- The cross-chain bridge will facilitate multi-crypto transactions
- Wanchain’s upgrade creates the first seamless blockchain interoperability platforms
- Wanchain uses “Monero style of private transactions” to enhance privacy
Wanchain (WAN) has unveiled an upgrade, Wanchain 3.0, a privacy blockchain platform that connects and exchanges that connects and exchanges value between different blockchains. The bridge will facilitate multi-crypto transactions executed privately between Bitcoin (BTC) to Ethereum (ETH) and ERC-20 tokens.
Cross-chain Transactions between Bitcoin and Ethereum Blockchains
The company said through an official blog post on Tuesday, December 11, 2018, their new product will feature a cross-chain transaction capability that creates the first effective case in point for seamless blockchain interoperability. This becomes a huge milestone in Wanchain’s desire to ensure that all Decentralized Exchanges (DEXs), protocols and other crypto-related components become completely interoperable across blockchains.
Wanchain’s concept of interoperability is similar to how Wide Area Networks (WAN) were connected to siloed Local Area Networks (LAN) intending to connect the different distinct blockchains to facilitate a decentralized transfer of value between them.
Wanchain uses a Secure Multi-Party Computing (SMPC) protocol to execute cross-chain transactions, meaning that the receiving party will be sure their funds have been locked securely in the sending party’s anterior wallet. Explaining the concept, Wanchain CEO Jack Lu said:
“We have interoperability solutions, cross-chain solutions, which allow us to connect with other blockchains like Ethereum and Bitcoin. SMPC allows us to control assets in a separate chain. When the user wants to send a coin or transaction from Bitcoin to Wanchain, SPMC knows how to handle this bridge.”
Regarding the future, Jack Lu explained that public chains such as Bitcoin and Ethereum will essentially be represented and shielded with Wanchain’s privacy protocol. He said that while the transparency in Bitcoin was desirable, there was a new crop of users who enjoy their privacy. He added that his company has embraced the “Monero style of private transactions,” where a view key is required for anyone to know anything about any transaction even though the records remain publicly accessible.
Following the launch, users can use the Wanchain 3.0 upgrade’s secure and decentralized cross-chain for their transactions instead of DEXs without a counter-party risk, according to the company’s press release. Decentralized Exchanges leveraging Wanchain’s Ethereum-based cross or building directly on Wanchain can now offer Bitcoin trading pairs. Any exchange running the Ethereum, Bitcoin or Wanchain can now easily offer additional pairs. CEO Jack Lu added:
“For this release, we will add a lot of Ethereum tokens. We’ve already announced about MakerDAO, which is a stable coin, but now we’ve also added other Ethereum tokens, so now all these ERC-20 tokens can be traded against Bitcoin in a decentralized exchange.”