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X-Rollups: Wanchain Layer2 Solution for Ethereum https://www.wanchain.org/blog/x-rollups-wanchain-layer2-solution-for-ethereum/
https://www.wanchain.org/?p=7247
<div class=”row”><div class=”col-md-12″>Published by <a href=”https://www.wanchain.org/” class=”vcard author”>Bryan</a> on <time class=”entry-date published” datetime=”2021-04-19T20:15:41+08:00″ content=”2021-04-19″>April 19, 2021</time><time class=”updated hestia-hidden” datetime=”2021-04-19T20:20:34+08:00″>April 19, 2021</time></div></div>With the explosive development of Defi, decentralized apps are being proposed in large numbers on Ethereum. Unfortunately, Ethereum, which is the most widely used smart contracts platform, is not prepared to scale to match the demands of end-user applications with mass adoption. Moreover, the user experience of DApps is very poor and in no way conducive for average users. There have been a few cases where one or the other particular application temporarily succeeded in achieving a significant user base, but it led to crippling the entire network during the high network load times. Specifically, Ethereum has the following drawbacks.(1) Low Transaction ThroughputEthereum has to maintain a certain amount of time lag between the production of adjacent blocks to ensure ample time for block propagation. Also, the block size needs to be small to ensure quick propagation of the block through the network. This entails that the number of transactions in a particular block needs to be fairly limited(2) High Transaction FeesWith the rapid growth of the blockchain ecosystem, new crypto assets are increasingly being created, transferred, and sold, often involving multiple crypto tokens. Also, most decentralized apps have their own token and economy. Paying tokens for the services or doing any kind of transaction on blockchains requires on-chain transfers. Ethereum charges gas fees on each transaction, which greatly limits the on-chain operations in Defi.(3) Poor User ExperienceDue to the low transaction throughput and high transaction fees, interactions with DApps have high costs as well as unsatisfactory latency. As a result, users have a very bad experience in participating in Defi.X-Rollups is a novel layer2 solution for Ethereum aiming to solve the scalability and usability issues, while not compromising on decentralization and leveraging the existing developer community and ecosystem. Compared to previous approaches, X-Rollups has advantages in security, compatibility, scalability, and latency.<h2>2.1 Architecture</h2>The architecture of X-Rollups is shown in Figure 1. Layer1 refers to Ethereum with limited transaction throughput and high transaction fees. Layer 2 refers to Wanchain with high transaction throughput and low transaction fees. Developers can transplant their DApps from Layer1 to Layer2, while users can transfer their assets from Layer1 to Layer2 in order to gain a better user experience. Besides, they can redeem their assets back to Layer1 anytime without any latency. The security and robustness of the whole protocol are ensured by the Layer Connector, which connects Layer1 and Layer2 by building a channel for assets transferring and information verification.<img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/image.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/image.png” alt></noscript>Figure 1. Architecture of X-Rollups<h2>2.2 Roles</h2>The Layer Connector is run by two roles, namely, Storeman and Voucher, which are described as follows.<h3>Storeman</h3>Storeman is in charge of transferring assets between Layer1 and Layer2. Specifically, the Storeman Group is listening to the events related to L1-Asset Management Contract in Layer1 and L2-Asset Management Contract in Layer2 24 hours a day. When users deposit assets into L1-Asset Management Contract, Storeman Group will mint the same amount of assets for users in L2-Asset Management Contract, which transfers assets from Layer1 to Layer2. Similarly, when users burn their assets in L2-Asset Management Contract, Storeman Group will send a redeem request to L1-Asset Management Contract and redeem users’ assets to their accounts, which transfers assets from Layer2 back to Layer1.<h3>Voucher</h3>Voucher is in charge of committing block information of Layer2 to Layer1, which ensures any transaction in Layer2 can be verified in Layer1. Specifically, the Voucher Group maintains the latest blockchain data of Layer2 and commits the compressed block headers to Layer1 at regular intervals. With all the committed information, Layer2 is pegged to Layer1 automatically.We remark that the members of Storeman Group and Voucher Group are elected from the community and required to lock a certain amount of collateral in the Collateral Management Contract. If they behave maliciously (for example, sending a fake redeem request or committing a wrong block header), their collateral will be slashed to compensate users’ possible loss.<h2>2.3 Smart Contracts</h2>In our solution, there are five smart contracts to be deployed, of which two are in Layer1 and three are in Layer2.L1-Asset Management Contract (L1-AMC)L1-AMC is deployed in Layer1 and used to manage the original assets. It has two basic functions, i.e., deposit function and redeem function. The deposit function, which can be invoked by any user through deposit-transactions, receives original assets and locks them in L1-AMC. The redeem function, which can only be invoked by Storeman Group through redeem-transactions, verifies 2Stage-Proof, unlocks, and returns the original assets in L1-AMC to the user.State Management Contract (SMC)SMC is deployed in Layer1 and used to store the Merkel root of the compressed block headers of Layer2. It can only be accessed by Voucher Group. The Merkel root stored in SMC updates each time Voucher Group commits new block headers (Figure 2).<img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-1.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-1.png” alt></noscript>Figure 2. The evolution process of Merkel root stored in SMCWe remark that only the Merkel root is stored in SMC, which is necessary but also sufficient to verify any transaction in Layer2. This design has a much higher compression ratio compared to previous approaches and greatly saves the storage space of SMC.L2-Asset Management Contract (L2-AMC)L2-AMC is deployed in Layer2 and used to manage the wrapped assets. It has two basic functions, i.e., mint function and burn function. The mint function, which can only be invoked by Storeman Group through mint-transactions, mints wrapped assets for users in Layer2. The burn function, which can be invoked by any user through burn-transactions, burns wrapped assets.Twin Contract (TC)TC is deployed in Layer2 and has the same functionality and usage as the original smart contract in Layer1. With the same input (transaction), TC and the original smart contract share the same output. So users can interact with TC freely in Layer2 and return the result to Layer1 afterward.Collateral Management Contract (CMC)CMC is deployed in Layer2 and used to manage the collaterals of Storeman/Voucher Group. It realizes the reward and slash rules designed to ensure Storeman/Voucher’s honest behavior. Specifically, on inputting the work records of Storeman/Voucher, CMC will evaluate its behavior automatically. Honest behavior will be rewarded, while malicious behavior may lead to the collateral being slashed. The whole process is fair as well as fully decentralized.<h2>2.4 Core Algorithms</h2><h3>TSS-based Consensus (TBC)</h3>TBC is used by Storeman/Voucher Group to reach an agreement on data in Layer1 and Layer2. Threshold Signature (TSS) is a cryptographic technique that is widely used in the blockchain area, such as crosschain solutions and digital wallets. Basically, a <code>(n,t)</code>-TSS separates the signing right among <code>n</code> parties. No less than <code>t</code> parties can work together to generate a valid signature. The signing process is just like reaching a consensus, for a valid signature can only be generated with no less t parties’ participation. TBC is the first consensus algorithm based on TSS. Compared with BFT, TBC has high flexibility as well as low computation complexity and storage consumption.TBC proceeds as follows (Figure 3).