Yesterday Wanchain announced that it would be integrating with the EOS blockchain for its project. That is great news for Wanchain fans, but what does that mean for the rest of us?
Wanchain is an interoperability project, which wants to connect all the other blockchains into one. To do this it creates mirror images of tokens and apps from other platforms, which can be used just like the real ones.
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For example, Wanchain lets you use Bitcoin in an Ethereum smart
contract. All you have to do is send Bitcoin into a special smart contract, which gives you the same amount of WBTC, a Bitcoin-backed Wanchain token. That token can then be spent in ways regular Bitcoin can’t, and when you’re done, you can exchange it back for regular Bitcoins.
Right now they already have bridges to Ethereum and Bitcoin, and they’re building a new one to EOS. Wanchain’s CEO Jack Lu announced that the new addition would take place in the first half of this year. What they liked about EOS is its ecosystem of dapps and large community, which are comparable to Ethereum.
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Wanchain is also planning to support two stablecoins. They’re making
Wanchain tokens for True USD and USD Circle, and later they’re also going to integrate the BAT token. According to their CEO, Wanchain sees every public blockchain as potential candidates for the future.
Wanchain’s code is a fork of Ethereum, but it has several key
differences with the project. The biggest difference is that Wanchain uses a proof of stake consensus, which is powered by validators who need to hold balances of Wancoin in order to verify transactions.
WAN Price Action Analysis
Wanchain’s token, WAN, has been getting some love from the trading crowd in the past week and was able to break out of its 4-month consolidation and the daily Ichimoku cloud on March 9th, 2019. However, it’s bullish momentum is a bit choppy and every few green daily candles have been followed by a correction. WAN has a long way to go before reaching key resistance levels, but it may very well prove that slow and steady wins the race.
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Now I’d like to hear from you. Do you think that Wanchain is even necessary in the ever competitive crypto world? After you subscribed, head over to the comment section, give me a shoutout and let me know.
Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio. Don’t forget to complete your risk management due-diligence before developing your investment strategy.
