Wanchain Developed To Spur Inter-Blockchain Cooperation
On August 3, Wanchain, distinguished as the first blockchain project endeavored upon by Chinese firm Wanglu Tech, released a whitepaper highlighting interoperability protocols intended to bring multiple blockchains together.
Wanchain's architecture is built on the Ethereum blockchain. As stated in the whitepaper, Wanchain will act as a decentralized bank, allowing individuals to interact across the existing blockchain ecosystem by providing an intermediary platform that makes use of executable distributed code contracts (EDCCs). The native token on Wanchain will be called WANCoin, which must be consumed to support cross-chain and intra-chain transactions. Proof-of-stake consensus models will be used for ordinary transactions, while consensus and incentive mechanisms will come together to enable cross-chain transactions.
As per the whitepaper, the cross-chain connection requires assets that integrate with Wanchain to be registered on the network. This is to ensure unique identification, as facilitated by "secure multi-party computing and secret-sharing joint anchoring schemes to achieve minimal-cost integration through the cross-chain communication protocol without changing the original chain's implementation."
Unregistered assets transferred to Wanchain can fit into custom templates, which deploy EDCCs that utilize cross-chain transaction data. As assets arrive from the origin chain, Wanchain issues corresponding equivalent tokens as a common unit of trade to use within the network. An example of an Ethereum transfer of assets between the public chain and Wanchain is illustrated below.
In the above example, Alice and Bob both own accounts on the Ethereum and WanChain platforms respectively, and Alice wants to transfer 10 Ether (ETH) to Bob. Alice sends a cross-chain transaction request to a Wanchain wallet, initiating a transfer on the Ethereum blockchain. The recipient is an Ethereum cross-chain locked account. Once Wanchain's validator note confirms the transaction request, it sends verification that the transaction is recorded and creates an equivalent token dubbed "Ether Prime" on Wanchain, in correspondence with the ETH transferred to Bob.
Another diagram provides an explanation as to how Bob would use the Wanchain wallet to send the 10 ETH he received from Alice to someone named Chris, using a cross-chain transaction with the ETH asset contract. Once the request is received, the validator note locks the corresponding 10 ETH assets. Using a secret-sharing mechanism, an Ethereum transaction commences. The transferring wallet is the locked account that was previously locked by Alice's assets, while the transferee will be Chris's Ethereum account. Once node validation occurs, the transaction is confirmed on the Ethereum blockchain, the 10 ETH locked into Bob's account is cleared; the original asset is transferred to the original chain in Chris' wallet.
Wanchain's protocols are likely to allow more cross-platform integration for traders seeking to send value to one another by leveraging a trustless decentralized system.