Since the last bear market, blockchain technology and cryptocurrencies have regained their crown as one of the hottest asset classes of our era. Unlike previous years and trends, this cycle has proven to be among the most bullish as blockchain projects begin to roll out their platforms with new and improved approaches towards their protocol. What makes this cycle especially interesting however is crypto’s newfound recognition by the world’s leading hedge funds, companies, and minds of the 21st century. One of the most significant investment plays of the year was Tesla’s 1.5 billion dollar Bitcoin purchase in early February.
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Last month, Tesla Founder Elon Musk attended the “B-word Bitcoin conference” along with Cathy Wood, and Twitter founder Jack Dorsey. During the event, Musk emphasized the importance of security, decentralization, scalability, and eco-friendliness regarding cryptocurrencies. Much of these worries of course echos Vitalik Buterin’s age-old “blockchain trilemma”.
By summarizing these popular concerns, we can better understand what a blockchain of the future must encompass.
Decentralization- Rather than being controlled by a centralized entity, the ideal blockchain will have control distributed across the entire network to its participants.
Security- Blockchains should have advanced and robust defenses that prevent malicious behavior and bad actors.
Scalability- Blockchains should have the capability to host large transactions volumes while keeping costs low all without sacrificing performance.
Eco-friendliness- A large critique of Bitcoin that continues to grow and cause great concern is its energy consumption from the mining process. As consumption continues to outpace entire cities, influencers and companies alike criticize Bitcoin’s proof of work consensus.
Wanchain- The Blockchain of the Future Existing in the Present
While the points discussed earlier continue to be the blockchain benchmark of the future, the present moment already has an answer — Wanchain.
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What is Wanchain?
Wanchain is a well-established, decentralized blockchain interoperability solution harnessing the latest in blockchain decentralization, interconnectivity, and scalability for commercial, public, personal, and state use. Wanchain works to drive blockchain adoption through interoperability, security, and transparency by having a next-generation blockchain as its foundation equipped with fully decentralized bridges that interconnect many of the different existing and future blockchain networks.
What makes Wanchain especially unique is the fact that it is exactly what Musk and other crypto fans expect from a future blockchain.
Decentralized- Wanchain incorporates various nodes to keep its overall protocol as decentralized as possible. To do this, they employ a unique consensus model known as Galaxy Consensus. This model is a modified version of DPOS that uses two groups of nodes (PoS validator and Storeman nodes) to help process and regulate the chain. While PoS validator nodes validate and secure the network, Storeman nodes handle cross-chain transactions. Both PoS validator nodes and Storeman nodes also incentivize the community by allowing them to delegate their WAN coins to their trusted node in return for a share of the staking reward. This allows as much as the community to be involved in the network as possible. To ensure a high level of decentralization, Storeman nodes are randomly selected and swapped out every month to maintain a fair and transparent node election system. Storeman nodes also take a decentralized route in securing cross-chain assets by each holding a portion of the keys used for securing funds. This further ensures that no central entity is in control of the keys that store the cross-chain assets should there be any attack or other malicious behavior. ¹
Security- Security is crucial for all platforms, this is especially true for cross-chain transactions. Because cross-chain functionalies haven’t gone mainstream yet, the few projects that support them tend to have platforms with multiple potential points of failure, thus giving them severe vulnerabilities. Wanchain’s cross-chain node system leads the industry with its impressive Storeman node system. One aspect of the Storeman node system is their constant monthly rotation cycles. This alone prevents centralization and possible collusion in the system. Another unique attribute about the Storeman Node system is that nodes in the active cycle only contain a piece of the key where cross-chain funds are held. This means that in an unlikely event nodes are attacked, malicious actors won’t have the ability to steal funds as there is no single point of failure.
Scalability- Wanchain can currently process anywhere from 1000–3000 transactions per second all while keeping transaction prices below a cent!
Eco-Friendly- Because Galaxy Consensus runs on a Proof of Stake type model there is no environmental impact from mining.
Wanchain’s advantages don’t stop at just its blockchain. The platform currently hosts a large mosaic of cross-chain bridges that are fully functional:
Some of Wanchains most popular WANbridges include:
Bitcoin-Ethereum direct bridge
XRP Ledger-Wanchain bridge
XRP Ledger-Ethereum bridge
Binance Smart Chain-Ethereum bridge
Binance Smart Chain-Wanchain
Moonriver cross-chain bridge network
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Wanchain is among the world’s first blockchain platforms to not only meet the goals of decentralization, scalability, and security but also incorporate an eco-friendly ecosystem that brings those tenets to a vast cross-chain ecosystem. While the blockchain trilemma has proven to be one of crypto’s largest obstacles, Wanchain’s development over the years is closing the gap between what was once a hurdle of the future to now being a standard of the present.
Credit : blog.gameoflife.co