wanchain coin: A proof of stake coin for allowing transfer of assets from other blockchain to wanchain blockchain
wanchain coin: A proof of stake coin for allowing transfer of assets from other blockchain to wanchain blockchain

By quintomudigo | cryptoforex street | 15 Oct 2019

$0.65 tipped


wanchain.png  

Wanchain coin is a native cryptocurrency of the wanchain blockchain platform that results from the ethereum folk code created on the wanchain blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Wanchain coin was mainly created to enable assets from different blockchains to be able to communicate to the main chain of the wanchain. By doing so, there are vouchers whose main function is to ensure that those assets coming from other blockchain to the wanchain network enter into a locker account provided that validators validate those transactions on those blockchain. Wanchain coin was also created to become a native coin of wanchain blockchain thus allowing different Dapps from other blockchains to the wanchain blockchain to pay for transaction cost in form of wanchain gas for every transaction the tokens of their Dapps conduct. In the wanchain network, the developers can also use the coin to create and issue the tokens of their Dapps created on the wanchain blockchain. The wanchain coin can also be used by general validators nodes to secure and validate any transaction taking place on the wanchain network. General nodes and delegators can also delegate their wanchain coin to any of the 150 verified node thus in return they receive reward when validators use those coins to secure and validate transactions taking place on wanchain blockchain.

Wanchain coin transaction 

Wanchain coin transaction takes place on the wanchain blockchain explorer based on block height and timestamp.  Here is a view of wanchain coin transaction;

wanchain transaction.png

    To view how the transaction takes place on the wanchain blockchain, you can follow the link below;

https://explorer.wanchain.org/txs    

Date Launched  

Wanchain coin project was started  and launched in 2017 with the main objective of allowing different assets from different blockchain to be able to interact with each other from the main chain of wanchain network as well as to become a native coin of wanchain blockchain 

Founder Of Wanchain coin

Wanchain coin was created by Jack Lu who is a blockchain technologist with the main objective of becoming a native coin for its wanchain blockchain platform thus allowing different assets from different blockchains to be able to communicate with each other.  

Process of creating wanchain coin

  Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for wanchain coin, that is not the case.  Instead, wanchain coin was created to become a proof of stake coin.During its launch, some amount of around 110 million coins were issued for sale. The remaining 100 million coins will be released through staking. In the first year, 2.5 million coins will be rewarded to  general validators node, general nodes and delegators. This amount will keep on decreasing by 12% every year. In wanchain staking process, there are 3 key participants; the general validator node, the general node and the delegator. The general validator node is the one whose work is to use the delegated wanchain coin to secure the network and to validate any transaction taking place on the wanchain network while the general node can be online provided they have a minimum of 10,000 wanchain coins in their account but can not take part in validation of transactions though they will receive part of the transaction fees received by the general validator node.In case the general validator node try to trick the network, their reward will be slashed thus they will also affect the gerenal nodes. The delegators work on the other hand will only be to delegate their wanchain coin to any of the 150 verified validators after which they can receive reward of up to 14% per year based on the amount they will have delegated to the verified validator. The more amount delegated the more reward to be received. In order to become a general validator node, you need to have a minimum of 50,000 coins and a 24 hour running internet while to become a general node you only need 10,000 coins in your account. On the other hand, if you want to become a delegator you only need to have 100 wanchain coins in your wallet which you can delegate to your favorite validator. Here is how the wanchain reward process looks like;

wanchain staking.png      

If you want to become a delegator or a node service provider so that you can receive reward from new coin minted and from the fees income generated, you can follow the link from below;

https://mywanwallet.nl/#staking

Maximum circulation of wanchain coin  

The maximum amount of wanchain coin that is expected to be circulating in the wanchain blockchain should be 210 million. During its launch,110 coins were released for sale while the remaining 100 million coins will be rewarded through staking process at deflation rate of 12% per anum with the first year being 2.5 million coins.Here is how the supply distribution looks like;

wanchain supply.png  

  Wanchain coin Price

Currently, 1 Wanchain coin is worth more than $0.2 and its price is expected to increase over the next period of time. Wanchain coin is being abbreviated as  WAN.

 

Converting my Wanchain coin  to other cryptocurrencies

To convert your wanchain coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your Wanchain coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your Wanchain coin to your favorite cryptocurrencies;   https://www.binance.com/en  

https://www.kucoin.com/ 

 https://bitmax.io/#/

https://www.hbg.com/en-us/   

Storing my wanchain coin

To store your Wanchain coin, you need a wanchain coin wallet. You can either store online or offline. To store your Wanchain coin online, you can either use mywanwallet or can download wanchain wallet for windows , Linux, mac, android, or IOS. To securely store your wanchain coin offline from being stolen by hackers, you can as well download offline wanchain wallet for Linux, windows or mac as well as can use nano ledger wallet.  

Transferring my  wanchain coin to other Users

If you want to transfer your wanchain coin to another user, the two of you must have trust in each other. The trust should be the wanchain coin address provided for by the receiver while the sender must have the wanchain coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

  wanchain sender and receiver.png    

  Knowing more About Wanchain coin

If you feel that you need to learn more about wanchain coin, then you can follow them on their site. Here is the link redirecting you to wanchain coin platform website  https://www.wanchain.org/  

You can as well read their white paper to learn more about their idea from below

https://www.wanchain.org/files/Wanchain-Whitepaper-EN-version.pdf  

You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;

Telegram:https://t.me/WanchainANN

twitter:https://twitter.com/wanchain_org

Reddit:https://www.reddit.com/r/wanchain/

discordapp:https://discordapp.com/invite/3DpeV6W

facebook:https://www.facebook.com/wanchainfoundation/

github:https://github.com/wanchain

medium:https://medium.com/wanchain-foundation

Now that you know, I think that it is time for you to start earning some wanchain coin by simply delegating your wanchain coin to any of the verified 150 validators so that they use your coin to secure the wanchain network and to validate transactions taking palce on the wanchain network.. If you think that i should also own some Wanchain coin for helping you know about it then here is our wanchain coin address: 0xCA262e4d748B6b17E16782b1255D4ee4Ac8ff37b

 


quintomudigo
quintomudigo

Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Teacher Forex School.


cryptoforex street
cryptoforex street

Cryptoforex street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.