<ul><li>DKG Stage: In this stage, all the parties perform Joint-Feldman secret sharing with a shared public key as output. Besides, each party also receives a secret key share. We remark that this procedure only needs to be done once.</li><li>Consensus Stage: In this stage, all the parties try to reach a consensus on a piece of common data. A party approves the data by signing it with his secret key share and broadcasting the generated signature share to other parties. Each party also collects signature shares from the network. As long as t signature shares are collected, the party reconstructs the complete signature through Lagrange interpolation. If the signature is valid against the public key generated in the DKG stage, then all the parties have reached a consensus on the data.</li></ul><img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-2.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-2.png” alt></noscript>Figure 3. Working flow of TBC<h3>Enhanced Compression Algorithm (ECA)</h3>Compression tricks are key to the scalability of Rollups solutions. ECA can compress the Layer2 blockchain into a 32 Bytes length value that can be used to verify any transaction or account status in Layer2. Compared with previous approaches, ECA achieves a better compression ratio by compressing the block headers rather than the transactions and constructing a Merkel tree of the compressed block headers. Specifically, ECA proceeds as follows:Step 1：Reducing the number of block header’s parameters.There are 16 parameters in a Layer2 block header, most of which are irrelevant to data verification. So ECA block header only keeps three key parameters, i.e., ParentHash, Root, and TxHash. ParentHash can be used to identify block height, while Root and TxHash can be used to verify account status and transactions, respectively. The Layer2 block header is compressed from over 516 Bytes to 96 Bytes in this step. The details are shown in Table 1.Table 1. The data structure of ECA Block Header<img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/微信图片_20210419195046.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/微信图片_20210419195046.png” alt></noscript>Step 2: Hashing ECA block header to 32 Bytes.The final block header is the hash value of ParentHash, Root, and TxHash:<code>BH=SHA256(ParentHash,Root,TxHash)</code>This operation results in further compression of 64 Bytes. Even though there will be extra computing resource consumption in data verification, it is still worthy in storage-limited scenarios.Step 3: Constructing a Merkel tree of ECA block headersWith the above two steps, the Layer2 block header has been compressed from over 516 Bytes to 32 Bytes. But it is still impractical to store each block header of Layer2 in Layer1, for the storage grows linearly as the Layer2 blockchain extends. To solve this problem, we construct a Merkel tree of ECA block headers, of which only the root is stored in Layer1. It is updated each time new block headers are committed by the Voucher Group.From the three steps, the Layer2 blockchain is compressed into a 32 Bytes length value (i.e. the Merkel root).<h3>2-Stage Proof</h3>2-Stage Proof is used to prove the correctness of a Layer2 transaction using the ECA compressed data stored in Layer1. A 2-Stage Proof has two components, namely, the First Stage Proof (FSP) and the Second Stage Proof (SSP). FSP is used to prove the fact that <code>tx</code> is stored in some Layer2 block with <code>bh</code> as its block header. SSP is used to prove the fact that <code>bh</code> is a valid block header of some block in Layer2. With a combination of FSP and SSP, we know that <code>tx</code> is a valid transaction in Layer2. We show this procedure with an example in Figure 4.<img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-3.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-3.png” alt></noscript>Figure 4. Verification path of 2-Stage ProofTo prove the correctness of <code>Tx1</code>, 2-Stage Proof is constructed as follows.Construct FSP:<code>ECA_BH3=(ParentHash,Root,TxHash)</code><code>FSP=</code>Construct SSP:<code>BH3=SHA256(ECA_BH3)</code><code>SSP=</code>Compose the two proofs:<code>2StageProof=</code>The 2-Stage Proof is valid if the following equations hold:<code>TxHash=SHA256(SHA256(Tx1,Tx2),Tx34);</code><code>BH3=SHA256(ECA_BH3)</code><code>BHRoot=SHA256(BH12,SHA256(BH3,BH4))</code><h2>2.5 Working Process</h2>With all the notions and algorithms above, we show the working process of our solution as below.Preparation Stage<ul><li>Deploy L1-Asset Management Contract and State Management Contract in Layer1;</li><li>Deploy L2-Asset Management Contract, Twin Contract and Collateral Management Contract in Layer2;</li><li>Complete the election of Storeman/Voucher Group;</li><li>Members of Storeman/Voucher execute the DKG process of TSS-based consensus to generate the public key and corresponding secret key shares.</li></ul>Working Stage<ol><li>The user sends a deposit-transaction from his original address (i.e. L1-Address in figure 1) to deposit ETH or any kind of ERC-20 tokens to L1-Asset Management Contract.</li><li>Members of Storeman Group notice the deposit transaction and reach an agreement on the depositing information, including depositor’s address, asset type, and asset amount through TSS-based consensus.</li><li>Based on the agreed information, Storeman Group sends a mint-transaction to L2-Asset Management Contract to mint the same amount of wrapped-asset in Layer2 to L2-Address. We remark that L2-Address is the user’s address in Layer2 and shares the same private key as the user’s original address in Layer1.</li><li>With L2-Address and the wrapped-assets in it, the user can send transactions to Twin Contract to participate in Defi in Layer2 at a low cost.</li></ol>Withdraw Stage<ol><li>The user sends a burn-transaction from L2-Address to L2-Asset Management Contract to burn his wrapped-tokens.</li><li>Members of Storeman Group notice the burn-transaction and reach an agreement on the information of the burned assets, including the sender’s address, asset type, and asset amount through TSS-based consensus.</li><li>Based on the agreed information, Storeman Group constructs and sends a redeem-transaction to L1-Asset Management Contract.</li><li>L1-Asset Management Contract verifies the 2-Stage Proof in the redeem transaction according to the Merkel tree root of the block headers stored in State Management Contract and redeems the assets to L1-Address if the proof is valid.</li></ol>We remark that there are two ways for Voucher Group to commit the compressed form of block headers to Layer1. The first way is committing at regular intervals once the Preparation Stage finishes. The second way is commiting related block headers once there is a burn transaction in Layer2.The security model of X-Rollups is based on two assumptions:<ol><li>SHA256 is collision-free;</li><li>Honest majority assumption for Storeman/Voucher Group.</li></ol><h2>SHA256 is collision-free</h2>It is a common consensus that SHA256 is a collision-free hash function, which is used in X-Rollups for data compression.Then we have the following Theorem:<blockquote>Theorem: If the BH root stored in SMC is valid, then any PPT adversary cannot forge a 2-Stage Proof for an invalid transaction in Layer2.</blockquote>Proof: We show that if there exists an adversary <code>A</code> can forge a 2-Stage Proof for an invalid transaction in Layer2, then he can also break the collision-free property of SHA256. As shown in Figure 5, <code>A</code> succeeds in forging a 2-Stage Proof for invalid transaction Tx’4:<code>FSP’=</code><code>SSP’=</code><code>2StageProof’=</code>According to the definition of 2-Stage Proof, we have the following equation:<code>BHRoot=SHA256(BH’12,SHA256(BH’3,BH’4))</code><code>Tx1</code> is a valid transaction of Layer2, which can be proved by a 2-Stage Proof. So we have the following equation:<code>BHRoot=SHA256(BH12,SHA256(BH3,BH4))</code>Combining the two equations, we have<code>SHA256(BH^’12,SHA256(BH^’3,BH^’4))=SHA256(BH12,SHA256(BH3,BH4))</code>Without loss of generality, we denote <code>(BH^’12,SHA256(BH^’ 3,BH^’4))</code> as x1 and denote <code>(BH12,SHA256(BH3,BH4))</code> as x2.Then we have<code>x1≠x2</code><code>SHA256(x1)=SHA256(x2)</code>From the above we know, A constructs a collision instance for SHA256. As the probability of constructing a collision instance for SHA256 is negligible, A cannot forge a 2-Stage Proof for an invalid transaction in Layer2.