All the questions an answers to the recent AMA with the Bitrue team and community!
The AMA was held on November 12th, 10:00 UTC over on the Bitrue Official Telegram channel
Jack Lu — Founder and CEO of Wanchain
Li Ni — Vice President of Operations
Liam — Wanchain Community Manager
Questions and Answers
1. Can you explain what decentralized crosschain technology is? What advantages does it have for regular users?
Currently most of the existing crosschain solutions are centralized. One example is WBTC on Ethereum. The problem is user has to trust a centralized party for the crosschain assets. Wanchain’s cross-chain approach is to set up one or more decentralized wanBridges in order to connect blockchains. Each wanBridge is decentralized as a Storeman Group consisting of a number of Storeman Nodes. User now trust a network intead of a centralizef party to hold the cross-chain assets.” — Jack Lu
With the rapid rise of blockchain technology, there are now thousands of public and private blockchains being used across the globe. However, these blockchains exist largely in isolation, unable to exchange information or value with one another. This severely limits their world-shaping potential. The purpose of a cross-chain solution is to connect different blockchains, like a bridge between islands. See the intro video here. — Li Ni
2. Do you have a whitepaper so that we can do more research on Wanchain?
3. You recently launched Wanchain 5.0. What improvements or additions are in this new version?
WAN Bridges are Wanchain’s decentralized, universal solution for trustless and permissionless cross-chain value transfer. BTC, EOS, WAN, and more will be brought to Ethereum, and Ethereum assets will brought to Wanchain. We also made cross-chain transactions faster! — Jack Lu
4. Has the COVID pandemic affected the development of Wanchain?
I will say very little impact on us! just like now, Jack, Liam, and me, we three are in three different places! — Li Ni
Very little. Wanchain team has been global since the beginning and everyone is used to virtual conferences and online collabrations. Our dev team in China has to work from home for several months and some of our team members couldn’t travel during the pandemic but overall the impact was minimum. — Jack Lu
Most of our team continued to work remotely during this time, certainly didn’t have an affect on me! The team does an excellent job collaborating while working remotely as we always have — Liam
5. What can be done with wanTokens?
Okay, before answering wanTokens, let us see this situation in crypto. We have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself. On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum.
This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. Here at Wanchain we have anticipated this issue, and it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens. The first wanTokens to launch on Ethereum will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more.
This is what wanTokens! real decentralized, most secure, crosschain assets! — Li Ni
6. Are there any similar projects to Wanchain? What do you do to stand out against them?
Actually we think there’re no exact same projects in crypto as what Wanchain tries to do, for crosschain infra part, we can say Cosmos, Polkadot used to aim for this, but as their mainnets live, we actually found they kind of switching from crosschain to build themselves as a competitor to Ethereum. From crosschain tokens perspective, we have similar projects like Jack mentioned, those wrapped BTCs. But what Wanchain did with wanTokens, specifically wanBTC, is quite unique and different from those. I wrote two previous tech articles analyzing renBTC and tBTC, read here. — Li Ni
And some similiar ones like: tBTC, renBTC, pBTC. Wanchain is more decentralized and achieves better availability (fault tolerance), Wanchain is much more user-friendly and has a much lower cost. Wanchain’s TSS scheme is threshold optimal, which ensures high level of decentralization and security. — Jack Lu
7. What kind of adoption have you seen on wanTokens so far?
like i said, wanTokens such as wanBTC, wanEOS, wanXRP etc will greatly improve the diversity of assets to all defi applications. So far, wanTokens are based on the crosschain bridges. So wanchain just open the storeman crosschain node election right now, with the storeman group working, all these wanTokens will be created and can flow smoothly among all different chains! — Li Ni
Right now, we tested the wanTokens in our first defi ecosystem project: FinNexus. In future, we shall outreach to all those famous defi projects on Ethereum and other chains. One use case is what one of wanchain ambassdors suggested: Talk to Curve Finance to add a pair:wanBTC/WBTC. Compound may adopt wanEOS, wanXRP as underlying assets for the lending some day! — Li Ni
We also just released a new version of our wallet making the crosschain process a lot easier and simpler to understand. The UI/UX has been greatly improved! — Liam
8. Are there any upcoming wanTokens you can share the details of?
Firstly wanBTC, wanETH, wanEOS and all other wanERC20 tokens will be live with the storeman established. The upcoming plan is to use crosschain to integrate more valuable assets! priority is wanXRP and wanDOT, bringing these two good assets to Ethereum!
Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will beeager to include wanTokens into their system. We envision wanBTC and wanEOS being used as collateral on protocols such as Compound or Cream for lending and borrowing, and in asset pools on Curve or Swerve and many others. The inclusion of a diverse array of high quality assets from other chains would give any DeFi protocol a big competitive advantage.
In a middle term, wanchain will open the crosschain framework so that all other chains use the framework to connect directly with other chains! So eventually, we wish we can help connect all chains and move assets freely in the network. — Li Ni
Bringing all assets to Ethereum, one step at a time! — Liam
9. Can you tell us about any community initiatives or events that you hold?
For a start, we’ve got multiple AMAs planned across the crypto space, stay tuned for announcements on the when and where! We also introduced crewfire allowing users to earn some $wan for sharing our content on social media, join wanbrigade and help the Wandalorians spread the good word! You can sign up for Wanbrigade here, and check out the guide on how to participate here. — Liam
We’ll have AMAs, WanTalk shows, meetups… We also plan to work with partners on farming programs: FNX dual mining, WanSwap, WanLend, wanFarms@ethereum — Jack Lu
10. Can you share some details about your future roadmap?
In the coming days, with the official launch of Wanchain 5.0 mainnet, we will continuously launch brand-new and full series of cross-chain products over the course of the next few weeks, allowing users to experience the charms of Wanchain 5.0 cross-chain functionalities. Upgrades to the entire Wanchain product family are included:
● WanWallet Desktop
● WanWallet Mobile
● WanWallet Offline
● Wanchain Explorer
● Web Bridge
● More surprises!
