The days of having multiple, incompatible blockchain protocols may be numbered, following a launch that promises to unite two blockchains. The Wanchain Foundation, which funds development of “the world’s first and only interoperable blockchain with secure multi-party computing,” announced the launch of Wanchain 2.0, which is “fully connected” to Ethereum.
The transfers are done through smart contracts, multi-party computing, and threshold key sharing design on the Wanchain 2.0 platform.
The company was one of the first ones to be able to really pull of cross-chain transactions, which have been talked about a lot recently but generally end up not being 100% viable most of the time or are still incomplete or in Beta testing. The main focus of the project is to link blockchains and allow the multi-asset ICOs to be interchangeable, which could help startup companies.
The latest update will help users to make hassle-free transfers of Ether for a new Wanchain token called WETH at a 1:1 value. But it will possibly consume a lot more time before it starts catering a comprehensive usage beyond Ether to WETH conversion.
The announcement read,
“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. The platform is now fully connected to the Ethereum blockchain, with the capabilities and development plans necessary to scale.”
By linking their chain with Ethereum, the Wanchain Foundation regards the union as a step towards their long-term vision of “one massive, interconnected network of public and private blockchains and dApps all linked by Wanchain.” Among other possible applications the linkup would allow efficient Wanchain-based DEXes, initial coin offerings that straddle multiple blockchains, and decentralized trans-currency lending.
Another feature is the privacy protection protocols which ensures that data is secure from the point of transmission to the point of receiving. With blockchain technology being completely decentralized, privacy protection protocols doubly ensure that transactions across the network are safe.
Reports show that Ethereum has seen a steady growth in mainstream industries with applications like Robinhood adopting it. At the time of writing, Ethereum was trading at $475.97 with a price change climb of 2.92%, according to CoinMarketCap.
The founder and CEO of the company is Jack Lu, which has declared that this is a very exciting time for the company and that the vision of Wanchain is to reshape the world of digital assets to form something new and exciting.
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