<img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-4.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-4.png” alt></noscript>Figure 5. A is forging a 2-Stage Proof for invalid transaction Tx’4<h2>Honest majority assumption for Storeman/Voucher Group</h2>X-Rollups uses <code>(t,n)</code>-TSS in TSS-based consensus, where <code>t≥n⁄2+1</code>. So under honest majority assumption, we have the following 2 facts:<ol><li>All mint and redeem transactions are signed by at least one honest Storeman;</li><li>All committed block headers are signed by at least one honest Voucher.</li></ol>Fact (1) ensures the security of users’ assets, while Fact (2) ensures the validity of the Merkel root stored in Layer1.Even though honest majority assumption has been widely used as a basic security assumption in the blockchain area, many blockchain protocols still face the risk of collusion attack. To address this problem, we provide two efficient solutions.Solution 1：AnonymityAs shown in Figure 6, the election of Storeman/Voucher is divided into two stages. In the first stage, a number of nodes are randomly selected from the community; In the second stage, each of the nodes is assigned with the role of Storeman or Voucher anonymously through ring signature and stealth address. So a single node can neither know the other nodes’ real word identity nor roles in X-Rollups. The anonymity greatly improves the difficulty of collusion attacks.<img data-lazyloaded=”1″ src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-5.png” alt><noscript><img src=”https://www.wanchain.org/wp-content/uploads/2021/04/image-5.png” alt></noscript>Figure 6. Election of Storeman/Voucher GroupSolution 2：SubgroupIn this solution, the Storeman/Voucher Group is further divided into several subgroups. Each subgroup executes the DKG process separately, which makes the collusion attack even harder. Assuming there are 10 members in Storeman Group. If any 6 members can collude to control the whole group. But if we divide the Storeman Group into 2 subgroups with 5 members, it is required that 3 members in the first subgroup and 3 members in the second group collude to launch a collusion attack. Actually, the probability decreases exponentially as the number of subgroups increases. Theoretically, we can prevent collusion attacks completely.In this section, we compare X-Rollups with Optimistic Rollups and ZK Rollups from aspects of data availability, transaction validity, compatibility, scalability, and latency.Data availabilityBoth Optimistic Rollups and ZK Rollups publish compressed transactions in Layer1 to achieve data availability. In X-Rollups, the Voucher Group commits the compressed block headers to Layer1 at regular intervals, which also achieves data availability. Moreover, we employ a public blockchain (i.e. Wanchain) as Layer2, of which the liveness and persistence further improve data availability.Transaction validityIn Optimistic Rollups, Layer2’s transaction validity is ensured by fraud-proof. So At least 1-of-N honest participants who execute all Optimistic Rollups transactions and will submit fraud-proof in case an invalid state transition is published, which makes Optimistic Rollups vulnerable for DDoS attacks. In a ZK Rollups, every state transition is verified by the Rollups smart contract through zero-knowledge (PLONK) before it becomes effective. Unfortunately, the zero-knowledge requires a trusted setup and has high computation complexity. In X-Rollups, transaction validity is ensured by 2-Stage Proof, which is checked against the Merkel root of block header stored in Layer1. Due to the honest majority assumption, Voucher Group always maintains a correct Merkel root. Thus, no invalid transaction can pass the verification in Layer1.CompatibilityOptimistic Rollups’s Optimistic Virtual Machine (OVM) enables the implementation of arbitrary smart contract logic. Almost anything that is possible in Ethereum is also possible in the OVM, including the composability of smart contracts. It can be based on EVM, EWASM, or any other virtual machine. ZK Rollups has low compatibility for existed zero-knowledge schemes are designed for specialized operations such as token transfers or atomic swaps. X-Rollups has high compatibility due to the fact that Wanchain is a fork of Ethereum. So any Ethereum smart contract can transplant to Wanchain without code changes.ScalabilityScalability is decided by the compression ratio. A higher compression ratio means higher Scalability. Both Optimistic Rollups and ZK Rollups choose transaction as the basic unit for compression. Optimistic Rollups’s realistic throughput cap is about 450 TPS, while ZK Rollups’s realistic throughput cap is about 680 TPS. As a comparison, X-Rollups employs ECA for data compression, of which the basic unit is block header rather than transaction. This characteristic makes our solution has a much high compression ratio. Theoretically, our solution’s throughput cap can be more than 10,000 TPS.LatencyOptimistic Rollups can only be safe with a 1-2 week fraud-proof challenge window. No transaction can be considered final until this time passes —neither an internal Rollups transaction nor an exit. So Optimistic Rollups has a latency of 1-2 weeks. Currently, ZKPs are quite computationally intense. At present, for a block of 1000 transactions, it has 20 minutes of proof generation time on ordinary server hardware. So ZK Rollups has a latency of 20 minutes. In X-Rollups, the latency comes from the regular intervals of Voucher Group committing the block header, which is no more than 5 minutes. So our solution has a latency of 5 minutes.X-Rollups is a novel layer2 solution for Ethereum with characteristics of high efficiency and low latency. It can be used to build a scalable and user-friendly ecosystem for third-party Decentralized applications to thrive on. The potential use cases include payments, atomic swaps, liquidity providers, decentralized exchange, lending, and any other applications. We believe X-Rollups is a competitive Rollups scheme in the era of Defi.<div class=”post-views post-7247 entry-meta”>

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“reHash” — Your Weekly Summary of Everything Important in the Crypto World — issue no. 25 https://www.wanchain.org/blog/rehash%e2%80%8a-%e2%80%8ayour-weekly-summary-of-everything-important-in-the-crypto-world%e2%80%8a-%e2%80%8aissue-no-25/
https://www.wanchain.org/?p=7183
<div class=”row”><div class=”col-md-12″>Published by <a href=”https://www.wanchain.org/” class=”vcard author”>Liam</a> on <time class=”entry-date published” datetime=”2021-03-10T22:10:02+08:00″ content=”2021-03-10″>March 10, 2021</time></div></div>reHash issued for March 4th to March 10th<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2560/1*CL1mHxpXIYOzE5MVHQ3bSg.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2560/1*CL1mHxpXIYOzE5MVHQ3bSg.png” alt></noscript>Welcome to reHash 25 in which we recount the news from last week. It seems this week it is more of the same — third ETF launched in Canada, Arthur Hayes might be surrendering to authorities, McAfee still does not agree with being imprisoned, some exploits and Microstrategy buys a little more BTC. Other companies also purchased some cryptocurrencies, which is nice. Hope you enjoy reHash this week!<blockquote>NOTE: reHash is not intended to be original journalism. It is intended to be a brief summary of significant articles and events from the past week with links to the original sources. Sources will always be linked and credited. If you know any good newsletters or Twitter accounts which provide news we have been missing, please mention them in the comments!