As the cryptocurrency market expands, the appreciation of assets increases, creating a need for more exchanges to handle the transaction load. Attempts are being made to address this demand through the use of both centralized and decentralized exchanges.
Unfortunately, the vast majority of wallet and exchange companies are centralized. When you use a centralized exchange such as Poloniex, Kraken or BTCC, you are entrusting your money to a third party. In this scenario, users are assuming that a centralized exchange will not lose their money through hacking, internal theft, mismanagement or bankruptcy.
The aim of Wanchain is to offer a safe and open way to transact and exchange cryptocurrencies. By facilitating the seamless transfer of assets between different blockchains, Wanchain can create a new distributed financial infrastructure.
The Path Forward
Technological innovation causes change and often disruption. Though technological development can improves the efficiency of networks, innovation is only effective when new applications are successfully integrated into a larger business ecosystem. Wanchain’s value is in helping to manage and improve the interoperability between new financial innovations in blockchain technology.
As this industry progresses, its impact on exchanges, wallet providers and the overall digital economy will become more pronounced. It’s likely that this progress will continue to fuel the global adoption of cryptocurrencies by transforming the way people store and transact money and other digital assets.
Wanchain seeks to develop a distributed future “bank” that will act as the central platform or digital-asset-based financial infrastructure; any institution or individual will then be able to set up their own virtual teller window in the “bank.” Wanchain will give users access to services such as cryptocurrency loan origination, asset exchanges, credit payments and transaction settlements based on digital assets.
In conclusion, Wanchain is positioned to address the interoperability challenges of the cryptocurrency landscape over the short term, offering a leap forward in addressing cross-chain problems in the real world that have yet to be solved.Note: Due to the recent regulations from the Chinese government, Wanchain’s ICO has been postponed. Recently, Wanchain has announced that it will adopt KYC and AML procedures for global compliance.