Wanchain 5.0’s cross-chain mechanism has transitioned from semi-centralization in the past to fully decentralized. It has the characteristics of fast cross-chain, safe and reliable, and low procedures.
Original title: “Wanchain 5.0 mainnet is officially launched! 》
Written by: Ye Wei
On November 10, 2020, the Wanchain team grandly announced the official launch of Wanchain 5.0 mainnet! This marks that Wanchain’s cross-chain mechanism and cross-chain capabilities have achieved another leapfrog development: the cross-chain mechanism has been upgraded from semi-centralized in the past to fully decentralized today, and cross-chain nodes are fully open to the community; cross-chain The capabilities have been completely new, and the assets on the other chain and the own chain have realized two-way crossover.
The version number of Wanchain 5.0’s client program GWAN is V2.1.6.
What is Wanchain 5.0?
Wanchain 5.0 is a universal and fully decentralized cross-chain mechanism with the characteristics of fast cross-chain, safe and reliable, and low procedures. The core of Wanchain 5.0 is the decentralized cross-chain bridge wanBridge; Wanchain 5.0 uses economic mechanisms and security mechanisms to ensure the safe and stable operation of the entire cross-chain system.
Construction of wanBridge
We might as well use the following picture of ” Islands on the Ocean ” to illustrate Wanchain 5.0.
In the vast ocean of cross-chain cryptocurrencies, there are beautiful islands floating around, and each island represents a public chain (also can be a consortium chain or a private chain). Due to the barrier of sea water, the islands cannot reach each other. Reflected in the real blockchain world, since various public chains, alliance chains, and private chains have different underlying architectures, different data structures, and different interface protocols, you want to realize one chain and another chain. , Especially the mutual access between heterogeneous chains is extremely difficult.
In order to achieve normal business exchanges, we built a cross-sea bridge between the islands. Reflected in the blockchain world, it is the WAN Bridge. Each WAN Bridge represents a Storeman Group, and each Storeman in the cross-chain node group is like a compact bridge pier, supporting the cross-chain bridge. At present, a bridge can erect 21 piers, and these piers (that is, the Storeman, the cross-chain node) represent the operators that truly carry out cross-chain node operations. Node operators are fully open to the community. Node operators have a cost to build bridge piers, which is to pledge a certain amount of WAN (starting from 10,000 WAN in the current mechanism design).
Improve WAN Bridge traffic capacity: pledge, commission and build new bridges
How to improve the traffic capacity between the two islands? The so-called capacity, to put it bluntly, is how to maximize the assets on one chain to the other chain. There are two ways.
The first is to widen the deck width of the existing chain bridges and increase the capacity of a single bridge. Reflected in the Storeman Group, each Storeman increases its own WAN pledge, thereby achieving the effect of continuously widening the bridge. At the same time, Storeman can attract WAN token holders to entrust WAN to their own nodes, further increasing the pledge amount of nodes, thereby further broadening the bridge. In the current cross-chain mechanism design, the collateralization rate of the Storeman Group between Wanchain and Ethereum is 200%. In other words, for every 2000 WAN pledged, the cross-chain of ETH and ERC20 tokens of up to 1000 WAN or 1000 WAN equivalent is allowed.
The second is to build a cross-chain bridge between the two islands to increase traffic capacity. In other words, create another Storeman Group. The operating mechanism of this Storeman Group is consistent with the previous Storeman Group, which can broaden the bridge deck by increasing the node’s own pledge amount and attracting clients.
Mechanism guarantee of Wanchain 5.0
The reason why the seawater in the ocean does not seep into the ground is because there are crust and mantle on the seabed, which hold up the vast ocean. In the cross-chain ocean, the whole set of cross-chain mechanisms can operate smoothly, safely, and efficiently because the economic mechanism and security mechanism designed by Wanchain 5.0 also have the effect of the crust and mantle.