</blockquote><h2>ADOPTION</h2><ol><li>A third ETF, CI Galaxy Bitcoin ETF, has been approved in Canada; it started trading on March 9th on the Toronto Stock Exchange under BTCX symbol; “We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin,”; the previous two ETFs have attracted more than $500 million in investment in the oast week; SOURCE: <a href=”https://finance.yahoo.com/news/ci-galaxy-bitcoin-etf-launch-120000633.html” target=”_blank” rel=”noopener”>1</a>, <a href=”https://www.financemagnates.com/cryptocurrency/trading/ci-galaxy-bitcoin-etf-debuts-trading-on-tsx-tomorrow/” target=”_blank” rel=”noopener”>2</a>, <a href=”https://cointelegraph.com/news/galaxy-digital-bitcoin-etf-to-launch-this-week-as-exec-eyes-compelling-opportunities” target=”_blank” rel=”noopener”>3</a>, <a href=”https://decrypt.co/60630/third-bitcoin-etf-canada-launch” target=”_blank” rel=”noopener”>4</a></li><li>Software company Meitu bought $40 million worth of cryptocurrency; they bough 15,000 Ethereum and 379.12 BTC; they are Hong Kong-listed and headquartered in China’s Fujian province; “the Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash”; “More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry” said the announcement released by Meitu SOURCE: <a href=”https://corp-static.meitu.com/corp-new/92016878a68bac4ad8121e906eae6687_1615115628.pdf” target=”_blank” rel=”noopener”>1</a>, <a href=”https://decrypt.co/60461/chinese-app-maker-meitu-buys-40m-in-btc-and-eth” target=”_blank” rel=”noopener”>2</a>, <a href=”https://www.coindesk.com/software-firm-meitu-buys-22m-of-ether-17-9m-bitcoin-for-its-treasury” target=”_blank” rel=”noopener”>3</a>, <a href=”https://www.cnbc.com/2021/03/08/crypto-chinese-app-meitu-buys-millions-worth-of-bitcoin-and-ethereum.html” target=”_blank” rel=”noopener”>4</a>, <a href=”https://www.theblockcrypto.com/post/97477/meitu-40-million-btc-eth” target=”_blank” rel=”noopener”>5</a>, <a href=”https://www.bloomberg.com/news/articles/2021-03-08/chinese-beauty-app-becomes-first-major-company-to-buy-ether?utm_source=google&utm_medium=bd&cmpId=google” target=”_blank” rel=”noopener”>6</a></li><li>Aker ASA, owned by billionaire Kjell Inge Roekke, plans to invest in Bitcoin through new investment entity Seetee; Seetee is launching with 500 million Norwegian Krone (nearly $60 million) in capital and will keep all of its liquid assets in Bitcoin; “First, we will use bitcoin as our treasury asset and join the community. In Bitcoin speak, we will be hodlers,” commented Kjell Inge Roekke, and added “Bitcoin may still go to zero. But it can also become the core of a new monetary architecture. If so, one bitcoin may be worth millions of dollars,”; SOURCE: <a href=”https://decrypt.co/60541/norwegian-multinational-aker-asa-to-invest-in-bitcoin-through-new-unit” target=”_blank” rel=”noopener”>1</a>, <a href=”https://www.prnewswire.co.uk/news-releases/aker-asa-launches-seetee-to-invest-in-bitcoin-and-blockchain-technology-856193245.html” target=”_blank” rel=”noopener”>2</a>, <a href=”https://www.coindesk.com/norway-listed-aker-to-put-100-bitcoin-in-treasury-reserves-of-new-investment-unit” target=”_blank” rel=”noopener”>3</a>, <a href=”https://www.reuters.com/article/aker-bitcoin/update-1-norways-aker-asa-sets-up-bitcoin-unit-idUSL1N2L60AL” target=”_blank” rel=”noopener”>4</a>, <a href=”https://cointelegraph.com/news/norwegian-investment-firm-allocates-58m-to-bitcoin-and-crypto-ventures” target=”_blank” rel=”noopener”>5</a>, <a href=”https://cryptobriefing.com/norwegian-industrial-giant-aker-creates-bitcoin-unit/” target=”_blank” rel=”noopener”>6</a>, <a href=”https://www.financemagnates.com/cryptocurrency/news/norways-6-billion-company-establishes-bitcoin-unit/” target=”_blank” rel=”noopener”>7</a></li><li>$32 million was raised from 5 investors in Galaxy Digital’s ethereum fund; “Bitcoin has solidified its lane as a store of value in which we continue to have conviction, while the Ethereum blockchain’s general programmability presents a distinct growth opportunity,”; “We’re excited to help our clients participate in that potential upside as a complement to bitcoin.” SOURCE: <a href=”https://www.coindesk.com/galaxy-institutional-ethereum-funds” target=”_blank” rel=”noopener”>1</a>, <a href=”https://decrypt.co/60411/novogratz-galaxy-digital-32-million-ethereum-fund” target=”_blank” rel=”noopener”>2</a></li></ol><h2>REGULATION</h2><ol><li>Sohrab Sharma, one of the co-founders of the Centra Tech project has been sentenced to 8 years in prison; Centra Tech was backed by Floyd Mayweather and raised $25 million in an ICO held back in 2017; “Sohrab Sharma led a scheme to deceive investors by falsely claiming that the start-up he co-founded had developed fully functioning, cutting-edge cryptocurrency-related financial products. In reality, Sharma’s most notable inventions were the fake executives, fake business partnerships, and fake licenses that he and his co-conspirators touted to trick victims into handing over tens of millions of dollars. We will continue to aggressively pursue digital securities frauds like this one.” commented Ilan T. Graff, the Attorney for the United States; SOURCE: <a href=”https://www.justice.gov/usao-sdny/pr/leading-co-founder-cryptocurrency-company-sentenced-8-years-prison-ico-fraud-scheme” target=”_blank” rel=”noopener”>1</a>, <a href=”https://decrypt.co/60288/floyd-mayweather-backed-centra-ico-founder-gets-8-years-in-prison” target=”_blank” rel=”noopener”>2</a>, <a href=”https://news.bitcoin.com/us-court-sentences-another-centra-tech-co-founder-to-8-years-in-jail/” target=”_blank” rel=”noopener”>3</a>, <a href=”https://www.bloomberg.com/news/articles/2021-03-04/crypto-fraudster-sentenced-to-8-years-in-token-offering-scheme?utm_source=google&utm_medium=bd&cmpId=google” target=”_blank” rel=”noopener”>4</a>, <a href=”https://cryptopotato.com/co-founder-of-floyd-mayweather-backed-centra-tech-sentenced-to-8-years-in-prison/” target=”_blank” rel=”noopener”>5</a></li><li>Arthur Hayes, ex-CEO of BitMEX might surrender to authorities; according to a court filing he proposed to surrender to authorities in Hawaii on April 6; he was charged last year with violations of US Secrecy Act “by willfully failing to establish, implement, and maintain an adequate anti-money laundering program”; “We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then,” commented Jessica Greenwood, an assistant US attorney for the Southern District of New York; SOURCE: <a href=”https://www.theblockcrypto.com/linked/97058/us-prosecutors-bitmex-arthur-hayes-surrender-discussion” target=”_blank” rel=”noopener”>1</a>, <a href=”https://www.bloomberg.com/news/articles/2021-03-03/bitmex-s-arthur-hayes-proposes-to-surrender-to-u-s-authorities” target=”_blank” rel=”noopener”>2</a>, <a href=”https://www.coindesk.com/bitmex-ceo-arthur-hayes-may-surrender-to-us-law-enforcement-next-month” target=”_blank” rel=”noopener”>3</a>, <a href=”https://decrypt.co/60109/bitmex-ceo-arthur-hayes-negotiating-surrender-to-us-authorities” target=”_blank” rel=”noopener”>4</a></li><li>Bybit is suspending its services in the UK after FCA crypto derivatives ban; “If you are either a U.K. resident or citizen, please close all your positions and withdraw all account balances by 8 a.m. UTC [3 a.m. ET], March 31, 2021. Thereafter, customers located in or are residents of the U.K. will be restricted from accessing or performing any trading activities on Bybit.”; SOURCE: <a href=”https://www.coindesk.com/bybit-to-suspend-services-for-uk-customers-after-fca-crypto-derivatives-ban” target=”_blank” rel=”noopener”>1</a>, <a href=”https://decrypt.co/60280/crypto-exchange-bybit-to-end-trading-for-uk-customers” target=”_blank” rel=”noopener”>2</a>, <a href=”https://cointelegraph.com/news/cryptocurrency-exchange-bybit-shuts-up-shop-in-uk-in-compliance-with-fca-ban” target=”_blank” rel=”noopener”>3</a>, <a href=”https://www.finextra.com/pressarticle/86486/crypto-derivatives-platform-bybit-to-cease-trading-in-the-uk” target=”_blank” rel=”noopener”>4</a>, <a href=”https://www.theblockcrypto.com/linked/97527/uk-fca-warning-bybit-before-crypto-derivatives-exchange-announced-ceasing-services-in-country” target=”_blank” rel=”noopener”>5</a></li><li>BitGo has received the trust license from New York regulators; that allows them to provide custodial services for institutional customers in New York; “We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State,”; “The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem. Our new charter is an important milestone to serve these clients within New York State’s regulatory framework,” SOURCE: <a href=”https://cointelegraph.com/news/bitgo-receives-trust-license-from-new-york-regulators” target=”_blank” rel=”noopener”>1</a>, <a href=”https://www.forbes.com/sites/haileylennon/2021/03/08/bitgo-obtains-new-york-trust-charter-for-digital-assets/?sh=236b32bc4d56″ target=”_blank” rel=”noopener”>2</a>, <a href=”https://www.businesswire.com/news/home/20210304005299/en/BitGo-Receives-NY-Trust-Charter-from-the-New-York-State-Department-of-Financial-Services” target=”_blank” rel=”noopener”>3</a>, <a