Wanchain
Wanchain
Token:


Rebuilding Finance

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Abstract
Digital currency, represented by Bitcoin and
Ethereum, is blazing through traditional
financial systems with the force of a prairie
fire. Although blockchain technology is still in
the initial stages of development, its transpar-
ent mechanisms and open concepts show
tremendous vitality. Wanchain seeks to link
the present to the future, through the explora-
tion and implementation of blockchain tech-
nology.
cross-chain protocol and a distributed ledger
that records both cross-chain and intra-chain
transactions. Any blockchain network, wheth-
er a public, private or consortium chain, can
integrate with Wanchain to establish connec-
tions between different ledgers and perform
low cost inter-ledger asset transfers. The Wan-
chain ledger supports not only smart
contracts, but also token exchange privacy
protection.
Wanchain aims to build a distributed“bank”.
Just as traditional banks are the infrastructure
of ...

Contents
Abstract
00
1
Wanchain Design Concept
01
1.1 Blockchain Emergence and Significance
01
1.2 Design Background
02
1.3 Design Objectives
03
1.4 Positioning
04
2 Wanchain Architecture and Technology
04
2.1 Architecture
05
2.1.1 Distributed Ledger and Smart Contract Virtual Machine
2.1.2 Native Coin
2.1.3 Consensus Mechanism
2.1.4 Intra-Chain Transactions
2.1.5 Cross-Chain Integration
2.1.6 Cross-Chain Transactions
2.2 Technology
07
2.2.1 Fully Decentralized and No Trusted Third-Party Participation
2.2.2 Unmodified Original Chain and Low Integration Threshold
2.2.3 Cryptography Based Security Guarantee
2.2.4 Cross-Chain Transaction Privacy Protection
3
Cross-Chain Communication Protocol
09
3.1 Functional Modules
09
3.2 Data Transmission Process
09
4
Key Technologies
12
4.1 Verification Node Consensus...

4.3 Locked Account Generation Scheme
14
4.3.1 Introduction
4.3.2 Design Description
4.3.3 Scheme Generation
4.3.4 Advantages
4.4 Smart Contract Token Transaction Anonymity
18
4.4.1 One-Time Account System
4.4.2 Ring Signature Scheme
4.4.3 Privacy Protection Transaction Flow
5
Wanchain Applications
23
5.1 Borrowing and Lending
23
5.2 Payment and Settlement
24
5.3 Transaction and Exchange
24
5.4 Investment and Financing
24
5.5 Other Applications
25
6
Conclusion
26
References
27
Appendix: Glossary of Terms
28
...

WANCHAIN WHITEPAPER
>>
WANCHAIN FOUNDATION LTD
01
1/ WANChain Design Concept
1.1/ Blockchain Emergence and Significance
Friedrich A. Hayek, the eminent Austrian econ-
omist, believes that if we let currencies com-
pete in the market by survival of the fittest, like
other commodities, market mechanisms can
filter out the most appropriate currency for us,
just like it does for those other commodities.
In January 2009, the first Bitcoin block was
mined. The emergence of Bitcoin transcend-
ed Hayek’s ideal state where responsibility
for controlling the total amount of money in a
system is borne by specific institutions,
whose self-interest keeps the total currency
amount at a level acceptable to most users.
The switch from credit authorization by institu-
tions to inviolable mathematical laws for
recording the exchange of value is another
great innovation. In essence, currency is a
consensus. It is an agreed up...

WANCHAIN WHITEPAPER
>>
WANCHAIN FOUNDATION LTD
02
projects, such as Ethereum, received returns
hundreds of times the size of their initial invest-
ments. Blockchain technology is pushing Inclu-
sive Finance to brand new heights.
As of June 2017 there are thousands of digital
currencies based on blockchain technology
with a total market value of over $100 billion,
and the number and value of digital curren-
cies continues to grow. Digital currency is
becoming more acceptable as a form of
payment in financial transactions; many
organizations are exploring ways to record
traditional forms of assets, such as commer-
cial bills and loyalty points, into blockchains,
usually in the form of consortium chains.
Digital asset exchanges, which are similar to
traditional financial institutions, have
emerged. These exchanges perform the
banking function of exchanging digital
assets. They are a platform for buying and
t...

