Wancoin (WAN) Review (7.2/10⭐)

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Wancoin is facilitating the creation of a new financial market of digital assets through cross-chain transfers in various blockchains and privacy within smart contracts through ring signatures and one-time address generation. It is also utilised in the creation of decentralised applications. Wancoin also uses the Locked Account Generation Scheme in facilitating the security of funds and keys where multiple parties are involved.

 

A Bit About Wancoin

Wanglu Tech is the over $580 million Chinese Company that founded the Wanchain token (Wancoin) in 2017 with the leadership of their CEO, Jack Lu. Despite, the token's blockchain being forked from Ethereum, it uses the separate Wanchain blockchain. The WAN token is not an ERC token. The token facilitates decentralised, direct, non-custodial bridges that connect both EVM and non-EVM networks without requiring any centralised intermediaries. It employs multi-party computing and threshold secret-sharing technology to manage accounts autonomously. It provides incentives for Proof of Staker validator nodes and Storeman validator nodes with their delegators. It is also used in developing financial Dapps for borrowing and lending, payment and settlement, transaction and exchange, and investment and financing. It is also involved in staking activities for users to earn rewards.

Decentralised native coinCryptoLists.com

 

Wancoin (WAN is the native token of the Wanchain blockchain that runs on a Proof of Stake mechanism referred to s the Galaxy Consensus. It facilitates the interconnection and interoperability between different blockchain networks by supporting cross-chain transactions between mainstream public chains, private chains, and public and private chains. It is also used as a collateral deposit for the cross-chain verification codes. The token facilitates the cross-chain communication protocol between the Wanchain blockchain and other chains. It effectively utilises smart contracts for the exchange of assets to Wanchain and vice versa. The token is also utilised in the Verification Node Consensus Algorithm in maintaining the overall network and split transaction fees in WAN. Vouchers receive a security deposit from the transaction fee when providing proof of the transaction between the original account and the Wanchain account. Validators also record transactions on the Wanchain blockchain and receive part of the transaction fee in the native token. Storemen receive a portion of the transaction fee when they maintain their online status and own key share. Users who do not hold enough WAN for running a verification node can utilise the general node. Owners of a general node do not validate transactions directly but entrust their stake to a verification node and receive a portion of the transaction fees. These various nodes facilitate the decentralisation of the blockchain.

 

Utility of Wancoin?

Users of the Wanchain blockchain utilise its native token to facilitate cross-chain transactions, and private transactions via smart contracts in transaction fees. Users pay WAN security deposits to the cross-chain verification nodes for transactions. Vouchers also receive the token as a security deposit from transaction fees by ensuring proof between the original account and the Wanchain account. If the proof is false, the security deposit is withdrawn from the holding account and the voucher cannot authorise transactions. Validators on the Wanchain blockchain use the token as a portion of the transaction fees. Storemen who run locked management nodes by staying online and maintaining their key shares receive the token as part of the transaction fee. Owners of the token can participate in staking activities to earn rewards.

The token's functionality is also in developing Dapps such as WanSwap, WanLend, ZooKeeper, and Jack's Pot.

 

Advantages of Wancoin

+ Wancoin facilitates privacy with Smart Contracts via ring secure.
+ It supports cross-chain transactions and increases crypto activity.
+ Wancoin is highly secured through the Locked Account Generation Scheme.
+ It also supports ERC 20 tokens and other protocol tokens.
+ WAN has a strong and experienced team supporting its project.
 

Disadvantages

- The token faces stiff competition from AION, ICON and many other coins.
- Wanchain coin is only primarily dominant in China.
- It is available in a limited number of exchanges.
- The Wanchain token's platform is still in its first phase.
 

Costs

▪ Rated at 10/10

Users of the Wanchain costs incur various trading fees depending on the crypto exchange. Major exchanges such as Binance and Kucoin charge 0.1% on trading. There are also various withdrawal charges depending on the exchange with Binance and Kucoin charging 0.1 WAN. There are no fees incurred in depositing the token.

 

Reputation and Buzz

▪ Reputation rated at 8/10
▪ Buzz rated at 5/10

Several online forums describe the token as the best tech coin supporting a decentralized Cross-chain DeFi technology project. Many raves about the token's role in cross-chain transactions and the interoperability of multiple chains. It is setting itself up to be amongst the leading tokens used in blockchain interoperability. It has assisted greatly in the transition into Web 3.0 with decentralized exchanges (DEXs), lending and borrowing platforms, stablecoins, crowdfunding, multi-currency payments, and settlements. It has facilitated the development of Dapps such as WanSwap, WanLend, ZooKeeper, and Jack's Pot. It provides various incentives for PoS validator nodes and facilitates staking activities.

 

FAQ

When was the Wancoin founded?

Jack Lu founded the WAN coin in 2017 through his Wanglu Tech company.

How many Wancoins are in circulation?

There is a maximum supply of 210,000,000 WAN coins with 198,798,206 WAN tokens in circulation.

Where can I buy the Wancoins?

Some exchanges support the Wanchain coins. These include:

Binance
Bitrue
KuCoin
Huobi Global
DigiFinex

Is Wancoin a good investment?

Crypto Lists don't comment on investment opportunities in the cryptocurrency space. It's way better that you DYOR and decide for yourself.

 

History of Wancoin

June 2016 – Wanchain research begins on privacy protection and cross-chain transactions, laying the foundation for the project's technology and infrastructure.

October 4, 2017 – Wanchain completes its ICO (initial coin offering), selling a majority of its token supply and funding development.

January 18, 2018 – Wanchain 1.0 Mainnet launches as a standalone blockchain (tokens swap from ERC-20 to native WAN), enabling privacy features, smart contracts, and cross-chain capabilities.

August 20, 2019 – The Wanchain community begins Validator node mainnet operations, preparing proof-of-stake activation and expanding staking participation.

February 2023 – XStake introduced: As Wanchain’s ecosystem evolved, the XStake platform was launched to make staking easier and more flexible, letting users delegate WAN to both PoS validator nodes and bridge (Storeman) nodes via a web interface.

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Screenshots from Wancoin

 

More sites where to buy/sell/trade Wancoin

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin. Click on the logo to read our review.