href=”https://decrypt.co/60110/bitgo-new-york-trust-charter-crypto-wall-street” target=”_blank” rel=”noopener”>4</a></li></ol><h2>DEVELOPMENT</h2><ol><li>EIP-1559, a major overhaul of the Ethereum gas fees is slated for July release in London hardfork; while users should be happy, ETH miners not so much; the proposal would see Ethereum become a potentially deflationary asset with fees being burned; the fee would be regulated automatically; “to date, gas fees have been determined based on an inefficient auction process.”; “EIP 1159 proposes a ‘BASEFEE’, which automatically adjusts to the network’s congestion level of transactions, providing a ‘market rate’ instead of users referencing prices paid.” SOURCE: <a href=”https://cointelegraph.com/news/major-ethereum-gas-fee-overhaul-eip-1559-scheduled-for-july” target=”_blank” rel=”noopener”>1</a>, <a href=”https://decrypt.co/60395/upgrade-reduce-supply-ethereum-gets-launch-date-eip-1559″ target=”_blank” rel=”noopener”>2</a>, <a href=”https://www.financemagnates.com/cryptocurrency/news/ethereums-upcoming-eip-1559-upgrade-could-cause-eth-price-to-skyrocket/” target=”_blank” rel=”noopener”>3</a>, <a href=”https://markets.businessinsider.com/currencies/news/ether-price-ethereum-upgrade-explosive-growth-destroys-coins-eip-1559-2021-3-1030160187″ target=”_blank” rel=”noopener”>4</a>, <a href=”https://www.nasdaq.com/articles/ethereums-eip-1559-fee-market-overhaul-greenlit-for-july-2021-03-05″ target=”_blank” rel=”noopener”>5</a>, <a href=”https://dailyhodl.com/2021/03/07/ethereum-poised-to-become-a-deflationary-asset-as-eip-1559-gets-approved-for-july/” target=”_blank” rel=”noopener”>6</a></li></ol><h2>GENERAL UPDATES</h2><ol><li>Jack Dorsey, Twitter CEO, is selling the first ever tweet as a NFT on the digital platform Valuables; currently the highest offer is $2.5 million by Sina Estavi, CEO of Bridge Oracle; “The tweet itself will continue to live on Twitter. What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator.”; Tweet itself reads “just setting up my twttr”; bidding will end on March 21st and all profits will be send to GiveDirectly’s Africa Response; SOURCE: <a href=”https://edition.cnn.com/2021/03/07/tech/jack-dorsey-nft-twitter/index.html” target=”_blank” rel=”noopener”>1</a>, <a href=”https://decrypt.co/60415/jack-dorsey-selling-first-tweet-nft” target=”_blank” rel=”noopener”>2</a>, <a href=”https://v.cent.co/tweet/20″ target=”_blank” rel=”noopener”>3</a>, <a href=”https://markets.businessinsider.com/currencies/news/billionaire-jack-dorsey-sell-first-tweet-as-nft-highest-bid-2021-3-1030159557″ target=”_blank” rel=”noopener”>4</a>, <a href=”https://www.cnbc.com/2021/03/06/jack-dorsey-is-offering-to-sell-the-first-tweet-as-an-nft.html” target=”_blank” rel=”noopener”>5</a>, <a href=”https://www.bbc.com/news/world-us-canada-56307153″ target=”_blank” rel=”noopener”>6</a>, <a href=”https://people.com/human-interest/twitter-ceo-jack-dorsey-auctioning-his-very-first-tweet/” target=”_blank” rel=”noopener”>7</a>, <a href=”https://decrypt.co/60791/jack-dorsey-first-tweet-nft-africa-relief-charity” target=”_blank” rel=”noopener”>8</a></li><li>Meerkat Finance has been exploited for $31 million; the exploit has resulted in loss of 73,000 BNB and $14 million in BUSD stablecoin; community was quick to call it a rugpull; the project’s Twitter account and website went offline; a user identyfying themselves as “Jamboo” has created a Telegram channel in which they claim that the exploit was to help “users realize the potential danger in smart contracts, the subjectivity in the audit processes of audit companies. Meerkat invited a third party (hacker) to attack the vulnerability through the verify proxy contract” and that they plan on refunding funds to the victims; SOURCE: <a href=”https://decrypt.co/60242/binance-chain-defi-meerkat-finance-hack-rug-pull” target=”_blank” rel=”noopener”>1</a>, <a href=”https://cointelegraph.com/news/dev-says-31-million-meerkat-finance-exploit-was-a-test-will-return-funds” target=”_blank” rel=”noopener”>2</a>, <a href=”https://finance.yahoo.com/news/defi-project-meerkat-raises-eyebrows-144425368.html” target=”_blank” rel=”noopener”>3</a>, <a href=”https://www.investing.com/news/cryptocurrency-news/meerkat-finance-alleged-of-31m-exit-scam-after-bsc-launch-2438497″ target=”_blank” rel=”noopener”>4</a>, <a href=”https://thecryptocurrencypost.net/bsc-based-meerkat-finance-allegedly-rug-pulls-30-million-within-24hrs-of-launch/” target=”_blank” rel=”noopener”>5</a></li><li>PayPal has acquired Curv for nearly $200 million; Curv is a digital asset security startup that pioneers using multi-party computation (MPC) to safeguard the holdings; “To drive sustained growth and innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies. Curv will join the newly formed group, with its strong team of technologists adding technical expertise to PayPal,” SOURCE: <a href=”https://decrypt.co/60505/paypal-buys-crypto-firm-curv-for-nearly-200-million” target=”_blank” rel=”noopener”>1</a>, <a href=”https://www.theblockcrypto.com/linked/94601/paypal-curv-acquisition-crypto” target=”_blank” rel=”noopener”>2</a>, <a href=”https://cointelegraph.com/news/paypal-purchases-crypto-custody-firm-curv” target=”_blank” rel=”noopener”>3</a>, <a href=”https://newsroom.paypal-corp.com/2021-03-08-PayPal-to-Acquire-Curv” target=”_blank” rel=”noopener”>4</a>, <a href=”https://decrypt.co/60086/paypal-ceo-schulman-talks-new-crypto-unit” target=”_blank” rel=”noopener”>5</a></li><li>Cipher Mining, a subsidiary of Bitfury is looking to go public at $2 billion valuation; they entered into a business combination with Good Works Acquisition Works and are set to become the largest Bitcoin mining operation in USA; SOURCE: <a href=”https://decrypt.co/60316/bitfurys-bitcoin-mining-subsidiary-to-go-public-at-2-billion-valuation” target=”_blank” rel=”noopener”>1</a>, <a href=”https://www.fool.com/investing/2021/03/05/bitcoin-miner-cipher-mining-going-public-in-spac-m/” target=”_blank” rel=”noopener”>2</a>, <a href=”https://www.benzinga.com/markets/cryptocurrency/21/03/20031013/bitcoin-play-cipher-mining-to-go-public-with-spac-merger” target=”_blank” rel=”noopener”>3</a>, <a href=”https://www.reuters.com/article/us-cipher-mining-m-a-good-works-acquisit-idUSKBN2AX1AL” target=”_blank” rel=”noopener”>4</a></li><li>DODO DEX has been exploited for up to $3.8 million; “On March 8, Several DODO V2 Crowdpools were attacked. WSZO, WCRES, ETHA, and FUSI pools were impacted, while AC pool funds have been fully recovered. Funds in all other pools, including all V1 pools and all non-Crowdpool V2 pools, are safe.” SOURCE: <a href=”https://decrypt.co/60712/defi-protocol-dodo-hacked-for-3-8-million” target=”_blank” rel=”noopener”>1</a>, <a href=”https://cryptobriefing.com/decentralized-exchange-dodo-hacked-for-2-1-million/” target=”_blank” rel=”noopener”>2</a>, <a href=”https://cryptopotato.com/defi-hacks-continue-decentralized-exchange-dodo-exploited-for-up-to-3-8m/” target=”_blank” rel=”noopener”>3</a>, <a href=”https://twitter.com/BreederDodo/status/1369098960531382272″ target=”_blank” rel=”noopener”>4</a></li></ol>Thank you, as always, for reading and hope to see you next week! We will have news next week too!<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2000/0*YwvMhs0dRlBl7sTe.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2000/0*YwvMhs0dRlBl7sTe.png” alt></noscript><h2>About Wanchain</h2>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.<a href=”https://www.wanchain.org/”>Website</a> | <a href=”https://www.explorewanchain.org/” target=”_blank” rel=”noopener”>Documentation</a> | <a href=”https://t.me/WanchainCHAT?source=post_page—————————” target=”_blank”>Telegram</a>| <a href=”https://twitter.com/wanchain_org?source=post_page—————————” target=”_blank” rel=”noopener”>Twitter</a> | <a href=”https://wanchain.us17.list-manage.com/subscribe?u=474affe3661620cb14a108d52&id=f76852edbb&source=post_page—————————” target=”_blank” rel=”noopener”>Newsletter</a> | <a href=”http://wanscan.org/” target=”_blank” rel=”noopener”>Blockchain Explorer</a> | <a href=”https://wandevs.org/” target=”_blank” rel=”noopener”>Developer Portal</a><div class=”post-views post-7183 entry-meta”>

Post Views: 
2,780</div> Wed, 10 Mar 2021 09:10:02 -0500 Liam
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https://www.wanchain.org/blog/rehash%e2%80%8a-%e2%80%8ayour-weekly-summary-of-everything-important-in-the-crypto-world%e2%80%8a-%e2%80%8aissue-no-25/
Blog

