What is Wanchain? A beginner’s guide

A step-by-step guide to the Wanchain network and how you can buy WAN in New Zealand.

Wanchain is a distributed financial network that aims to unite isolated digital assets (such as cryptocurrencies) with one another by using cross-chain smart contracts similar to those popularised by the Ethereum network. This enables tokens and assets to be traded between blockchains.

Wan is pronounced “one” in Mandarin and reflects the project’s goal to create a single blockchain that all other blockchains and their coins flow through.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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What is the Wanchain network and the WAN coin?

IconSymbolInitial release dateAlgorithm typeMax supply
WAN23 March 2018Proof-of-stake210 million WAN

Wanchain's main features include:

  • Cross-chain smart contracts
  • The ability to transact across blockchains
  • Anonymous transactions
  • It’s part of the Interoperability Alliance (WAN, ICX, AOIN)

Cryptocurrency is made up of thousands of digital assets and tokens, many with their own blockchains. This prevents them from being directly traded with one another or interacting in any way at all. Wanchain’s vision is to solve this by allowing such coins to be traded between blockchains, using the Wanchain network as a sort of middleware to facilitate transactions. Wanchain aims to plant itself firmly at the centre of the cryptocurrency ecosystem by doing so.

The Wanchain network also boats privacy measures – in particular ring signatures, which are used by the popular anonymity coin Monero. Simply put, ring signatures are associated with anonymity as they are able to hide an individual’s actions within a group of users. Ring signatures allow a message (or a transaction) from a group to be sent, without identifying who in the group sent it. This level of anonymity is favourable for various industries and users that require transactions to stay confidential.

Wanchain posits that the future of the economy and finance will be digital and thus proclaims to be a company that can help “rebuild finance”. It plans to do this by digitising assets, making them transferable on a blockchain. Normally we only think of cryptocurrency when discussing digital assets, but Wanchain sees a future where everything, from old photographs to music, is digitised and stored on a blockchain.


Where can you buy Wanchain (WAN) in New Zealand?

At the time of writing, WAN can only be purchased on Binance, although more exchanges are likely to list the coin in the future.

Name Product Deposit Methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

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Note that Binance does not accept fiat currency deposits such as NZD. Before transferring cryptocurrency to Binance, you will first need to acquire cryptocurrency at an exchange which accepts NZD deposits.


What sets Wanchain (WAN) apart from bitcoin (BTC) and other altcoins?

The Interoperability Alliance (WAN, ICX, AION)

The Interoperability Alliance is an agreement and strategic partnership between three blockchain organisations, Wanchain (WAN), Aion (AION) and Icon (ICX). The Alliance’s main goal is to collaborate on research, interchain transactions and communication in order to connect isolated blockchains with one another. It believes that isolation is a persistent problem in the blockchain industry that will hamper scalability and future adoption.

The Kyber-Wanchain Decentralised Exchange (KWDEX)

KWDEX is a proposed decentralised exchange that will allow users to trade their digital assets on-chain. This means that instead of sending coins to an exchange and having them hosted there under the protection of that exchange, users will be able to keep their coins and tokens in their wallets, which is expected to increase security and reduce susceptibility to hacking. Wanchain’s involvement in the project also means that theoretically, an enormous variety of digital assets (as well as cryptocurrencies) will be available to trade on the exchange, potentially transforming the way cryptocurrency exchanges currently function.

To learn more about altcoins, check out our compiled reviews.


What’s scheduled for WAN?

After successfully rolling out its mainnet (Wanchain 1.0) in January 2018, Wanchain’s roadmap shows that Wanchain 2.0 is expected by Q3 2018, which will include integration with the Ethereum network, as well as a multi-coin wallet. To learn more about the Wanchain network and the WAN coin before buying, consider checking out the Wanchain whitepaper.

Source: Wanchain.org

At the time of writing the author holds ICX, AION, WAN, LINK, QASH, NEO, XMR.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping people find the right products for them. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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