Since the start of Bitcoin in 2009, blockchain technology has been greatly transformed. Bitcoin, as the best known cryptocurrency, has paved the way for decentralized P2P networks, smart contracts, DAGs and business use case studies.
Blockchain, as a whole, has allowed greater transparency, efficiency and security. These are some of the critical factors for companies when evaluating new services and solutions.
However, there is a prominent area that needs more attention: blockchain interoperability. Blockchain interoperability means that different networks (blockchains) can freely share value and data. Currently, there are numerous block chains, with the main obstacle being this lack of external communication.
At Wanchain, they have decided to focus on this particular interoperability problem; on how to link different networks (public and private) and make them all communicate, operate and interact under standardized rules and procedures.
Wanchain is a blockchain platform that allows decentralized transfer of value between blockchains.
Wanchain infrastructure allows the creation of distributed financial applications for individuals and organizations. Wanchain currently allows cross-chain transactions with Ethereum, and today’s product launch will allow the same features with Bitcoin.
In the future, we will continue to join blockchains and provide cross-chain financial functionality to companies in the industry. Wanchain has employees worldwide with offices in Beijing (China), Austin (USA) and London (United Kingdom).
How It All Started
Wanchain started in 2016 when Jack Lu formed a research team at the University of Beijing (Peking University). They began investigating different interoperability technologies until they created a Proof of Concept (PoC), joining Ethereum to another EVM-based chain.
Wanchain was born shortly after, and began the race to solve the interoperability problem. Wanchain has achieved significant milestones since its inception. These are version 1.0 (mainnet with privacy), 2.0 (Ethereum bridge), 3.0 (Bitcoin bridge), and soon, they will launch EOS and 4.0 integration (connecting private blockchains to our public platform).
From retail payments to tracking luxury items and digital collectibles, blockchain interoperability is vital and is becoming a focus issue, slowly but surely.
Similarities with The Internet
In the early days of the Internet, participating networks could only transfer information (via messages) within these isolated intranet networks. It was not until the introduction of the Network of Advanced Research Project Agencies (ARPANET) that the systems began to implement sets of TCP / IP protocols and allowed communication outside these centers.
Most of us don’t know how the Internet really works, and we don’t need to understand how it works either. Now they are at a stage with Blockchain technology that the pioneers, the first users, innovators and marketers, need to unite to improve the user experience, educate current and future generations and create solutions to real problems. All these factors are vital to reduce barriers to entry and increase use between individuals and regular entities.