Audit Date: 27 September 2022
ECOSYSTEM SCORE
27 September 2022
67
ALERTS
No Alerts
REVIEW NOTES
Sep 02, 2022

Overall Ecosystem score decreased

PERFORMANCE
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100
NODES

25 nodes

WRITE SPEED

1 ms

READ SPEED

755 ms

GAS FEES

530,800 gwei

UP TIME

100%

PERFORMANCE MATRIX VALUE MONITORED AT
Read Speed 755 ms
Uptime Percentage 100%
Node Count 25 nodes
Reddit Total Members Online 229 members
Reddit Total Members 17,300 members
Discord Total Subscribers Online 148 subscribers
Discord Total Subscribers 6,589 subscribers
Telegram Total Subscribers Online 347 subscribers
Telegram Total Subscribers 7,772 subscribers
Telegram Err 1 err
Telegram Ppm 0 ppm
Telegram Views Per Post 65 views
Gas Fee 530,800 gwei
Write Speed 1 ms
FOUNDATION TOOLS
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40
ESSENTIAL TOOLS
PROGRAMMING LANGUAGE SUPPORT
SDKs
DOCUMENTATION
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100
API DOCUMENTATION

Exists

100
NODE SETUP

Exists

100
SKELETON CODE

Exists

100
VALIDATOR NODES

Exists

100
GRANT PROGRAM
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0
AVAILABLE GRANT

N/A

ADD-ONS
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60
THIRD PARTY SERVICES
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66
PROTOCOL SUPPORT
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40
ADOPTION
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100
DEVELOPERS

251

REPOSITORIES

70

COMMUNITY
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100

Every new blockchain strives to address the challenges of the existing blockchains that continue to live as siloed, isolated networks with less communication ability in the web3 ecosystem. Wanchain is another cross-chain technology-enabled blockchain. This protocol believes that the future is connected, and the network aims to link all these isolated networks together. Considering that the goal of Web3 is to make seamless peer-to-peer interactions in a networked society. Wanchain believes this is possible only through a truly decentralized and interoperable ecosystem, a wide area network of blockchains, in short, Wanchain.

About Wanchain

Wanchain is a sustainable and decentralized layer 1 interoperability solution based on the Proof-of-Stake consensus mechanism. It is a full Ethereum-like environment, compatible with industry-standard Ethereum tools, dApps and protocols. It aims to bring interoperability to the Web3 ecosystem through fully decentralized, direct and non-custodial bridges, connecting both EVM and non-EVM networks without any intermediaries. Currently, more than 15 layer1 and layer2 blockchain networks are connected by the Wanchain network. WAN is the native cryptocurrency of Wanchain.

Wanchain cross-chain bridges include:

  • Direct bridges - Requires no intermediaries or relay network for cross-chain transactions.
  • Layer 2 bridges - Uses decentralized pools to link assets between popular Ethereum layer2 networks such as Polygon or Arbitrum.
  • NFT bridges - Utilizes the lock-mint-burn-unlock mechanism.

Architecture

Most of Wanchain's direct bridges use the lock-mint-burn-unlock method, whereby the original asset is securely locked on the source chain before a wrapped asset is minted on the destination chain when moving from one chain to another. These tokens can be burned or wrapped token anytime to fetch the original asset.

Layer2 bridges utilize decentralized liquidity pools to link assets together. With this approach, a pre-existing pool of assets is locked in an account under the Bridge Group's management on both the source and destination blockchains. Before an equal amount of assets is released on the destination blockchain, a user who conducts a cross-chain transaction deposits assets into the pool on the source blockchain.

Despite being tailored to each project, NFT bridges are akin to the lock-mint-burn-unlock way of bridging. The NFT IDs and attributes are also transferred between blockchains.

Consensus Mechanism

Wanchain uses a unique Proof-of-Stake consensus algorithm called Galaxy PoS consensus. It is a permissionless consensus mechanism based on Cardano's Ouroboros PoS but with innovation in various key areas. This protocol has a set of eligible stakeholders known as the Community. Each community member is given opportunities to participate in consensus and earn rewards, determined by how much WAN they hold and how long the token is locked.

Technical Design

Wanchain offers Bridge Nodes or Storeman Nodes and standard PoS Validator Nodes. These bridge nodes' ensure that cross-chain transactions are carried out and verified.

All Bridge Nodes are required to stake WAN tokens as collateral. This unified decentralized collateral pool serves as the foundation for all of Wanchain's many cross-chain bridges.

There are 25 active Bridge Nodes at any given moment. They get together to form the Storeman or Bridge Group, and re-election for the Bridge Group occurs monthly.

Anyone can put up a Bridge Node because they are permissionless.

Founders

  • Jack Lu - Founder and CEO
  • Dustin Byington - President

Popular Use Cases

Wanchain offers several potential use cases involving:

  • Finance - Wanchain enables cross-chain transactions and the exchange of different coins.
  • Identification - It offers an efficient solution for cross-border identity verification.
  • Supply Chain - Wanchain allows businesses to track their supply chain to identify the source of any issues.
  • Medical - It facilitates safe record keeping of patient data and permits the speedy transfer of information whenever needed.

Other Information

Wanchain offers decentralized, non-custodial bridges to enable interoperability across inherently different blockchains on their isolated and independent chains. The bridge currently offers the following:

  • Arbitrum
  • BNB Chain
  • Dogecoin
  • Moonriver
  • EOS
  • Bitcoin
  • Polkadot Relay Chain
  • Fantom
  • Avalanche C-Chain
  • Litecoin
  • Moonbeam
  • OKC (OKX Chain)
  • Polygon
  • Ethereum
  • XDC Network
  • XRP Ledger