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

Pros:

1. Interoperability with other blockchains: WAN's architecture is geared towards enabling transactions with other blockchains. This gives it the flexibility to interact with an array of currencies and tokens, thus increasing its utility in the crypto-ecosystem.

2. Deployment of Smart Contracts: WAN allows users to build and deploy their smart contracts for numerous applications, providing a flexible platform for decentralized application (DApp) development and deployment.

3. Privacy Protection Measures: WAN offers privacy features that are designed to anonymize users' transactions, protecting them from third-party surveillance and making their activities more confidential.

4. Supported by notable exchanges: WAN is listed and supported by some widely-recognized cryptocurrency exchanges such as Binance, Kucoin, and Huobi. This gives it a stronger market presence and makes it more accessible to a wider audience.

Cons:

1. Requires broad adoption for effectiveness: The effectiveness of WAN's interoperability feature pivots on its acceptance and adoption by other networks. If it's not widely adopted, its functionality may be limited.

2. Competitive Marketplace: Despite its unique features, WAN is competing in a saturated marketplace with other cryptocurrencies also offering innovative solutions.

3. Crypto Market Volatility: As with any cryptocurrency, WAN is subjected to the typical volatility of the crypto markets, which is driven by regulatory news, market sentiment, and technological breakthroughs among other factors.

4. Dependent on Partnerships and Alliances: WAN's growth and expansion are somewhat reliant on its ability to form partnerships and alliances with other networks, businesses, and platforms. This implies that its progress may be impeded if it's unable to forge needed partnerships.

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.

Another standout feature of WAN is the ability to deploy custom smart contracts. Users can build and launch tailor-made smart contracts that cater to their specific needs, which offers a platform for creating decentralized applications (DApps).

Also, WAN has integrated privacy protection measures within its system to keep transactions confidential, enhancing security and ensuring user privacy – a feature that may not be present in all cryptocurrencies. However, it's crucial to note that these innovative features necessitate broad user adoption and strategic partnerships, which can be viewed as challenges for WAN compared to more established cryptocurrencies.

Like all cryptocurrencies, WAN faces the common challenges pertaining to market volatility and the competitive nature of the crypto-industry. It shares these challenges with its counterparts in the cryptocurrency market.

Circulation of WAN

Circulating supply

The circulating supply of Wanchain (WAN) is currently 197.101 million tokens. This means that these are the tokens that are currently available to buy and sell on exchanges.

Price fluctuation

The price of WAN has fluctuated significantly since its launch in April 2018. It reached an all-time high of $8.20 on May 10, 2021, but has since fallen to its current price of $0.193 as of September 19, 2023.

There are a number of factors that can contribute to the price fluctuation of WAN, including:

• Supply and demand: The price of WAN is determined by the supply of tokens available and the demand for those tokens. If there is more demand for WAN than there is supply, the price will go up. Conversely, if there is more supply of WAN than there is demand, the price will go down.

• News and market sentiment: Positive news and developments surrounding WAN can boost demand for the token and drive up the price. Conversely, negative news and developments can dampen demand and drive down the price.

• Overall market conditions: The cryptocurrency market as a whole is volatile and can experience significant price fluctuations. WAN is not immune to these fluctuations and its price can be affected by broader market conditions.

Additional notes

Wanchain is a cross-chain interoperability platform that connects different blockchains and allows users to transfer assets and data across them. WAN tokens are used to pay for transaction fees on the Wanchain network and to participate in governance and staking.

The Wanchain team is working on a number of initiatives, including expanding the Wanchain ecosystem and launching new features. If the team is successful in executing on its plans, this could boost adoption and demand for WAN.

Overall, Wanchain is a promising project with a number of potential benefits. However, it is important to be aware of the risks associated with investing in a cryptocurrency, including the risk of price volatility.

Investors should carefully consider their own risk tolerance and investment goals before investing in WAN.

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.

Moreover, Wanchain also supports private transactions through its implementation of Monero's Ring Signatures, where outgoing transactions can be obfuscated to enhance privacy.

It's also essential to mention Smart Contracts which are a fundamental part of WAN's infrastructure. Developers can use this feature to create decentralized applications (DApps) with blockchain's assured transparency and security.

