HOW WANCHAIN SEEKS TO REBUILD FINANCE by jeanwandimi

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HOW WANCHAIN SEEKS TO REBUILD FINANCE
In fiat currency, the finance ecosystem is controlled by banks and financial institutions. Right? How is it in the world of cryptocurrency? There are all these exchange platforms but let’s delve deeper into one platform aiming to “rebuild finance”.

<div><h2>What Wanchain Seeks to do</h2></div>

Wanchain aims is come up with a distributed-bank. Their goal is very ambitious because they seek to create a framework for digital assets like cryptocurrency. Any private or public blockchain network can connect with them and register transfers. Basically, any company or person can register their own teller in this institution/ bank and can give out different services.

<center><img alt="" src="https://cdn-images-1.medium.com/max/1800/0*3vuiUEOU12TMHNOt.png" ></center>

<div><h2>Why Wanchain came to Existence</h2></div>

At the moment, different digital currencies are competing in the market and the strongest ones are getting adopted. What happens to the disadvantaged and less adopted currencies? With a financial institution like this, people who do not have access to the financial system can have a shot at being part of the worldwide economy.

They believe that currency is a decision or a consensus of people. Think about the original form of money. People would exchange different things through the barter system. The measure of currency was cowrie shells and other precious commodities. People believed that these things were important and valuable. When they attached so much value to it, it becomes a measure of finance. Gold is just a metal that people agreed upon to be valuable and precious. The same with diamonds. After the people started using cowrie shells, they then settled on paper money because it was light, convenient and easily stored and transferable.

Are the current financial institutions we have inclusive or do they exclude some people? The issue of financial inclusion comes up. Financial inclusion is the state in which people from all walks of life have access to financial services. There are still people in the world who are excluded from banks because of this and that. The figure is 2.5 billion. This means that they are not part of the world economy. We all can attest to the high fees that people incur to send money across borders. However, the beauty of blockchain technology is that all that does not matter. If you have been following the news you know what had happened to Venezuela where they had to devalue their money. The people who had invested in Bitcoin did not feel the pinch of this currency devaluation. People who invested in Bitcoin and Ethereum at the right time had reaped the benefits.

Let us look at how banking has changed over time. When banks were started, the principal aim was to exchange currency. However, over time, other services such as land and remittances came about. Wanchain comes about in the transaction part because it enables cross chain transactions. Most people need privacy and security of their funds. Wanchain has these in place.

According to their whitepaper, here are the objectives of Wanchain.

To connect different cryptocurrency networks. This is key because it ensures that during the connection there is no modification of how the digital network chains work.

It also helps to

> Integrate consortium chains with Wanchain. This fulfills the functions of transferring assets from original chains to Wanchain, transferring assets from Wanchain back to the original chains, and trading various assets on Wanchain.- Source Wanchain Whitepaper.

Another objective is to guarantee the security of these aforementioned transactions.

<center><img alt="" src="https://cdn.investinblockchain.com/wp-content/uploads/2018/07/wanchain2.jpg?x50555" ></center><div><h2>What else are they doing/ hoping to do?</h2></div>

They are a platform that enables the exchange of a wide range of digital currencies.

They also give loan and deposit services.

They will also give and trade new digital assets.

<div><h2>Wanchain Applications</h2></div>

Here are some practical applications of Wanchain. Where does the demand for digital currencies come from? It comes from people who trade and those who hold them. Those who trade them increase their demand and people who hold them aim to increase their value. As a whole, the demand and value increase and so we can see that these digital currencies are here to stay as long as people think that they are important.

<div><h3>Lending and Borrowing</h3></div>

One important application is borrowing. People will borrow to trade and invest. Just like in the fiat scenario, people borrow money from banks. This is inevitable in society because people have different financial needs and goals. Digital assets will come in handy and will serve these needs.

<div><h3>Payment</h3></div>

Businesses have begun accepting digital assets as a means of payment. It is so convenient to pay for your services at the touch of a button. Currently, that is still available through fiat using services like Paypal and VISA.

