DeFi is confusing and complicated, but it doesn't have to be.
Today, we're going to discuss a project that wants to make DeFi simpler and interoperable.
One chain to rule them all.
Let's get it!
Welcome to BitBoy Crypto!
Home of the BitSquad
The largest crypto community in all the Interwebs
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, make sure to hit that subscribe button.
In this video, we get an update on a project we partnered with---
Wanchain.
To recap,
Wanchain is the world's best decentralized blockchain interoperability solution.
Wanchain builds fully decentralized bridges that connect the world siloed blockchain networks.
Jack Lu, Wanchain CEO and founder and one of Ethereum's original angel investors,
famously said that Wanchain will connect all the isolated blockchains in the world.
Well, Wanchain is well on their way to that goal.
Wanchain aims to revolutionize the DeFi industry by building bridges to other chains.
And that has been the project's only focus
since before DeFi was even popular or even known really.
Wanchain has been building nonstop since 2017.
And, boy, are their arms tired.
So as a result,
their tech is way further along than other projects when it comes to the realm of interoperability.
In fact, Wanchain is on its fifth version of its software.
Unlike other cross-chain projects,
Wanchain is completely decentralized and doesn't have strange limitations
like only supporting IBC chains,
and, more importantly, it actually works.
This means that right now,
you can take your Bitcoin, XRP, Litecoin and a boatload of other tokens to other chains
to engage with the industry's best dApps for earning yield.
The recent crypto additions to Wanchain, XRP and Litecoin,
give both of these excellent coins access to smart contracts.
This allows Litecoin and XRP to interact with Ethereum, Wanchain, Binance Smart Chain,
and the entire Wanchain cross-chain infrastructure.
This allows Litecoin and XRP to interact with Ethereum, Wanchain, Binance Smart Chain,
and the entire Wanchain cross-chain infrastructure.
It also enables swaps directly for tokens on other chains
in a completely decentralized manner.
You can take your LTC and XRP right now and start staking and farming to earn massive yields.
For example,
currently, for Litecoin, you can earn more than 100% APR farming Litecoin on WanSwap,
a cross-chain AMM DEX.
So, Ben, how do Wanchain's decentralized bridges work?
And do I have to be a rocket scientist to use the feature?
Or is it user-friendly?
Well, you're in luck, nerd.
The secret to Wanchain's decentralized cross-chain bridge lies with their innovative Storeman Group.
Wanchain's Storeman Group is made up of about 25 Storeman nodes.
The Storeman Group is reelected every month.
And these nodes are in charge of verifying cross-chain transactions.
The way that Storeman Group works is when a user initiates cross-chain transaction,
Storeman Group nodes work together and create a locked account on the original chain
to hold the user's asset they are bridging.
After the original set is locked,
Storeman Group mints a new token on the destination chain.
So you don't have to do anything but interact with a bridge with your assets.
If you're sending XRP cross-chain,
Storeman Group will lock XRP on the XRP Ledger.
On the flip side, if you're sending LTC cross-chain,
Storeman Group will lock LTC on the Litecoin network.
So now you understand that interacting with Wanchain's bridge,
your assets will be locked up on their respective chains.
Now, let's move on to an actual example of using the bridge.
If you need to get some XRP onto Ethereum,
the Storeman Group will mint new XRP on Ethereum.
As another example,
if your sending Litecoin to Wanchain,
Storeman Group will mint the new LTC on Wanchain.
When the user wants their original tokens back,
the Storeman Group burns them into token on other chains
and unlocks the original asset on the original starting chain.
The magic of this entire process,
and this sets Wanchain apart from other cross-chain projects,
is that this whole process is 100% truly decentralized.
Now, we're going to get a little bit into the nerdier details of how this all works.
No single Storeman node ever has access to the locked accounts' private keys
so it stays with the ethos
"not your keys, not your crypto"
Each node only ever has access to a small fragment of the key.
It's accomplished through incredibly advanced multi-party computation
and threshold secret-sharing.
This is beyond the scope of this video,
but it's incredible how it works according to The Cat
we keep locked up in our cellar reading whitepapers all day.
So if you're in the BitSquad and you hold WAN,
you can stake into my Storeman node once it launches to earn easy staking rewards.
The Wanchain team will also be having an AMA with my head admin The Cat
on the BitSquad Telegram group very soon.
So bring your best questions for your chance to win some WAN during the second portion
or the open-ended question and answer session with the audience.
And one more thing, BitSquad,
the bigger our Storeman node gets,
the more the BitSquad will earn as a result.
So you're going to want to get to staking WAN quick.
We weren't the only ones to be impressed by Wanchain's tech,
Wanchain is also partnered with the fourth largest company in the world
and, by metrics, the largest utility company in the world,
the State Grid Corporation of China,
who's also seen promise in their technology.
The State Grid Corporation of China is deploying a blockchain-based data sharing and management platform
using Wanchain's blockchain and smart contract technology.
The State Grid hopes to break through data silos
to conduct analysis without endangering consumer privacy.
Hmmm. Data silos.
Sounds a lot like siloed blockchains.
Exactly the type of problem Wanchain provides a solution for.
Wanchain just keeps marching forward.
The tech keeps growing.
More chains are added all the time, with the team telling me that Polkadot is coming soon.
Huge players are taking notice to what Wanchain is doing,
and the partnerships will only continue.
This is the true power of blockchain interoperability.
And the type of cross-chain infrastructure that Wanchain is building
is what will allow blockchain to reach mass adoption.
Interoperability is a must, and Wanchain is leading the pack
because that has been their only focus for the past few years.
That's all I got.
Be blessed.
BitBoy out.