On Monday, the Beijing-and Austin-based startup Wanchain reported the live arrival of its convention’s variant 2.0, which considers decentralized transactions between its blockchain and Ethereum using a form of an atomic swap.
With this declaration, Wanchain has turned out to be one of the first protocols to demonstrate the visibility of cross-chain transactions. The project has influenced linking blockchains its core focus, with the aim of empowering use cases like multi-asset ICOs and better-decentralized exchange — the latter of which has been the objective of a growing number of start-ups.
Wanchain raised 121,500 ether — worth around $37 million at the time — during its ERC-20 token sale in 2017. It executed a token migration from Ethereum to its own blockchain, in January.
For the time being, Wanchain’s answer just permits ether to be exchanged to Wanchain and back, however in time, as indicated by the announcement, Wanchain will “allow for seamless integration with any blockchain in existence.”
“This is an exceptionally energizing time for Wanchain in our vision to reshape the world of digital asset and finance,” the company’s founder and CEO Jack Lu said in the statement.
How It Works
Wanchain has a group of specific nodes called “storemen” utilizes a technique called secure multiparty computation to lock a specific amount of ether on the Ethereum blockchain – keeping it from being spent, however without crushing it.
That ether at that point ends up being accessible on Wanchain as the “mapping token,” WETH. At any point, if the user wants to transfer the value back to Ethereum, the WETH is burned, and the original ether is unlocked utilizing an ideal secret sharing scheme, in which a specific number of the storemen nodes must give shreds of a secret key.
This way, no single node will be able to double spend the ether while the corresponding WETH still exists.
As reported by Coindesk, with the arrival of Wanchain 2.0, it is presently conceivable to lead an ICO on Wanchain that accepts both its WAN tokens and ether.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]