<div><h3>Exchanges and Transactions</h3></div>

There are so many exchanges happening on the Wanchain Network. The network has facilitated these trades and transactions.

<div><h3>Investing</h3></div>

People can hold their digital assets whose value fluctuates from time to time. If they buy low and sell high, they can make a good profit and this is a good investment option.

<div><h3>Financing</h3></div>

One way to finance your project is to do an ICO and people can fund the project. This ensures that there is fairness and transparency.

In conclusion, I would like to know your thoughts on Wanchain. How feasible is it in the country that you live? Do you think it is a great idea? Would you consider using it?

In this paper, I used different terms/ blockchain jargon.

Here are their meanings. 
> Cross-Chain Transaction: An asset transfer between two different block chains (which means transfer-in or -out of the original chain.) When an asset on one chain is transferred to another chain, the total amount of the assets in the two ledgers stays unchanged, which will not cause any inflation or deflation. Homogeneous

> ICO (Initial Coin Offering): An initial coin offering (ICO) is a means of crowdfunding the release of a new cryptocurrency. Generally, tokens for the new cryptocurrency are sold to raise money for technical development before the cryptocurrency is released. Unlike an initial public offering (IPO), acquisition of the tokens does not grant ownership in the company developing the new cryptocurrency.

-Source/ Wanchain Whitepaper.

<center><img alt="" src="https://cdn-images-1.medium.com/max/1192/1*LKFEpkSJeZaZPK31s-Knsw.jpeg" ></center><div><h3>Catch Up with Wanchain here</h3></div>

 Project Website: https://wanchain.org/  
Products & Services: https://wanchain.org/product

Whitepaper: [https://wanchain.org/files/Wanchain-Whitepaper-EN-version.pdf](https://wanchain.org/files/Wanchain-Whitepaper-EN-version.pdf)

Yellowpaper: [https://wanchain.org/files/Wanchain-Yellowpaper-EN-version.pdf](https://wanchain.org/files/Wanchain-Yellowpaper-EN-version.pdf)

Commercialpaper: [https://wanchain.org/files/Wanchain-Commercial-Whitepaper-EN-version.pdf](https://wanchain.org/files/Wanchain-Commercial-Whitepaper-EN-version.pdf)

Medium Blog: [https://medium.com/wanchain-foundation](https://medium.com/wanchain-foundation)

