Wanchain, on Monday, July 23 launched its landmark 2.0 version of its blockchain network. The Wanchain team announced this launch in a post on its blog.
The post read:
“Wanchain 2.0 is a significant milestone for the entire blockchain space, marking a major step toward the vision of a fully interconnected internet of value.”
This version of the Wanchain platform is significant because it introduces interoperability with ethereum blockchain, making it one of the first platforms with cross-chain support. The post continues:
“Wanchain 2.0 is the world’s first and only interoperable blockchain with secure multi-party computing, which will eventually allow for seamless integration with almost any blockchain in existence”
After its implementation, Wanchain will be able to be able to deploy distributed contracts, ICOs that support both ETH and WAN as well as make direct transactions between WAN and ETH blockchains.
This launch addresses the issue of ‘Interoperability’, which is one of the three core goals of the Wanchain project. The upgrade uses smart contracts, multi-party computing, and threshold key sharing to allow Ether [ETH] to be transferred to the Wanchain platform where it will be assigned as WETH. The system also uses special nodes, called “storemen” to avoid double spending.
The company aims to connect all the world’s digital assets across any blockchain to enable the future, inter-connected digital economy. Privacy and smart contracts are the other pillars of the Wanchain project. These were achieved in January when Wanchain migrated from the Ethereum blockchain to its own blockchain.
This latest version has been in the works for about since the beginning of the year. It was however subjected for Alpha testing by 50 community developers in May and released for Beta testing, open to the whole community a month later.
According to Founder and CEO of Wanchain, Jack Lu, the launch represented a milestone not just for Wanchain but for the entire financial industry since it provides a solution to connect with the traditional financial market. Its uses cases extend to the medical sector, supply chain & logistics, and identification.
The Wanchain wouldn’t rest on its oars after this launch; it plans to integrate cross-chain support for Bitcoin [BTC] and at least one ERC token by the end of the year.