For future roadmap, you can always check on our website: https://www.wanchain.org/learn/
We released a new version of WanWallet Desktop on November 11th and beginning the public election of Storeman nodes this week. Stay tuned! — Jack Lu
In the future, by establishing the decentralized Cross-chain Bank, Wanchain will provide global users with one-stop DeFi services that cover multiple scenarios and a full range of industries. Whether you are an institutional user or an individual user, you will benefit from Wanchain’s Cross-chain Bank. Everyone can be a provider of financial services as well as a customer of financial services. All traditional financial services such as lending, savings, financial management, payment, exchange, trading, etc. will be presented in a brand-new display on this decentralized and comprehensive Cross-chain Bank, and will continue to accumulate and burst out greater financial innovation. — Jack Lu
the coming WanSwap, 1st crosschain swap AMM Dex. If you are interested, please follow WanSwap’s Twitter account. This is a pure community driven defi project. As the wanchain team, we keep giving this project necessary support. — Li Ni
Some Notable questions from the community
Q — Do you take into account community feedbacks and demands?
Yes we are constantly collecting feedback from the community and discussing it internally — Liam
Q — Many projects launch campaigns to interact with users. Does $WAN finance have any specific plans to attract and grow the community or improve user experience?
Sure, we got plenty marketing activities so maybe join Wanchain Telegram for details — Li Ni
Q — Today- New Collaborations & partnerships are very Important for the Growth & Developments of any Project Especially for CryptoProjects ! So- Can you tell us some Recent Major partnerships of $WAN for project Expansion & Future Plans?
Sure, Jack answered that, please read up a bit to find the answer. We will pitch wanTokens to those big names in DeFi. — Li Ni
Q — Many people evaluate projects based on their token value, not the technologies/features the project possesses. How can your team add educational value to their investors so that more people understand your project than the price?
Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of the token?
If you follow our medium you’ll see the team works tirelessly on explainer articles for our tech and products, we often do a series of deep dive articles covering our tech — Liam
Correct. Wanchain is trying always to balance the token price and tech advancement, we would love to hear more comments on that — Li Ni
Q — Sharding, layered, and cross-chain are the three future solutions for high-performance blockchains. $WanChain is currently at which direction? And what are the main reasons for taking this direction?
Our direction is cross-chain for sure — Li Ni
Q — Being a pioneer of what we called cross-chain, do you see cross-chain protocols will become a standard in the future of blockchain?
That’s what exactly we want to do! build a universal framework for cross-chain — Li Ni
Q —Working without clear goals can lead to the adoption of various strategies that are not working.A marketing department needs to have a well laid-out plan that outlines its short- and long-term goals. What are the project Marketing Department objectives?
Totally agreed. We are working with external marketing consultants to come up with a good plan. Our current goal is to build awareness outside of our existing community. We’ll be working with other community for cross-chain collaboration. Most important thing is to increase adoption! — Jack Lu
Q — As Being permissionless, doesn’t this imply that any one can do anything on YOU ECOSYSTEM AND thus expose you to security threats, sybil attacks and 51 % attacks as recently ETC experienced 51 Attacks and they are permissionless
We follow Multiparty computing so no 50% attack risk — Li Ni
Q — What are the $WAN plans to educate and raise awareness and adoption among the community to make more people understand about the project easily ?
More marketing exposure, more AMAs, more media coverage — Li Ni
Q — How many projects have been built on Wanchain & what are the strongest points of your company that help to attract new investors on your network?
A Whole Family of Cross-chain DeFi Dapps. Wanchain is actively investing in the development of a cross-chain DeFi ecosystem. Yesterday, we saw the release of FinNexus Options on Wanchain, which saw over $210,000 in digital assets contributed to its collateral pool within 24 hours. This is just the first DeFi-focused liquidity mining dapp to debut on Wanchain. More are coming in the next few weeks!
We have launched our own Dapp Store. We have adjusted the gas price from 180 Gwin to 1 Gwin to better accommodate yield-hungry DeFi farmers. Our aim is to provide a sound ecosystem for developers, operators and ordinary users that maximizes the exposure of Wanchain Dapps, minimizes the cost of Dapp operation and maintenance, and enhances user experience. With the explosion of DeFi applications such as lending and farming, Wanchain community enthusiasts and partners have set their sights on this field. Many cross-chain DeFi dapps on Wanchain are poised to be released.
The debut of Wanchain 5.0 makes it easier for the Wanchain community to launch a series of cross-chain DeFi dapps. Take a look at what’s on the horizon:
- WanSwap, a crosschain-based decentralized P2P trading platform
- WanLend, a crosschain-based decentralized lending platform
- wanToken Farm, a yield farming DeFi dapp
These three dapps are just what we know are coming in the next few weeks! There’s no telling what our community of dedicated WAN Fans has been working on. Wanchain wholeheartedly welcomes partners and developers to develop Dapps and jointly promote the development and prosperity of the Wanchain cross-chain DeFi ecosystem. — Li Ni
Based on the feedback from our community, we have improved our UI and UX. We also developed many web based tools to attract more users — Jack Lu
Q — The market today has a lot of development projects on the Blockchain platform. One of the factors that makes the platform appealing to many users is its special features. So what are the outstanding features and advantages of $WAN to attract users and investors?
Private transaction, decentralized cross-chain — Jack Lu
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.