Important Notice: BTC-ETH direct bridge is live! https://www.wanchain.org/blog/important-notice-btc-eth-direct-bridge-is-live/
https://www.wanchain.org/?p=7179
<div class=”row”><div class=”col-md-12″>Published by <a href=”https://www.wanchain.org/” class=”vcard author”>Liam</a> on <time class=”entry-date published” datetime=”2021-03-09T22:06:06+08:00″ content=”2021-03-09″>March 9, 2021</time><time class=”updated hestia-hidden” datetime=”2021-03-10T22:07:52+08:00″>March 9, 2021</time></div></div>The next era of DeFi is here!After much anticipation, Wanchain’s 4th Storeman group have begun their invaluable work, marking the debut of Wanchain’s <a href=”https://medium.com/wanchain-foundation/wanchain-multi-chain-bridges-is-live-on-mainnet-featured-with-btc-ethereum-direct-bridge-and-44415888c3d1″ target=”_blank” rel=”noopener”>*Universal Multi-chain Bridges with Shared Staking Assets</a>*! This new cross-chain mechanism introduces two key advances:<ol><li>Shared staking assets. All staked wanBridges’ assets now power the same collateral pool.</li><li>BTC-ETH direct bridge. BTC can be directly transferred to the Ethereum network without requiring Wanchain as a router.</li></ol>Naturally, a development as monumental as a direct BTC-ETH bridge necessitates an upgrade to the BTC-ETH cross-chain contract. As such, existing wanBTC holders must first convert their tokens before having access to the BTC-Ethereum direct bridge.Before beginning, please carefully note the following:<ul><li>The old BTC cross-chain token is now displayed as wanOBTC in all Wanchain wallet and DAPP interfaces.</li><li>The new BTC-ETH direct bridge token is now displayed as wanBTC.</li></ul><img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2000/1*YyDwCOoEFcDarciGPjrqHw.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2000/1*YyDwCOoEFcDarciGPjrqHw.png” alt></noscript>Converting wanOBTC to wanBTC is a painless endeavour thanks to <a href=”https://www.wanchain.org/blog/wanmask-guide/”>WanMask</a> and <a href=”https://wanswap.finance/#/swap” target=”_blank” rel=”noopener”>WanSwap</a>, the world’s first truly decentralised cross-chain AMM DEX. The simple process is described below:<ol><li>Visit <a href=”https://wanswap.finance/#/swap” target=”_blank” rel=”noopener”>wanswap.finance</a> and connect your WanMask wallet</li><li>Select wanOBTC and wanBTC as your starting and ending tokens, respectively</li><li>Input the quantity of wanOBTC to convert and click “Approve wanOBTC.” The exchange rate between wanOBTC and wanBTC is exactly 1:1.</li></ol><img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2000/1*aJb1AQl_ymxCpZi3jSOFAQ.png” alt=”[https://wanswap.finance/#/swap](https://wanswap.finance/#/swap)”><noscript><img src=”https://cdn-images-1.medium.com/max/2000/1*aJb1AQl_ymxCpZi3jSOFAQ.png” alt=”[https://wanswap.finance/#/swap](https://wanswap.finance/#/swap)”></noscript><a href=”https://wanswap.finance/#/swap” target=”_blank” rel=”noopener”>https://wanswap.finance/#/swap</a>Please note that, for the time being, both wanOBTC and wanBTC will remain open for trading. Nevertheless, it is strongly recommended that you convert your tokens as soon as possible.The Wanchain teamMarch 9, 2021<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2000/0*h13zoMn8b9_XGds9.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2000/0*h13zoMn8b9_XGds9.png” alt></noscript><h2>About Wanchain</h2>Wanchain is the infrastructure connecting the decentralised financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralised, 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.<a href=”https://www.wanchain.org/”>Website</a> | <a href=”https://www.explorewanchain.org/” target=”_blank” rel=”noopener”>Documentation</a> | <a href=”https://t.me/WanchainCHAT?source=post_page—————————” target=”_blank”>Telegram</a>| <a href=”https://twitter.com/wanchain_org?source=post_page—————————” target=”_blank” rel=”noopener”>Twitter</a> | <a href=”https://wanchain.us17.list-manage.com/subscribe?u=474affe3661620cb14a108d52&id=f76852edbb&source=post_page—————————” target=”_blank” rel=”noopener”>Newsletter</a> | <a href=”http://wanscan.org/” target=”_blank” rel=”noopener”>Blockchain Explorer</a> | <a href=”https://wandevs.org/” target=”_blank” rel=”noopener”>Developer Portal</a><div class=”post-views post-7179 entry-meta”>

Post Views: 
3,073</div> Tue, 09 Mar 2021 09:06:06 -0500 Liam
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https://www.wanchain.org/blog/important-notice-btc-eth-direct-bridge-is-live/
Blog

Wanchain — Multi-chain Bridges Is Live On Mainnet Featured With BTC-Ethereum Direct Bridge And… https://www.wanchain.org/blog/wanchain%e2%80%8a-%e2%80%8amulti-chain-bridges-is-live-on-mainnet-featured-with-btc-ethereum-direct-bridge-and/
https://www.wanchain.org/?p=7175
<div class=”row”><div class=”col-md-12″>Published by <a href=”https://www.wanchain.org/” class=”vcard author”>Liam</a> on <time class=”entry-date published” datetime=”2021-02-26T22:03:17+08:00″ content=”2021-02-26″>February 26, 2021</time><time class=”updated hestia-hidden” datetime=”2021-03-10T22:05:43+08:00″>February 26, 2021</time></div></div>On February 26, 2021, the Wanchain team successfully released a brand-new version of cross-chain mechanism — Universal Multi-chain Bridges with Shared Staking Assets after four-months of research and development since Wanchain 5.0. Compared to the previous cross-chain mechanism, the two most prominent highlights of the Multi-chain Bridges are:<ol><li>The shared staking assets, that is, all the wanBridges’ staking assets are shared in the same collateral pool;</li><li>The BTC-Ethereum direct bridge, that is, BTC can be directly cross-chain transferred to Ethereum without Wanchain as a router.</li></ol>The latest version of WanDesktop Wallet (V1.5.0) now supports the Multi-chain Bridges mechanism. The latest version of WanWallet Desktop is available for download right now! After the next Storeman Group enters the working status on March 9, you can directly cross-chain transfer your BTC from Bitcoin to Ethereum.Here is the download link of WanWallet Desktop: <a href=”https://www.wanchain.org/getstarted/”>Get Started – Wanchain store and send other digital assets, and perform cross-chain transactions.www.wanchain.org</a><h2>Highlighted Features of Universal Multi-chain Bridges with Shared Staking Assets</h2><h3>1. A Storeman Group with shared staking assets enables management of all wanBridges</h3>For Wanchain 5.0, there is a one-to-one correspondence between a wanBridge and a Storeman Group. Therefore, to connect any two public chains, at least one Storeman Group must be created between the two. Under this mechanism, if a Storeman node wants to participate in multiple wanBridges of connecting different public chains, the node operator must run multiple Storeman nodes in different Storeman Groups. Obviously, this situation increases the difficulty of operation for node operators. The deposit funds among different Storeman Groups are independent and cannot share the cross-chain quotas with each other. So, the utilization rate of the deposits is low, which results in the intensive economic bandwidth of busy wanBridges and wastes economic bandwidth of leisure wanBridges. Theoretically, this mechanism has a small security risk of collusion among Storeman nodes. (The left part of the picture below shows the Wanchain 5.0 cross-chain mechanism).For the reasons above, considering the efficient utilization of resources, the improvement of cross-chain security and the optimization of user convenience, the Wanchain cross-chain mechanism has undergone one more major upgrading on the basis of 5.0. The new version of the cross-chain mechanism is called Universal Multi-chain Bridges With Shared Staking Assets, referred to as “Multi-chain Bridges” for short.The Multi-chain Bridge mechanism is a novel cross-chain solution proposed by the Wanchain team to provide a high level of security and scalability. In this new mechanism, all wanBridges are run by a combined Storeman group with a shared staking collateral pool. This design reduces the complexity of the cross-chain process and ensures that all the cross-chain assets can freely “flow” between any chains. Moreover, it increases the maximum cross-chain capacity of a single bridge in security precondition. (The right part of the picture below shows Wanchain’s brand-new cross-chain mechanism “Multi-chain Bridges”).