The #DeFi Summer is over, but TVLs are still high and #BTC is runnin'🏃🏻♂️so what's next 4 #crypto?
How 'bout the next 3 mos. of @wanchain_org - an action-packed time the $WAN team has planned for since its initial offering almost 3 years ago.
A thread 👇
medium.com/wanchain-found…
How 'bout the next 3 mos. of @wanchain_org - an action-packed time the $WAN team has planned for since its initial offering almost 3 years ago.
A thread 👇
medium.com/wanchain-found…
When I first met @JackLu_WAN back in early 2018, it was right after $WAN had listed on @binance. The team was proud of their sky-high valuation that had come from a global marathon fundraising tour. But the "crypto winter" was a few months away. Things got bleak.
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Did you know that the word Wanchain has nothing to do with the Chinese word for 10,000 (万) but rather refers to the computer science term WAN for Wide Area Network?
Crazy, right?
So yeah, the proper way to say $WAN is with a short A sound like in 🐈. Not an ah A sound.
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Crazy, right?
So yeah, the proper way to say $WAN is with a short A sound like in 🐈. Not an ah A sound.
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Why $WAN then? In the #internet early days, knowledge was siloed in local university and library LANs (Local Area Networks).
WANs connected them all together to create the internet as we know it today, unleashing a torrent of creativity that changed the world.
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WANs connected them all together to create the internet as we know it today, unleashing a torrent of creativity that changed the world.
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At @wanchain_org, this is the vision that Jack has used to guide us.
What if we could disrupt the #blockchain world the way WANs did to the old network world?
Imagine the new businesses, new financial opportunities, and even entirely new cultures and ways of life.
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What if we could disrupt the #blockchain world the way WANs did to the old network world?
Imagine the new businesses, new financial opportunities, and even entirely new cultures and ways of life.
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Our goal at $WAN is to unleash the incredible power of connectivity by building the infrastructure for the universal connection of all #blockchains & their #assets. What WAN networks did for data and knowledge, @wanchain_org's cross-chain infrastructure will do for #DeFi.
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Wanchain 5.0 is the result of 3 years of Galaxy Brain dev labor to enable a new #finance world where value flows freely from #blockchain to blockchain, and between #DeFi & TradFi, where trustless applications can take advantage of cross-chain interoperable value transfers.
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We think that connecting up these "Value Islands" with $WAN as collateral will be as revolutionary a step forward as starting the global Internet.
#DeFi is way more than just insane APYs derived from food token seignorage.
Liberating #blockchain assets will make this clear.
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#DeFi is way more than just insane APYs derived from food token seignorage.
Liberating #blockchain assets will make this clear.
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For an example of how standardization of connective roads can unleash untold economic potential on the world look no further than the history of #China. In 221 BC, Father of Modern China, Emperor Qin Shi Huang, unified everything as a means to unite a disparate kingdom.
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Before Qin’s standardization, each local area had their own standard. Some places even mixed multiple standards together!
The carriage widths in the six conquered regions were different, resulting in different widths of tracks throughout the region.
Travel was impossible.
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The carriage widths in the six conquered regions were different, resulting in different widths of tracks throughout the region.
Travel was impossible.
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By standardizing the transport system, goods could traverse the empire efficiently and conveniently, allowing the entire region using the shared track standard to enjoy the economic benefits of unifying transport.
That set the stage for 1000+ years of Chinese prosperity.
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That set the stage for 1000+ years of Chinese prosperity.
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The situation of carriage track widths prior to the Qin Dynasty is mirrored in the world of #blockchain today. There are countless different public chains, consortium chains, and private chains. Each has their own different underlying frameworks, data structures, and APIs.
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The lack of standards creates “value islands,” or different assets & applications that operate on different blockchains that cannot easily connect with other chains.
Connecting one island with another in a truly decentralized way is quite difficult.
$WAN is The Way.
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Connecting one island with another in a truly decentralized way is quite difficult.
$WAN is The Way.
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Ethereum is the biggest Value Island. Real world assets & non $ETH coins have been issued on #Ethereum through various mechanisms with different levels of security and decentralization. So..
Increasing levels of economic bandwidth, but an island nonetheless. A nice island!
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Increasing levels of economic bandwidth, but an island nonetheless. A nice island!
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Aside from USD #stablecoins & a small portion of #BTC that gets wrapped, much of the existing value in #crypto cannot find its way onto #Ethereum.
Not only is it difficult for value to get onto Ethereum Island, it’s just as difficult for it to leave!
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Not only is it difficult for value to get onto Ethereum Island, it’s just as difficult for it to leave!
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Billions of 💵 of assets trapped on other blockchains, unable to participate in the recent #DeFi boom on #Ethereum.
At @wanchain_org, we're working to change that by building 2-way bridges for many "Value Islands" located on this graphic here.
They're called $WAN Bridges.
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At @wanchain_org, we're working to change that by building 2-way bridges for many "Value Islands" located on this graphic here.
They're called $WAN Bridges.
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WAN Bridges allow for assets to flow freely between different heterogeneous blockchains, despite the lack of standardized #blockchain infrastructure.
In short, we're building the bridge everyone wishes they built.
A #Crypto Golden Gate Bridge
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In short, we're building the bridge everyone wishes they built.
A #Crypto Golden Gate Bridge
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What secures the assets on a WAN Bridge?
They'll use TSS + MPC (and large amounts of $WAN coin) to secure the locked assets on one chain while wrapped assets will be minted on #Ethereum (or another chain like $EOS or Wanchain itself).
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They'll use TSS + MPC (and large amounts of $WAN coin) to secure the locked assets on one chain while wrapped assets will be minted on #Ethereum (or another chain like $EOS or Wanchain itself).
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If you want to cross back over the bridge to the native #blockchain, just burn the wrapped token on one side of the bridge to unlock the corresponding tokens on the other side.
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How are WAN Bridges decentralized?
Each Wan Bridge has a Storeman Group consisting of 21 Storeman Nodes. Those nodes, which I like to call #wanSM nodes, manage the cross-chain value transfer process. Although they can be slashed for malicious behavior, wanSM earn fees.
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Each Wan Bridge has a Storeman Group consisting of 21 Storeman Nodes. Those nodes, which I like to call #wanSM nodes, manage the cross-chain value transfer process. Although they can be slashed for malicious behavior, wanSM earn fees.
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We're building bridges to many a #blockchain. We will soon connect $WAN $EOS and $BTC to #Ethereum with 2-way WAN Bridges. More are coming.
Each connection will have its own Storeman Group of 21 or more nodes.
Each #wanSM must have AT LEAST 50k $WAN.
You do the math.
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Each connection will have its own Storeman Group of 21 or more nodes.
Each #wanSM must have AT LEAST 50k $WAN.
You do the math.
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What's the end goal for @wanchain_org?
The same as it was in the initial wp, actually.
We aim to build a distributed cross-chain bank that provides global users with a one-stop shop that offers a cornucopia of #DeFi products to fulfill all their needs.
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The same as it was in the initial wp, actually.
We aim to build a distributed cross-chain bank that provides global users with a one-stop shop that offers a cornucopia of #DeFi products to fulfill all their needs.
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In closing, @wanchain_org is on the cusp of starting to deliver on its ambitious goal to power a cross-chain bank.
In order to do that, a Wide Area Network #blockchain or WANchain had to be built, which is almost done.
The future's cross-chain #DeFi.
The future is $WAN.
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In order to do that, a Wide Area Network #blockchain or WANchain had to be built, which is almost done.
The future's cross-chain #DeFi.
The future is $WAN.
Fin/
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