Cryptocurrency

Wanchain to be Integrated into EOS

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The EOS platform has recently been integrated into Wanchain, a cross – chain collaboration platform. The Wanchain team claims that sometime between April and June 2019 the project would be linked to EOS.

The key point is that decentralized exchanges between EOS, Ethereum and Bitcoin are in the near future facilitating trade – which increases their token functionality through the liquid product of Blockstream.

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Oliver Birch, Vice – President of Communications and Growth at his Q1 Community Conference Call, said that the project would reach out with EOS in the quarter ahead. He stressed that a clear candidate for integrating with Wanchain was the broad and active EOS community as well as its past results.

What attracted them most to EOS was the big ecosystem of the network as they considered that integrating their WAN tokens into another company platform would be very interesting. Wanchain’s global marketing director Dan Reecer has stated that EOS has a strong and wide-ranging dedicated community, and was one of the largest. In this way, they could connect and become part of the same ecosystem with cross chain application with other dynamic communities.

Most of the operation of Wanchain is geared towards creating wrapped tokens which can also be traded on other blockchains. So far, projects such as Ethereum (ETH)-Bitcoin (BTC) bridges have been completed. At the moment, the company has grown into a fairly large with 70-members, 40 of which work as developers.

By creating ‘ wrapped ‘ tokens that can be traded on other blockchains, Wanchain provides cross – chain compatibility. In September 2018, the project bridged the platforms of Bitcoin (BTC) and Ethereum (ETH), as reported at the time by Crypto Briefing.

A user with a Bitcoin wallet and Ethereum wallet can use a similar “wrapped” token to lock up their Bitcoin themselves. The difference is that the user can rely on himself. BitGo emphasizes the value of its custodial services, but advocates for decentralization will prefer such a model of self – service.

ERC-20 tokens are added periodically by Wanchain himself. The community conference on Friday also included an announcement that USD Coin and True USD were added to the list of readily accessible ERC-20 tokens through Wanchain. Also available is the Basic Attention Token. As with most cryptocurrency projects, the protocol is open source so that any Ethereum project can add its token. The company’s plan is actually quite ambitious. They want to integrate their ecosystem with the existence of “basically every public chain,” which means that the company’s ultimate goal is basically to become the ultimate bridge between crypto ecosystem

In late 2017, Wanchain raised $ 36 M in an ICO. During the conference call, Lu admitted that they had been affected by the bear market, but still had sufficient funds for another five years to continue funding development. “Long – term we’re going to be here,” he said. In the near future, Wanchain expects integration with other networks. “We look at almost every public chain,” Lu said.

The Wanchain team’s last piece of news is the move to proof – of – stake. They are implementing a proof – of – stake protocol, just as Ethereum plans to do, helping with its integration is a company called Staked, which handles institutional staking for companies such as Coinbase.

 

 

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.
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