Wanchain Foundation is paving the way towards an interoperable future joining the Enterprise Ethereum Alliance (EEA)

Wanchain News Today: Wanchain Foundation is paving the way towards an interoperable future joining the Enterprise Ethereum Alliance (EEA). Wanchain (WAN), the blockchain-based platform that aims to create infrastructure connecting different digital assets, has joined Enterprise Ethereum Alliance (EEA), the world’s largest open-source blockchain initiative.

WAN has stated that “By leveraging the Wanchain network and working within the EEA, the Wanchain Foundation is paving the way towards an interoperable future”.

EEA has a network of Fortune 500 companies, startups, academics and vendors with Ethereum subject matter expertise enabling  the project to access a vast store of knowledge helpful to its mission.

Wanchain (WAN) Price Today

Name Price24H (%)
Bitcoin (BTC)
$7,482.85
0.40%
Wanchain (WAN)
$0.191579
2.61%

Wanchain (WAN) Joins World’s Largest Open Source Blockchain Initiative. The beautiful performance of cryptocurrency does not lie in pump and dump price increments, it has to do more with how it is changing the status quo.

Talking about cryptos with exemplary acts, one needs not go far, but pick Wanchain (WAN). To show how prepared it is to capture the blockchain world completely, Wanchain has announced it joined the Enterprise Ethereum Alliance (EEA), the world’s largest open source blockchain initiative.

EEA is regarded by blockchain world as the first global standards organization to deliver an open, standards-based architecture and specification to accelerate the adoption of Enterprise Ethereum.

In a statement by Wanchain today, “The EEA’s world-class Enterprise Ethereum Client Specification and forth-coming testing and certification programs will ensure interoperability, multiple vendors of choice, and lower costs for its members — the world’s largest enterprises and most innovative startups.”

With Wanchain (WAN) joining the Alliance, the cryptocurrency will be able to partner with industry leaders around the globe to bring the best practices to enterprise technology, open standards, and open-source reference architectures.

“By leveraging the Wanchain network and working within the EEA, the Wanchain Foundation is paving the way towards an interoperable future,” the statement indicates.

Oliver Birch, Vice President of Wanchain said: “We are very happy to be a memeber of the EEA.”

“The Alliance allows us the ability to work with industry leaders to address specific use cases. We look forward to helping the community by connecting the world’s digital assets.”

EEA links Fortune 500 enterprises, startups, academics, and technology vendors with Ethereum subject matter experts.

The alliance will make the two firms learn from and build upon the only smart contract supporting blockchain currently running in real-world production — Ethereum — to define enterprise-grade software capable of handling the most complex, highly demanding applications at the speed of business, a statement by Wanchain (WAN) has said.

Why Investors Should Keep an Eye on Wanchain (WAN)

Hacked Analysis – Wanchain (WAN) wrapped up its initial coin offering at a coin price of $0.34 in late 2017, before going on run that saw 2,817% gains in the run up to May 3rd’s all-time high of $9.92.

Wanchain aim to create an interoperable blockchain banking system suitable for the cryptocurrency generation, complete with all the features of a regular bank. While the completion of those plans are still some way off, Wanchain has already demonstrated cross-chain interoperability with the Ethereum blockchain, and aims to be the bridge that connect’s all the world’s blockchains.

Ultimately, the aforementioned 2,817% spike in April leading into May experienced a huge reversal, and WAN has fallen 91% in value since May 3rd to its current price in the $0.80 range. That marks WAN out as one of the worst performers over the last two quarters, and at its current price presents an intriguing proposition for altcoin hodlers, after all, few coins or tokens can point to such recent and enormous highs.

Whether such highs can be reached again is another matter, but in the meantime let’s take a closer look at what Wanchain has to offer.

Cross-Chain Interoperability
With the release of Wanchain 2.0 in July 2018, the WAN blockchain is now interoperational with that of Ethereum’s. As Wanchain are quick to point out, the WAN blockchain was only forked from Ethereum and does not constitute an ERC-20 token itself.

Achieving cross-chain functionality is no doubt helped by the fact that the two blockchains share the same DNA, but the process is further secured by secret key sharing, multi-user verifications and smart contracts.

This allows ETH to be transacted across the WAN blockchain where it can be represented in a 1:1 ratio in the form of WETH – the Wanchain equivalent of ETH. At the moment, WAN can’t be represented similarly on the Ethereum blockchain, although the similarities between the blockchains allow for WAN sent mistakenly to an Ethereum address to be recovered quite reliably, as detailed in this lengthy Reddit post.

As per the project’s roadmap, the team expect to add interoperability with one or two more blockchains by the end of the year, with a focus on ERC-20 chains and BTC. In the long term, cross-chain interoperability is one of the main concepts the project hangs its hat on, and the plan to gather all blockchains under the Wanchain roof cannot be faulted for its ambition.

Unlike many altcoins which can exist for years on the promise of some nebulous, future technology, Wanchain has laid out some clear markers for its own success. If cross-chain interoperability ultimately proves to be a non-starter then the project could just quietly disappear; not with a bang but with a whimper.

Anonymity and Ring Signatures
Wanchain employs ring signatures to obscure the identity of someone making a transaction on the blockchain, and creates new addresses for every transaction. Wanchain claim to be the first at many things, including being the first blockchain to include privacy functions within smart contracts.

Barely a month goes by without a supposedly private blockchain being exposed for its lack of real privacy, and WAN’s combination of ring-sigs and secret key-sharing will undoubtedly be put to the test before long. In the meantime, Wanchain offers both public and private send functionality.

Ethereum and Beyond
The team plan to follow Ethereum in its proposed adoption of Proof-of-Stake (PoS), and have confirmed that they will also likely adopt such implementations as Plasma and the Raiden Network – if or when they arrive.

With the Bitcoin blockchain also undergoing its own updates in years to come, it will be interesting to see how Wanchain reacts to a constantly changing blockchain landscape. Ethereum compatibility is one thing, but will cross-chain compatibility hold up after a round up updates and upgrades have altered all of the corresponding blockchains? That remains to be seen.

Wanchain’s plans for 2019 see the group aim to:

“..encourage more developers to use Wanchain’s cross-chain mechanism to develop cross-chain functionality of tokens on other chains and will reward developers for accelerating Wanchain’s cross-chain integration with more public blockchains.”

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.