Wanchain has just launched its Wanchain 2.0 network, the project’s first step towards its ultimate goal of offering blockchain interoperability.
The platform is being positioned as a network that aims to inter-connect different blockchain technologies through a standardised API interface in its bid to create a “blockchain of blockchains.”
The project’s token sale concluded in October last year, with the ICO raising $36 million.
At this stage, however, the platform only interfaces with the Ethereum blockchain. As such, the ETH token is represented on the Wanchain network at a ratio of one to one with its corresponding Wanchain equivalent, referred to as WETH.
As a result, ICOs can deploy their own operations on the Wanchain network, exploiting its own interface with debit and credit payment facilities for the purchase of ICO tokens on the Ethereum network.
Exchanging Value Across Networks
In time, Wanchain plans to add other blockchains, giving individuals and enterprises access to decentralised, blockchain-agnostic financial services. The team’s next major milestone will be the addition of Bitcoin by the end of 2018.
Once the current network has achieved stability, the company will incentivise developers to develop cross-chain functionality for other blockchains.
As part of its wider mission to facilitate the adoption of blockchain technology, the team behind the project has also launched WanLabs, a blockchain start-up accelerator, to encourage the development of applications on the Wanchain network. The accelerator provides advisory, technical, marketing, PR and legal support and funding.