WANCHAIN next event: [https://wanchain.org/events](https://wanchain.org/events)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
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json_metadata"{"image":["https:\/\/cdn-images-1.medium.com\/max\/1800\/0*3vuiUEOU12TMHNOt.png"],"raw_html":"<p>You know how in the world, the finance ecosystem is controlled by banks and financial institutions? How is it in the world of cryptocurrency? There are all these exchange platforms but let\u2019s delve deeper into one platform aiming to \u201crebuild finance\u201d.<\/p><h2>What Wanchain Seeks to do<\/h2><p>Their aim is to come up with a distributed-bank. Their goal is very ambitious because they seek to create a framework or digital assets like cryptocurrency. Any private or public blockchain network can connect with them and register transfers. Basically, any company or person can register their own teller in this institution\/ bank and can give out different services.<\/p><figure class=\"image\"><img src=\"https:\/\/cdn-images-1.medium.com\/max\/1800\/0*3vuiUEOU12TMHNOt.png\" \/><a href=\"https:\/\/cdn-images-1.medium.com\/max\/1600\/0*3vuiUEOU12TMHNOt.png\">Image<\/a><\/figure><p>\u00a0<\/p><h2>Why Wanchain came to Existence<\/h2><p>At the moment, different digital currencies are competing in the market and the strongest ones are getting adopted. What happens to the disadvantaged and less adopted currencies? With a financial institution like this, people who do not have access to the financial systems can have a shot at being part of the worldwide economy.<\/p><p>They believe that currency is a decision or a consensus of people. Think about the original form of money. People would exchange different things through the batter system. The measure of currency was cowrie shells and other precious commodities. People believed that these things were important and valuable. When they attached so much value to it, it becomes a measure of finance. Gold is just a metal that people agreed upon to be valuable and precious. The same with diamonds. After the people started using cowrie shells, they then settled on paper money because it was light, convenient and easily stored and transferable.<\/p><p>Are the current financial institutions we have exclusive or do they exclude some people? The issue of financial inclusion comes up. Financial inclusion is the state in which people from all walks of life have access to financial services. There are still people in the world who are excluded from banks because of this and that. The figure is 2.5 billion. This means that they are not part of the world economy. We all can attest to the high fees that people incur to send money across borders. However, the beauty of blockchain technology is that all that does not matter. If you have been following the news you know what had happened to Venezuela where they had to devalue their money. The people who had invested in Bitcoin did not feel the pinch of this currency devaluation. People who invested in Bitcoin and Ethereum at the right time had reaped the benefits.<\/p><p>Let us look at how banking has changed over time. When banks were started, the principal aim was to exchange currency. However, over time, other services such as land and remittances came about. Wanchain comes about in the transaction bit because it enables cross chain transactions. Most people need privacy and security of their funds. Wanchain has these in place.<\/p><p>According to their whitepaper, here are the objectives of Wanchain.<\/p><p>To connect different cryptocurrency networks. This is key because it ensures that during the connection there is no modification of how the digital network chains work.<\/p><p>It also helps to<\/p><p>Integrate consortium chains with Wanchain. This ful\ufb01lls the functions of transferring assets from original chains to Wanchain, transferring assets from Wanchain back to the original chains, and trading various assets on Wanchain.- Source Wanchain Whitepaper.<\/p><p>Another objective is to guarantee the security of these aforementioned transactions.<\/p><figure class=\"image\"><img src=\"https:\/\/cdn.investinblockchain.com\/wp-content\/uploads\/2018\/07\/wanchain2.jpg?x50555\" \/><a href=\"https:\/\/cdn.investinblockchain.com\/wp-content\/uploads\/2018\/07\/wanchain2.jpg?x50555\">Image<\/a><\/figure><h2>What else are they doing\/ hoping to do?<\/h2><p>\u00a0<\/p><p>They are a platform that enables the exchange of a wide range of digital currencies.<\/p><p>They also give loan and deposit services.<\/p><p>They will also give and trade new digital assets.<\/p><p>\u00a0<\/p><h2>Wanchain Applications<\/h2><p>Here are some practical applications of Wanchain. Where does the demand for digital currencies come from? It comes from people who trade and those who hold them. Those who trade them increase their demand and people who hold them aim to increase their value. As a whole, the demand and value increase and so we can see that these digital currencies are here to stay as long as people think that they are important.<\/p><h3>Lending and Borrowing<\/h3><p>One important application is borrowing. People will borrow to trade and invest. Just like in the fiat scenario, people borrow money from banks. This is inevitable in society because people have different financial needs and goals. Digital assets will come in handy and will serve these needs.<\/p><h3>Payment<\/h3><p>Businesses have begun accepting digital assets as a means of payment. It is so convenient to pay for your services at the touch of a button. Currently, that is still available through fiat using services like Paypal and VISA.<\/p><h3>Exchanges and Transactions<\/h3><p>There are so many exchanges happening on the Wanchain Network. 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When an asset on one chain is transferred to another chain, the total amount of the assets in the two ledgers stays unchanged, which will not cause any in\ufb02ation or de\ufb02ation. Homogeneous<\/p><p>ICO (Initial Coin O\ufb00ering): An initial coin o\ufb00ering (ICO) is a means of crowdfunding the release of a new cryptocurrency. Generally, tokens for the new cryptocurrency are sold to raise money for technical development before the cryptocurrency is released. 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