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With so many blockchains on the market today, the demand for cross-chain operability grows ever louder. While there are some projects in development, Wanchain stands out among the pack. Having just integrated Litecoin into its cross-chain ecosystem, Wanchain’s interoperability solution is miles ahead of competing ecosystems.
Blockchain Needs Cross-Chain Support
No matter how one wants to look at it, the time for “competing” blockchains appears to be over. Because every ecosystem has its benefits and drawbacks, bridging the gap between blockchains will help usher in the mass adoption of blockchain technology. Additionally, for consumers and corporations, it is essential not to worry about which technology one uses or whether it is compatible with a particular tool or application. However, before that can happen, the blockchain industry will need to become cross-chain compatible.
Achieving that goal is a lot more complex than it sounds. By default, the different public blockchains are incompatible with one another on the communication front. That seems weird, as they all share crucial aspects, yet they are not designed to interact openly. However, it is possible to rectify that situation by building cross-chain bridges, among other concepts. Numerous concepts are currently in development, yet here is one ecosystem that developers and users can rely on today.
Wanchain, The Decentralized Cross-Chain Solution
It is essential to create decentralized cross-chain solutions to preserve the decentralized nature of blockchain technology. Wanchain is the only service provider that has this functionality on its mainnet and is ready to be used. The team specializes in building decentralized bridges to connect different siloed blockchain networks. Their efforts have even attracted the attention of the State Grid Corporation of China, the world’s largest utility company, which is using Wanchain’s technology to build a data management system. For developers, this infrastructure allows for more complex applications and DeFi products.
As Wanchain’s cross-chain infrastructure has been in development since 2017, the project has come a long way. Wanchain already connects to Bitcoin, Ethereum, EOSIO, Binance Smart Chain, and the XRP Ledger and, most recently, Litecoin in its current form. Future additions will include Polkadot, another prominent blockchain and crypto ecosystem. The addition of Litecoin is especially intriguing and will introduce DeFi opportunities to LTC holders worldwide. Furthermore, this bridge will make LTC usable with EVM-compatible smart contracts.
Wanchain uses a proof-of-stake validator node concept to achieve network consensus to ensure a safe and stable environment. This system is proprietary and goes by the name of Galaxy Consensus. However, as more bridges are built connecting other blockchains, it will prove essential to provide top-notch security and peace of mind at all times. Decentralization is a powerful concept but also comes with many new responsibilities.
To perform cross-chain transactions with Wanchain, users have two basic options. One can either use the WanBridge Web interface or the Wanchain Desktop Wallet. Both options are accessible to anyone and require no special technical knowledge. As both options are ready to use today, it highlights Wanchain’s unique position. All other competing solutions are either a proof-of-concept, only running on a testnet or centralised.
Taking cryptocurrency and blockchain technology into the mainstream requires an all-encompassing approach with a strong focus on cross-chain interoperability. Being able to transact data and value freely between blockchains like Bitcoin, Ethereum, EOSIO, Binance Smart Chain, XRP Ledger and Litecoin will introduce more complex use cases capable of catering to the needs of millions of people globally. The time for building a blockchain ecosystem that only serves one narrow purpose is in the past.
More importantly, the concept of decentralized cross-chain interoperable blockchain bridges seemed nigh impossible to achieve a few years ago. Wanchain shows us that it is possible to go down this route and provide this invaluable service to all users. It is now up to competing cross-chain projects to come up with complementing solutions. Connecting all the public blockchains in the world remains the ultimate objective, although it will not be easy to get there.