Wanchain

Wanchain provides decentralized, non-custodial bridges for blockchain interoperability, aiming to connect disparate financial systems on various blockchain networks. The project was founded in 2017 by Jack Lu, who previously co-founded Factom. Lu's background includes enterprise management studies at Peking University, followed by economics and computer science at The Ohio State University, and a lengthy career as a software engineer before entering the blockchain space around 2012. His experience at Factom and in building enterprise blockchain solutions for a company he started, Wanglu, informed the vision for Wanchain. In February 2024, Temujin Louie, formerly the VP of Marketing & Growth, took over as CEO, with Jack Lu transitioning to an advisory role.

The company operates as both a sustainable Layer 1 Proof-of-Stake (PoS) blockchain and a decentralized interoperability solution. The Layer 1 chain is a full Ethereum-like environment, compatible with standard industry tools and protocols. Wanchain's core offering is its cross-chain infrastructure that connects both EVM (Ethereum Virtual Machine) and non-EVM networks, including major players like Bitcoin, Ethereum, Ripple, and Polkadot. This infrastructure allows developers to build cross-chain decentralized applications (dApps), enabling services such as decentralized exchanges, lending platforms, and multi-asset investment tools. The system uses advanced cryptographic methods like Secure Multiparty Computation (sMPC) and Shamir's Secret Sharing to secure assets as they move between chains without relying on centralized intermediaries.

Wanchain's business model is centered around its native utility token, WAN, which has a maximum supply of 210 million. Revenue and network incentivization are generated through several mechanisms. Transaction fees for all network operations, including cross-chain transfers and smart contract deployment, are paid in WAN. The network employs a fee-burning mechanism to create a deflationary pressure on the token. The WAN token is also used for staking by both PoS validator nodes, which secure the network, and Bridge Nodes (or 'Storeman' nodes), which are responsible for verifying cross-chain transactions. Users can delegate their WAN tokens to these nodes to earn rewards, creating an economic incentive for participation and security. The fees collected from cross-chain bridges are converted into WAN and distributed among various stakeholders, including the community treasury, bridge operators, and validators, with a portion being burned.

Keywords: blockchain interoperability, cross-chain bridges, decentralized finance, DeFi, Jack Lu, WAN token, Layer 1 blockchain, Proof of Stake, non-custodial bridge, EVM, non-EVM, smart contracts, dApps, Secure Multiparty Computation, sMPC, validator nodes, crypto asset transfer, Wanchain, financial infrastructure, digital assets, decentralized exchanges, blockchain security