Wanchain thereby operates as a decentralized financial marketplace that permits smooth value transfers and efficient cross-chain transactions, positioning itself uniquely in the wider blockchain ecosystem.

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.

6. DragonEx: DragonEx offers pairs such as WAN/USDT, and WAN/ETH.

7. HitBTC: HitBTC supports various pairs like WAN/BTC, WAN/ETH, and WAN/USDT.

8. Bitbns: On Bitbns, you can purchase WAN with INR (WAN/INR).

9. Bilaxy: On Bilaxy, you can trade WAN using pairs like WAN/ETH and WAN/USDT.

10. MXC: On MXC, you can trade with the pair WAN/USDT.

Remember that trading pairs may vary from time to time based on the exchange's policies. It's always a good idea to check the exchange's official website for the most updated and accurate information.

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.

4. Trezor: Trezor is another type of hardware wallet. It allows users to store their private keys in a secure offline environment, offering an added level of protection against hacks and security breaches.

5. MetaMask: It's a browser-based wallet which also works as a browser extension. It allows you to run Ethereum dApps right in your browser without running a full Ethereum node.

6. Trust Wallet: Trust Wallet is a mobile wallet app that is designed for simplicity and convenience. It also supports all ERC-20 tokens, including WAN.

The best choice of wallet depends on one's needs, including factors like what kind of device you want to use to access your cryptocurrency, how often you want to make transactions, and your concerns about security.

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.

Before purchasing WAN, prospective buyers should conduct thorough research and due diligence, examining Wanchain's project details, team, roadmap, and past performance. They should consider:

1. Understanding Cryptocurrency: Cryptocurrencies are complex financial instruments. In-depth knowledge of how cryptocurrencies work in general, and how WAN operates specifically, is crucial.

2. Legal and Regulatory Compliance: Ensure that buying, owning, and trading cryptocurrency complies with local laws and regulations.

3. Storage and Security: Secure their investment by using trusted wallets for storage, and follow good security practices to protect their cryptocurrency from theft and loss.

4. Investment Risk: Be prepared to deal with potential value fluctuations that are commonplace within the cryptocurrency market.

5. Financial Advice: Consider consulting with a financial advisor to ensure that investing in WAN or any cryptocurrency aligns with their overall financial goals and risk tolerance. Cryptocurrency investment should be part of a well-diversified portfolio strategy.

Remember, buying or investing in any type of cryptocurrency always comes with risk, and individuals should only invest what they can afford to lose.

Conclusion

Wanchain (WAN) is a unique cryptocurrency that strives to establish a new distributed financial infrastructure, connecting different blockchain networks to enable efficient transfers of value. Its key features include cross-blockchain compatibility, deployment of smart contracts, and privacy protection measures.

However, like any cryptocurrency, it has inherent risks. Its functionalities largely depend on wide adoption by other networks and strategic alliances, which can make its prospects uncertain. It operates in a highly competitive, volatile, and unregulated market, often resulting in significant fluctuations in its value.

As an investment, the potential for WAN, like all digital currencies, to appreciate or generate profit is speculative. Past performance is not a reliable indicator of future performance. Its potential for profit brings with it potential for loss, especially given the volatility of the cryptocurrency market.

Whether or not it can make money depends on a range of factors including market demand, regulatory developments, technological advancements, and broader economic factors. Its development prospects can be optimistic if these variables align in favor, but uncertainties remain and should be considered. Thus, potential investors are advised to conduct thorough research and possibly seek consultation from a financial advisor before investing.

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.

Q: What are some of the challenges WAN faces in the cryptocurrency market？

A: Challenges for WAN include the need for broad network adoption, the competitive nature of the cryptocurrency market, and the necessity of partnerships and alliances for growth.

Q: What utilities does WAN offer to its users？

A: WAN offers its users the ability to transact across various blockchain networks, deploy custom smart contracts, and perform transactions with enhanced privacy features.

Q: Does acquiring WAN tokens necessitate some form of expertise or knowledge in cryptocurrencies？

A: Yes, purchasing WAN or any cryptocurrency requires a solid understanding of the cryptocurrency market and blockchain technology due to their complex nature.

Q: Is investing in WAN a guaranteed way to earn profit？

A: No, investing in WAN, like investing in any cryptocurrency, is speculative and comes with a risk including potential loss of investment due to market volatility.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.