One project seeks to take the crown from the king of DeFi, Ethereum.
Today, I'm going to tell you why that's not as out there as you think
and detail what sets this specific project up to even have a chance.
True DeFi is interoperable.
And this project does interoperability as good as anybody out there.
Find out what it is and whether or not this gem has what it takes.
Let's get it!
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Welcome to BitBoy Crypto! The largest crypto channel in all the Interwebs.
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
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Today, we are going to be discussing a new partner project we have here at BitBoy Crypto,
but one that we've been familiar with for years on this channel.
The project is Wanchain.
And it could finally be ready to rip.
Wanchain is an Ethereum competitor which has its focus on one niche
that Ethereum has been dominating,
DeFi.
Wanchain recently released a yield farming app called ZooKeeper.finance
and additionally just integrated its decentralized cross-chain bridge for XRP
to allow for yield farming and liquidity mining.
Wanchain wants to revolutionize the DeFi industry by building bridges to other chains.
And that has been the project's only focus since well before DeFi was even popular.
Wanchain has been building nonstop since 2017,
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 5th version of its software.
Wanchain wants to be the infrastructure for DeFi and do what Ethereum has done for smart contracts
by building a decentralized network for open finance according to its whitepaper.
Jack Lu, the CEO of Wanchain, stated in a short video on Twitter
that one of the largest cryptocurrencies, XRP, will be integrated into the mainnet in the near future.
In addition to liquid mining,
this will also enable yield farming through the use of the XRP coin.
They said, "I'm excited to announce that we're just days away from officially adding XRP
to the Wanchain family of decentralised, interoperable blockchain networks.
We say welcome to every XRP holder. Come, and join us!
Let's rebuild the DeFi world."
Pretty exciting stuff.
The cross-chain integration also enables HODLers of XRP
to use numerous applications on Wanchain and Ethereum.
Now, if that's not enough,
there's also the possibility of interacting with Bitcoin and EOS as well.
More on that in a bit.
This means that right now,
you can take your BTC, your XRP, your USDT, and a boatload of other tokens to other chains
to engage with the industry's best dApps
all by utilizing Wanchain.
It should also be noted that since Wanchain's hardfork Jupiter last month,
Ethereum dApps can be utilized on Wanchain
such as MetaMask.
This also prepares Wanchain for its Ethereum layer 2 solution
called X-Rollups.
And we know how hot those are.
With the rapid rise of blockchain technology,
there are literally thousands of public and private blockchains deployed around the globe.
However, these blockchains exists largely in isolation,
unable to communicate or exchange information with one another
without some form of a bridge like the one Wanchain has created.
The problem is only getting bigger as blockchain becomes more mainstream.
Wanchain has repeatedly said that many interoperability projects are going to play a role
in connecting the world's countless separate blockchains.
There are three cross-chain projects out there,
and one isn't even live yet---
Polkadot, Cosmos and Wanchain.
And I'm not hating on Gavin Wood's haircut, the DOT Army,
I'm just speaking facts and being honest.
Polkadot is not yet live with its parachains still on testnet.
Cosmos, on the other hand, is designed to only provide interoperability
between Tendermint chains using IBC.
For Cosmos, connecting to non-IBC chains like Bitcoin is still mostly theoretical.
It requires a lot of patching for solution.
Wanchain is unique because it creates truly decentralized direct bridges between blockchains.
You don't need to pass through an intermediary chain like other solutions.
Now, as I said earlier,
Wanchain started building in 2017,
and their cross-chain infrastructure is already built live on the mainnet
and it's being actively used.
Wanchain provides bridges between Bitcoin, Ethereum, Wanchain, EOS, Binance Smart Chain,
and now XRP
with more chains coming soon including Polkadot, Dogecoin, Litecoin and more
according to comments made by the Wanchain team.
Wanchain recently launched the world's only truly decentralized Bitcoin to Ethereum direct bridge.
This means you can bring your BTC to Ethereum in a decentralized way
without passing through other chains.
This is important due to transaction fees.
The way that Wanchain operates,
it's able to facilitate bridges with low transaction fees.