WANCHAIN WHITEPAPER
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WANCHAIN FOUNDATION LTD
03
asset in a ledger must correspond to an
equivalent opposite change in another
ledger. The block chain has a good solution to
the problem of double spending in the same
ledger in different accounts. Solving the prob-
lem of transferring assets among different
blockchain ledgers is key to the wider appli-
cation of blockchain technology. Wanchain
requires a distributed approach to support
the access of different blockchains and the
transfer of assets - that is, to support
cross-chain transactions.
Effective protection of users’privacy is one of
the foundations of traditional banking. Any
financial transaction is needed to be protect-
ed from a third party. Wanchain needs to have
the same capabilities.
Wanchain is a distributed financial market. In
principle, any organization or individual can
develop and provide their own financial
services based on W...

WANCHAIN WHITEPAPER
>>
WANCHAIN FOUNDATION LTD
04
1.4/ Positioning
Through the establishment of links among
different blockchains, the inter-ledger trans-
fer of assets can be achieved, providing an
infrastructure for financial applications based
on digital currencies and digital assets. We
seek to give full play to the blockchain func-
tion of carrying and transferring value, and
the equal and open concept of blockchain.
From a blockchain technology development
perspective, Wanchain applies secure
multi-party computation, threshold
secret-sharing, a ring signature scheme
based on elliptic curve cryptography, a
one-time account generation mechanism,
and many other cutting-edge cryptographic
technologies. Wanchain also solves the priva-
cy protection problem of smart contract
token transactions. To some extent, Wan-
chain is an advanced cryptographic applica-
tion that solves the real problems of block-

WANCHAIN WHITEPAPER
>>
WANCHAIN FOUNDATION LTD
05
Figure 2.1: Model of WANChain
2.1/ Architecture
2.1.1 Distributed Ledger and Smart Con-
tract Virtual Machine
Wanchain is an Ethereum-based generic
ledger that runs applications independently,
with account models and smart contracts
that implement various original Ethereum
functions. On top of those, we added
cross-chain transactions and achieved smart
contract token privacy protection.
2.1.2 Native Coin
Wancoin is the native coin of Wanchain. Both
cross- and intra-chain transactions consume
a certain amount of Wancoin. Wancoin is also
used in security deposits for the cross-chain
verification nodes.
2.1.3 Consensus Mechanism
Wanchain adopts a Proof of Stake (POS)
consensus mechanism for ordinary transac-
tions and implements consensus and incentive
mechanisms for cross-chain transactions.
These mechanisms are discussed in the
following ...

Wanchain Roadmap

1
June 2016
Research on privacy protection and cross-chain transactions
2
December 2016
Development on Proof of Concept
3
June 2017
White Paper published. Wanchain.org online
4
September 2017
ICO crowd funding
5
January 2018
Wanchain 1.0 goes live (Privacy Protection, WANCoin, Wallet, Block chain Explorer)
6
June 2018
Wanchain 2.0 (Integration with Ethereum, Multi-Coin Wallet)
7
December 2018
Wanchain 3.0 (Integration with Bitcoin, Multi-Coin Wallet)
8
December 2019
Wanchain 4.0 (Integration with Private Chains, Multi-Coin Wallet)
Binsheng Wang
Binsheng Wang
Professor of Chinese Academy of Social Sciences
Advisor
David Johnston
David Johnston
Feng Han
Feng Han
Mentor of iCenter (Tsinghua University) General Secretary of DACA
Co-founder; Board member
Board member, Elastos Foundation,Visiting Scholar & Research Associate at Columbia University
Han Kao
Han Kao
Founder at Cryptobriefing.com
Justin Liao
Justin Liao
Head of Global Business
Justin Snyder
Justin Snyder
Regulatory Affairs
Loi Luu
Loi Luu
Founder and Developer for the SmartPool Project
CEO and Co-founder of Kyber Network
CEO & CoFounder
Founder of Kyber Network