Economic mechanism guarantee
In terms of economic mechanism, in order to achieve cross-chain ecological prosperity, Wanchain adopts a dual incentive mechanism in the initial stage, that is, no commission is charged for users of cross-chain functions. At the same time, Wanchain Foundation provides cross-chain function providers (Storeman and its principal ) For individual awards. The design of the reward program must follow two principles. One is to guide the community to participate in the construction of cross-chain functions, and the other is to achieve a balance between cross-chain and galaxy consensus to prevent vicious competition. We achieve this design goal by means of “return rate + hard cap”. In the Wanchain5.0 cross-chain mechanism, the cross-chain function is completed by the WAN Bridge, and each such bridge is run by a group of Storeman. To become a Storeman, community members need to provide sufficient deposits to participate in the election. Once the election is successful, they need to provide the necessary computing power, storage and bandwidth resources to complete the cross-chain function. At the same time, in order to improve community participation, we provide a delegation mechanism, small users can entrust funds to a credible Storeman to participate in the cross-chain and obtain benefits. Wanchain 5.0 also designed a penalty mechanism to punish Storeman’s malicious behavior in the cross-chain process to ensure the safety and reliability of the cross-chain process, and it has the characteristics of complete decentralization and precision.
Security mechanism guarantee
In terms of security mechanisms, Wanchain uses different threshold signature algorithms for different blockchain systems. Specifically, for blockchain systems that do not support smart contracts (such as Bitcoin, etc.), the ECDSA threshold signature algorithm is used; for blockchain systems that support smart contracts (such as Ethereum, EOS, etc.), the Schnorr threshold signature algorithm is used . Compared with before, Wanchain 5.0 improves the underlying threshold signature algorithm, which greatly improves the degree of decentralization and security of cross-chain. Wanchain 5.0 uses a consensus-based verification method to verify the legitimacy of cross-chain information. Adhering to the design idea of ”signature is consensus”, Wanchain 5.0 effectively integrates cross-chain message verification and locked account management. Specifically, after the Storeman node sees the cross-chain transaction of the original chain, it first verifies the legality locally, and then sends the signature fragment of the locked account on the target chain after the legality is verified. When the number of signature fragments exceeds the threshold 2/3, it means 2/3, etc.), indicating that the Storeman group has reached a consensus on this cross-chain transaction, and these signature fragments can also be synthesized into a complete signature to trigger the generation and generation of cross-chain assets. Release process.
A full range of cross-chain products help Wanchain 5.0
With the official launch of Wanchain 5.0’s main network, we will continuously launch a new and full series of cross-chain products in the next two weeks to facilitate users to experience the charm of Wanchain 5.0’s cross-chain. The product line includes
- Wanchain desktop light wallet
- Wanchain mobile wallet
- Wanchain offline wallet
- Wan Mask plug-in wallet
- Wanchain browser
- Web Bridge web version cross-chain tool
- More
We will release the new Wanchain desktop light wallet on November 11th, and open Storeman’s public campaign. Stay tuned!
Rich cross-chain DeFi applications are coming
Wanchain is actively investing in the construction of a cross-chain DeFi ecosystem. We launched our own app store and adjusted the gas price on the chain to 1Gwin. All of these are done in the hope of providing a good ecological atmosphere for ecological developers, operators and ordinary users. , To maximize the exposure of ecological applications on Wanchain, minimize application operating costs, and allow users to get a smoother experience. With the detonation of DeFi applications such as lending and liquidity mining in the industry, Wanchain community enthusiasts and partners have also set their sights on this field, and more DeFi applications that keep pace with the times will appear one after another.
With the launch of Wanchain 5.0, the Wanchain community has responded strongly and will launch a series of cross-chain DeFi applications, including:
- WanSwap, a decentralized peer-to-peer trading platform based on cross-chain
- WanLend, a decentralized lending platform based on cross-chain
- wanToken Farm, liquid mining application
- More
Wanchain wholeheartedly welcomes large and small partners to develop various Dapps to jointly promote the development and prosperity of the Wanchain ecosystem.
Wanchain vision
In the future, by establishing a comprehensive distributed cross-chain financial platform, Wanchain will provide global users with a one-stop DeFi service featuring multi-scenario interconnection and full business integration. Whether you are an institutional user or an individual user, you will benefit from the platform. Everyone is a provider of financial services and a consumer of financial services. All traditional financial services such as lending, savings, wealth management, payment, exchange, and transactions will be presented on this comprehensive distributed cross-chain financial platform in a new format, and will continue to burst out huge financial energy.
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