The Interoperable solution for Cross Blockchain platforms
Wan chain Introduction:
Wan chain is a Fork of an Ethereum, it is an Ethereum based generic platform which runs application independently and inherits all the properties and functionalities of the latter.
It has Ethereum as its base and on top of which the special features like cross chain capability and privacy transaction which is specifically implemented through ring signature scheme and onetime account generation.
Objective & Features:
· It seeks to build a different infrastructure of a digital asset to build a new framework.
· Anything can be transacted/exchanged (Values/assets) between 2 different platforms without changing the original properties.
· A public /private or an alliance (Consortium) chain can connect with Wan chain.
· We can integrate a newly generated digital coin with wan coin at low cost.
· It supports cross chain transactions.
· The privacy is maintained through one-time account generation and ring signature Schemes.
· It achieves interconnection and interoperability
Cross chain:
This feature is enabled by bringing in a new framework solution called secure multi party computing
There are 2 types of Cross chain transaction,
· Inbound
· Outbound
Explanation with a Scenario:
If 2 persons A and B are having an account in Ethereum and wan chain respectively
if A wants to initiate the transaction, an account will be created in the wan chain wallet on behalf of him and the amount sent will be locked in the wallet and the store men node (Locked Account Management node)will verify and check the signature of the sender and notifies back to A on confirmation.
After which a smart contract call will be initiated in wan chain for B to redeem the coins.
when we say redeem, an equivalent amount of wan chain wrapped ethereum will be created and person B can take the money. These events are time constrained after which B will not be able to retrieve the money and in that case A has to initiate a revoke call to get back the locked ethereum coins from his wan wallet account.
similarly, if B has to make a transaction to a person in Ethereum, he can use the money from the wan wallet which has ethereum coins and the equivalent wan wrapped coins created and credited to him a part of the previous transaction with person A will be burnt.
In this way the cross chain transactions happen.
Privacy protection and Ring Signature Scheme:
We can conceal the information of the smart contract token through ring signature scheme so that they are not traceable.
On the other hand, we allow one-time use of accounts in smart contracts, so the corresponding relationship with the original account on Wan chain cannot be established. By using a combination of the above two methods, Wan chain achieves the confidentiality of smart contract token transactions, allows cross-chain transactions of assets under privacy protection, expands application scenarios.
Applications:
1. Borrowing and Lending of Digital Tokens
2. Payment and Settlement for multiple currencies using Wan Chain Wallet
3. Peer to Peer Lending
4. Crowd Funding
Summary:
· Like Ethereum, Wan chain is a smart contract block chain that hosts Decentralized apps. It’s specifically aimed at the financial industry.
· Wan chain connects other block chains to each other using on-chain proxies to facilitate fast, cheap transfers.
· Wan chain enables financial inclusion by promoting flexible, decentralized, value exchange system
Published at Sat, 07 Dec 2019 17:23:32 +0000
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