<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/4732/1*5JFWdaFxJONzT67m3ayl9Q.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/4732/1*5JFWdaFxJONzT67m3ayl9Q.png” alt></noscript>How can the staking assets from different Storeman nodes be used as the common collateral and be shared among multiple wanBridges?In the Multi-chain Bridge mechanism, once the Storeman nodes stake their assets to the wanBridges, those staked assets will be calculated into a common collateral pool for all bridges. Currently, the only supported type of staked asset is WAN, and support for multiple crypto assets in the future is also being considered by our team. The amount of collateral for a wanBridge is determined by the token price and the quantity of all assets in that Storeman Group where this wanBridge is. As the staking assets of the collateral are shared by all bridges, the cross-chain quota for each wanBridge is also shared by all bridges.Let’s take a look at a specific example to illustrate the dynamic adjustment of the cross-chain quota for each bridge based on the shared staking assets mechanism. (To make it easier to explain, we simplified some complicated factors in the example below):<blockquote>Assuming that the Storeman Group supports three wanBridges: BTC-Ethereum, Ethereum-Wanchain, and BTC-Wanchain. The total staking amount of the group is 1,500K WAN (assuming 1WAN=1USDT, and the WAN price stays the same). The collateral rate of the group is 150%. In the initial stage, BTC-Ethereum, Ethereum-Wanchain, and BTC-Wanchain share the common staking assets which are equivalent to 1,500K USDT, and the maximum cross-chain quota for each bridge is 1,000K USDT (because the collateral rate of the group is 150%). After a period of time, there are 200K USDT worth of BTC cross-chain transferred from the Bitcoin network to Ethereum, and 600K USDT worth of ETH cross-chain transferred from Ethereum to Wanchain. Finally, the three bridges, BTC-Ethereum, Ethereum-Wanchain and BTC-Wanchain, still share the collateral amount equivalent to 1500K USDT. However, due to the cross-chain transfer of 200K USDT worth of BTC and 600K USDT worth of ETH, the remaining cross-chain quota for each bridge is 200K USDT worth of tokens.</blockquote>In short, compared to the previous version of the cross-chain mechanism, an important feature of the “Multi-chain Bridges” mechanism is that the staking assets can be shared among all cross-chain bridges, so the cross-chain quota is allocated on demand, and is reasonably and dynamically allocated to the wanBridges with higher demands for cross-chain transfer.<h3>2. BTC-Ethereum Direct Bridge enables direct cross-chain transfer of BTC from the Bitcoin blockchain directly to Ethereum</h3>For the previous cross-chain mechanism in Wanchain 5.0, all crosschain transfers supported by Wanchain were about transferring assets through Wanchain. In the Multi-chain Bridges, a direct bridge way for the cross-chain mechanism has come into play. The direct bridge supports asset transfer between two blockchains without the need of routing through Wanchain. This allows Wanchain to provide a technical mechanism to bridge Bitcoin, Ethereum, Polkadot, and EOS blockchains directly. For example, we build a direct bridge between Bitcoin and Ethereum for the direct cross-chain transfer of BTC:“BTC@Bitcoin->wanBTC@Ethereum”This is to transfer native Bitcoin from the Bitcoin blockchain to ERC-20 wanBTC on the Ethereum Blockchain. wanBTC can then be used for DeFi applications on the Ethereum blockchain that support the ERC-20 token format.The following picture shows Wanchain’s Multi-chain Bridges:<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/5120/1*07yahgc2ejzWNYokbY98xw.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/5120/1*07yahgc2ejzWNYokbY98xw.png” alt></noscript>In the vast ocean of cross-chain cryptocurrencies, there are floating islands, beautiful but isolated. Each island represents a chain. Due to the barrier of the ocean, those islands are isolated from each other. Reflected in the crypto world, each chain has their own different underlying frameworks, data structures, and APIs. Therefore, connecting one chain with another chain, especially for heterogeneous chains (those with significantly different technical infrastructure), is a major challenge.Wanchain aims to build a decentralized cross-chain infrastructure to connect the whole world since its inception. In the past few years, Wanchain has built cross-chain bridges, that is wanBridges, between different islands through continuous progress of cross-chain technology. Right now, all wanBridges are managed by a common Storeman Group (the number of Storeman Groups can be adjusted as needed). The Storeman Group is composed of 21 open and decentralized Storeman nodes (the number of Storeman nodes can be adjusted as well). With the scientific and reasonable security mechanisms and economic incentive models, the entire cross-chain system runs smoothly and brings the development and prosperity of the cross-chain ecosystem.We have added an extremely important wanBridge at this time, namely the Bitcoin-Ethereum direct bridge, so that BTC assets can be directly cross-chain transferred to Ethereum without routing via Wanchain.Based on the Bitcoin-Ethereum direct bridge, it is easier for users to transfer BTC directly from the Bitcoin network to Ethereum, and it also saves on cross-chain fees. But, how does it work?We might as well compare the workflow differences between the previous cross-chain mechanism and the new Multi-chain Bridges mechanism for the case of transferring BTC from the Bitcoin network to Ethereum.For the previous cross-chain mechanism, let’s assume that the Storeman Group between Bitcoin and Ethereum is called SG1, and the Storeman Group between Wanchain and Ethereum is called SG2. The workflow of transferring BTC from the Bitcoin blockchain to the Ethereum blockchain follows the steps below:<blockquote>Step1: The User initiates a BTC cross-chain transaction on the Bitcoin blockchain; Step2: SG1 locks the BTC on the Bitcoin blockchain after receiving this event and then mints the same amount of wanBTC for the user on Wanchain; Step3: The user initiates a wanBTC cross-chain transaction on the Wanchain blockchain; Step4: SG2 locks the wanBTC on Wanchain blockchain after receiving this event and then mints the same amount of wanBTC for the user on Ethereum.</blockquote>In the above procedure, a total number of 4 transactions are required, including 1 transaction on the Bitcoin blockchain, 2 transactions on Wanchain, and 1 transaction on Ethereum. Among these 4 transactions, the user is required to send 2 transactions — 1 transaction on the Bitcoin blockchain and 1 transaction on Wanchain.With the adoption of Multi-chain Bridges, the workflow becomes very simple. Let’s assume the combined Storeman Group called SG:<blockquote>Step1: The user initiates a BTC cross-chain transaction on the Bitcoin blockchain; Step2: SG locks BTC on the Bitcoin blockchain after receiving this event and then mints the same amount of wanBTC tokens for the user on Ethereum</blockquote>In the above procedure, a total number of 2 transactions are required, including 1 transaction on the Bitcoin blockchain and 1 transaction on Ethereum. Among the 2 transactions, the user is required to send only 1 transaction on the Bitcoin blockchain. For the user’s perspective, this simplifies the operation steps and saves cross-chain gas fees.<h2>Comparison Between the Old Cross-chain Mechanism and New Cross-chain Mechanism</h2>Compared with the previous version of the cross-chain mechanism, the brand-new Universal Multi-chain Bridges With Shared Staking Assets has made major improvements and enhancements in regards to technology, ordinary users, and node operators. The following table shows the advantages of the new cross-chain mechanism.<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2000/0*Gso0wBJ3R5mjgz6I.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2000/0*Gso0wBJ3R5mjgz6I.png” alt></noscript><h2>WanWallet Desktop, wanBridge Web Supports Direct Cross-chain Transactions of BTC</h2>In terms of the cross-chain mechanism upgrade, the Wanchain development team has also made corresponding updates to our Wanchain Wallets, making enabling Multi-chain Bridges and the Bitcoin-Ethereum direct bridge function. After the next Storeman Group enters the working status on March 9th, users can directly cross-chain transfer their BTC from Bitcoin to Ethreum via WanWallet Desktop or wanBridge Web.