, yet the receiver can verify the sender has signed the transaction. Further, there is a Private Send function, which breaks down every transaction input to a standard denomination providing additional obfuscation to the transaction amount.

Technology

Wanchain adopts the Proof of Stake (POS) consensus algorithm, similar to Ethereum. The Proof of Stake concept allows a person to mine or validate a block transaction according to the number of coins that particular individual holds. For example, a miner who owns 3% of all Wanchain coins can theoretically mine 3% of the blocks. In short, verifying a Wanchain transaction can be broken up into three categories; Vouchers, Store-men and validators. - Vouchers are used to provide proof that a transaction is going from the original account to the receiving (locked) account. - The Storeman is responsible for merging the signatures from the original and receiving (locked) account to create one signature for the receiving (locked) account. - The Validator informs the Storeman of operational actions related to the receiving (locked) account and completes the record of operations on the Wanchain blockchain.

Future Focus

Wanchain looks to continue development and implementation of their vision over the next few years. The team plans integration with Ethereum and introducing a multi-coin wallet by mid-2018. Integration with the Bitcoin blockchain and other private chains are set to take place in late 2018 and 2019.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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