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Wanchain ico Review

Wanchain ICO Review

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Approximate cost: 1 ETH = 750 WAN

ICO Market Cap: ~ US $ 34,500,000

Website: https://wanchain.org
Whitepaper: https://wanchain.org/files/Wanchain-Whitepaper-EN-version.pdf
Facebook: https://www.facebook.com/wanchainfoundation/
Twitter: https://twitter.com/wanchain_org
Slack: https://wanchain.herokuapp.com
Reddit: https://www.reddit.com/r/wanchain/
Telegram: https://t.me/WanchainANN
Github: https://github.com/wanchain

Description of the Project

Wanchain is developing a platform that provides the functions of a distributed bank. The goal of the project is to build a new basis for the digital economy, instead of old traditional banks. Wanchain exchanges different values ​​between different blocks, creating a non-proprietary cross-protocol with a distributed system that captures everything that happens inside it. Any unit can connect to integrate with the platform and perform small operations with a limited amount of funds. This means that any institution or frequent person can use the platform blocks to create their own bank, which provides classical financial products – lending, currency exchange, calculations based on digital calculations.

Wanchain ICO Review

How to use? Loans and lending.

Participants use smart contracts to create a deposit application and set an interest rate on Wanchain. Through a through transaction, the digital currency is transferred from the source purse to the smart address of the contract. The deposit, in the form of Wanchain tokens, goes to the account of the service provider. When there is a reverse transfer of the deposit, the voucher is transferred back to the intermediary and the operation is considered completed. At this point, the number of ETHs corresponding to the voucher is unblocked from the original chain and transferred to the original account. The interest rate and their transfer are also processed by a smart contract. In fact, the platform plays the role of an intermediary, guaranteeing the fulfillment of the contract by both parties, being an automated and programmed bank.

Throughout the process, the necessary level of openness and transparency of operations must be ensured. When executing all transactions, not only smart contracts are supported, but full confidentiality of transactions is also maintained.

Payment and Settlement

Wanchain is a multi-currency platform that combines various platforms and registers into one. Any natural or legal person can install a purse and make a calculation without having to feel the need to start several different wallets at once.

Investments and Financing

Financial assets can also be linked to Wanchain, and investors can use their currencies through it to purchase these assets. Kraundfanding can be implemented in a multi-currency. For example, ICO can issue a smart contract that supports multi-currency investments and an investor can invest their money in it using any electronic currency integrated with Wanchain.

Distribution of Tokens

The company entered the ICO from 4 to 28 October 2017 and received 30 million USD in ETH. The distribution of tokens will look like this:

  • In public access: 107,100,000 tokens (51%)
  • The project team – 42,000,000 tokens (20%)
  • Wanchain Fund – 39,900,000 tokens (19%)
  • Miners – 21,000,000 tokens (10%)
  • The available number of tokens is 170,100,000 tokens (81%)
  • The total number of tokens is 210,000,000 tokens (100%)

Business model and road map

The very business model of motivation of participants in the system consists of three cross-breeding nodes receiving remuneration for the operation – Vouchers, Validators and Storemen. Vouchers provides proof of the transaction, but if it turns out to be false, the reward value is subtracted from the node. Validators provide a record of transactions, and Storemen calculates the share of each participant in the transaction, depending on the proportion of its share in the total.

Roadmap for the development of the project and further objectives:

  • Development of Proof of Concept – 2016/12
  • Publication of Whitepaper onorg – 2017/06
  • Exit to ICO – 2017/09
  • Wanchain 1.0 in real life (Privacy Protection, WANCoin, POS, Wallet, Blockchain Explorer) – 2017/11
  • Wanchain 2.0 (Integration with Ethereum, Multi-Coin Wallet) – 2018/06
  • Wanchain 3.0 (Integration with Bitcoin, Multi-Coin Wallet) – 2018/12
  • Wanchain 4.0 (Integration with its own currency, Multi-Coin Wallet) – 2019

Leadership and team

The management includes the founder of the project Jack Lou, part-time former technical director of Factom (another block project). In addition, the team includes programmers, cryptographers with extensive experience in the field of blockchain.

Dustin Bayington – graduated from Columbia University. The MBA degree from the University of Michigan. He founded Bitkoin College in 2014.

Welch Zhou – founded the exchange Hishare. Security Advisor Hyperledger. Deputy Secretary General of the Commission for Culture and Economy of Europe and China. 20 years of experience in the field of investment, business management and public relations.

Zeyn Liang is an applied mathematics degree from Peking University and a Ph.D. in the University of Massachusetts. Specializes in high-performance computing, encryption and cryptographic protection algorithms.

Yin Zhang is a senior engineer at Huawei and served as CAO and CTO several companies. Senior developer Ethereum with deep understanding and engineering experience in the architecture of blockchain, smart contracts and consensus algorithms.

Lizzy Lu graduated from the Chinese University of Communications. Years of television, magazine and print. Former marketing director of ZCODesign. Organizer in the community of blockchain, affiliated persons and conferences.

Competitors: BlockNet, Polkadot, Ripple

Advantages and Disadvantages:

  • an ambitious project with serious goals. If everything works out, it will have a huge impact on the entire financial sector.
  • strong team of serious specialists
  • Jack Lu has extensive experience in organizing similar ICO

Weaknesses

  • there are other competitive developments
  • strict rules of participation (can not participate in the US, Singapore and China)
  • road map demonstrates the project’s objectives only in the short term
  • weak PR and product marketing

Wanchain. Verdict.

Wanchain sets itself an unconditionally serious task, acting as an intermediary in traditional financial services of banks. Undoubtedly, if this project is implemented, it will be an important milestone in the development of all technology, and the coin itself will enter the top 10. Wanchain is an excellent opportunity for both long-term deposits and short-term deposits. Jack Lu has more than 200 ICO and earned a reputation as the one who brings it to the end. For a long-term contribution, a team that consists of sufficiently strong and motivated specialists is a positive factor.

From the shortcomings of the project can be identified weak positioning themselves in the market and the lack of competent marketing. In addition, in this area the project has quite serious competitors – BlockNet, Polkadot, Ripple. However, we are sure that such a competitive environment will rather push the project to development, rather than stop it. Taking into account that the project already actively cooperates with Factom and other companies, the “risks-opportunities” ratio is quite favorable for investments.

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