<h3>Direct Cross-chain Transactions of BTC on the WanWallet</h3>Let’s take the WanWallet Desktop as an example (wanBridge Web is similar).Download the latest version of WanWallet Desktop V1.5.0.Open WanWallet Desktop, go to Cross Chain -> More Tokens, and check the star Bitcoin<->Ethereum. The direct cross-chain function for BTC to Ethereum is on.<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/4000/0*fOMOYB_xs2Smeh9v.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/4000/0*fOMOYB_xs2Smeh9v.png” alt></noscript>Go to Cross Chain -> BTC -> Bitcoin<->Ethereum. The BTC@Bitcoin->wanBTC@Ethereum window pops up. Here are the relevant parameters as follows:<ul><li>Balance: the balance of the BTC address from which you want to cross-chain transfer</li><li>Storeman Group: Select a Storeman Group. The active group is set by default. In general, you don’t need to choose.</li><li>Capacity Left: The remaining cross-chain quota. Your cross-chain amount must be less than this amount.</li><li>To (Ethereum): The recipient address on Ethereum that receives wanBTC</li><li>Estimated Fee: The total amount of gas fees estimated in the cross-chain process (currently Storeman nodes do not charge cross-chain service fees)</li><li>Amount: The amount of BTC that you want to cross-chain transfer</li><li>You Will Receive: The amount of wanBTC that you will receive on Ethereum</li><li>Advanced Options: The Gas Price can be set in the advanced options. In general, the default value is sufficient.</li></ul><img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2742/0*I5j7QxqLBKglvbyv.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2742/0*I5j7QxqLBKglvbyv.png” alt></noscript>For updates regarding the Multi-chain Bridge mechanism, please follow Wanchain’s official channels such as Medium and Twitter. We will release the latest progress and disclose more details in due time!<img data-lazyloaded=”1″ src=”https://cdn-images-1.medium.com/max/2000/0*h13zoMn8b9_XGds9.png” alt><noscript><img src=”https://cdn-images-1.medium.com/max/2000/0*h13zoMn8b9_XGds9.png” alt></noscript><h2>About Wanchain</h2>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.<a href=”https://www.wanchain.org/”>Website</a> | <a href=”https://www.explorewanchain.org/” target=”_blank” rel=”noopener”>Documentation</a> | <a href=”https://t.me/WanchainCHAT?source=post_page—————————” target=”_blank”>Telegram</a>| <a href=”https://twitter.com/wanchain_org?source=post_page—————————” target=”_blank” rel=”noopener”>Twitter</a> | <a href=”https://wanchain.us17.list-manage.com/subscribe?u=474affe3661620cb14a108d52&id=f76852edbb&source=post_page—————————” target=”_blank” rel=”noopener”>Newsletter</a> | <a href=”http://wanscan.org/” target=”_blank” rel=”noopener”>Blockchain Explorer</a> | <a href=”https://wandevs.org/” target=”_blank” rel=”noopener”>Developer Portal</a><div class=”post-views post-7175 entry-meta”>

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2,586</div> Fri, 26 Feb 2021 09:03:17 -0500 Liam
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Wanchain And Benchmark Protocol Form A Strategic Partnership; wanTokens Empower Benchmark… https://www.wanchain.org/blog/wanchain-and-benchmark-protocol-form-a-strategic-partnership-wantokens-empower-benchmark/
https://www.wanchain.org/?p=7171
<div><img src=”https://www.wanchain.org/wp-content/uploads/2021/03/1_vW0guAjtK_8zV9cgpYvsQw.jpeg” class=”ff-og-image-inserted”></div><div class=”row”><div class=”col-md-12″>Published by <a href=”https://www.wanchain.org/” class=”vcard author”>Liam</a> on <time class=”entry-date published” datetime=”2021-02-25T22:01:39+08:00″ content=”2021-02-25″>February 25, 2021</time><time class=”updated hestia-hidden” datetime=”2021-03-10T22:02:58+08:00″>February 25, 2021</time></div></div><h3>Strategic Partnership Between Wanchain And Benchmark</h3>In February 2021, Wanchain and Benchmark Protocol formed a strategic partnership. On the basis of Wanchain’s innovative multi-chain bridges and Benchmark Protocol’s brand-new P2P lending platform Benchmark Marketplace, both parties will carry out in-depth and constructive cooperation on cross-chain DeFi applications empowered by cross-chain mechanism.In a pragmatic spirit, the two parties have reached an agreement to use “Benchmark Marketplace + wanTokens” as the entry point, allowing assets (wanBTC, wanETH, wanUSDT, wanDOT, WAN, etc.) on popular public chains to be integrated into Benchmark Marketplace, and those assets will be used for the lending types of tokens. By doing so, the Benchmark Marketplace, powered by cross-chain, will have richer lending tokens and better services as well as greater competitiveness. The two parties will put forward “Cross-chain + DeFi applications” step by step.<h3>Benchmark Marketplace: Lender-driven exchanges for Loan Offerings with More choices of Cross-chain Assets</h3>The Ethereum-based Benchmark Marketplace creates a lender-driven exchange for loan offerings. A lender creates a Marketplace contract through the Benchmark interface and defines the conditions (such as the lending out tokens, the loan ratio, etc) for their loan offering. A single loan offering can serve many different borrowers, as long as the created Marketplace contract holds enough tokens to provide the loan.The peer-to-peer lending services, the custom lending cryptocurrencies and interest rates, the any-time payoff mode, and the 100% fully decentralized lending mechanism constitute a remarkable highlight of the Benchmark Marketplace.Wanchain’s cross-chain mechanism will enrich the types of loanable cryptocurrencies on Benchmark Marketplace. Wantokens such as wanBTC, wanETH, wanUSDT, wanDOT, WAN will be integrated to the Marketplace step by step, so as to meet the needs of both borrowers and lenders.<h3>Wanchain Multi-chain Bridges Mechanism: Supports Cross-chain wanTokens, enabling unlimited possibilities for cross-chain DeFi</h3>Wanchain empowers developers to build truly trustless, decentralized, cross-chain financial applications which connect with real world value. Wanchain has been building infrastructure to enable interoperable DeFi since 2017. In the past four year, the team has successfully cross-chain integrated with BTC, ETH, EOS, ERC20, etc.The Multi-chain Bridges mechanism is a novel cross-chain solution proposed by the Wanchain team to provide a high level of security and scalability. In this mechanism, all the direct bridges are run by a shared Storeman group with a shared staking deposit pool. This design reduces the complexity of the cross-chain process and ensures that all the cross-chain assets can freely “flow” among any chain. Moreover, it increases the maximum cross-chain capacity of a single bridge in security precondition.The partnership between Wanchain and Benchmark Protocol will achieve a seamless integration of wanBTC, wanETH, wanUSDT, wanDOT, WAN and other cross-chain assets on Benchmark Marketplace. Due to the perfect design of Wanchain’s multi-chain bridges mechanism, the security of cross-chain assets and the smooth experience of cross-chain assets lending are effectively guaranteed.<h2>About Benchmark Protocol</h2>Benchmark Protocol is a Supply Elastic Collateral and Hedging Device, Driven by the Volatility Index. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.Benchmark is built on the Ethereum Blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.<h2>About Wanchain</h2>Wanchain empowers developers to build truly trustless, decentralized, cross-chain financial applications which connect with real world value. Wanchain has been building infrastructure to enable interoperable DeFi since 2017. Wanchain’s Storeman node powered cross-chain bridges eliminate the barriers between blockchains and allow you to use assets from multiple blockchains with differing technical architecture in your favorite DeFi applications. Multi-party computation, threshold secret sharing, and crypto-economic incentives power their solution for moving value between chains in a trustless, permissionless, and decentralized manner.Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.<div class=”post-views post-7171 entry-meta”>

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2,970</div> Thu, 25 Feb 2021 09:01:39 -0500 Liam
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