Now, this is a development milestone reached
that people like Vitalik, Raoul Pal and Erik Voorhees have all said the industry desperately needs.
Well, it's here now.
Wanchain and decentralized bridges bring new use cases to all tokens across all blockchains.
Without interoperability,
adoption of blockchain as a whole would be stunted.
Imagine if email worked in the way that blockchain does now.
What if Gmail couldn't send emails to ProtonMail, Yahoo, or any other domain?
There wouldn't be any point of using an email client if you would need an account for each domain name.
Any benefit of the instant messaging of an email system will be completely undermined
by lack of scalability and interoperability with other providers.
Blockchain is the exact same.
You just don't realize it.
Isolated blockchains make it impossible for us to fully enjoy the benefits of blockchain
because we have to use multiple different wallets
and each crypto has its own blockchain.
Interoperability is a pure must,
and Wanchain is leading the pack when it comes to bridging blockchains together.
On Wanchain proof-of-stake validator nodes,
they reach consensus using a PoS consensus algorithm called Galaxy Consensus.
Now, that's enough about the tech.
What about the tokenomics?
Wanchain has a total supply of 210 million with a circulating supply of 176 million.
Wanchain offers staking for users inside their wallets for delegating to nodes and two types of nodes,
Storeman nodes and validator nodes.
Besides proof-of-stake rewards for delegating to validator nodes,
there is also cross-chain bridge node staking rewards.
Although the tokenomics are a little more complicated,
we will briefly touch on this now and come back to the finer details in another video.
Wanchain also offers users what it calls its partner in function
allowing multiple addresses set up a validator node together.
After the first person sets up their node with at least 10,000 WAN,
anyone else may contribute stake to that node using the partner in function.
Even though partnered in stake is contributed to another person’s node,
it is still in control of the person who sent it.
It is never in custody of the person who set up the main node address.
The staking rewards, however, will all be sent to the main node address,
and there is no on-chain distribution of rewards.
As such, it's extremely advised you only partner in with those that you trust.
Partner in funds will earn rewards at the same rate as the regular stake,
which is higher than delegated stake.
For partner in, a minimum amount that can be partnered in is 10,000 WAN,
there is no maximum amount,
and maximum of 5 addresses that can partner in at one given time.
According to stakingrewards.com,
Wanchain is offering delegates 9.55%
and charge a fee of 15% to stake for a minimum of 7 days
to prevent people from staking and unstaking in short periods of time.
Those delegating to nodes also have a minimum of 100 WAN they have to stake,
while those running validator nodes have to stake a minimum of 10,000 WAN
with a lockup of 90 days and will receive a reward of 11.24%.
Further, if you have a validator node, you will pay no fee.
Storeman nodes are unique to Wanchain and are voted on each electoral period.
Unlike PoS validator nodes,
Storeman nodes have an election period during which you can delegate to a node,
but delegators will not receive rewards at that time.
In fact, delegators don't always receive rewards.
Users must check the Storeman node's current status to see if they currently are earning rewards.
According to Wanchain's Medium,
Storeman nodes will manage all wanBridges which connect two different public chains
and the staking deposits will also serve as the common deposit for all wanBridges
in the entire cross-chain network.
We'll have a lots more to come on Wanchain in the coming months in future videos,
more details about how it works,
the team and how you can use your existing tokens to turn annual yields 100%, 200%,
and even rewards up to 300% with Wanchain.
We'll also dive into different dApps on Wanchain like WanLend, WanFarm and WanSwap for instance,
which is similar to Uniswap or ZooKeeper,
a gamified app for yield farming with zoo animals,
as well as partnerships that Wanchain has established both in its past and in its future.
Here's an informational sheet showing completed milestones for Wanchain,
which, as you can see, shows how much work the team has been putting in to this project.
BitBoy Crypto, that's me, recently joined Wanchain as an advisor.
And I'm super excited to see where this one goes.
You don't want to miss Wanchain. It could be your ticket to financial freedom.
But that's just one guy's opinion.
Let me know what you think about Wanchain down below in the comment section.
That's all I got.
Be blessed.
BitBoy out.