With so many blockchains in the market today, the demand for cross-chain interoperability is increasing even more. While there are some projects in development, Wanchain stands out among the group. Having incorporated Litecoin into its multi-chain ecosystem, Wanchain’s interoperability solution is miles ahead of competing ecosystems.
Blockchain needs cross-chain support
No matter how one wants to look at it, it seems that the time for “competing” blockchains is over. Since each ecosystem has its benefits and drawbacks, bridging the gap between blockchains will help mass adoption of blockchain technology. Additionally, for consumers and businesses, it is essential not to worry about what technology one is using or whether it is compatible with a particular tool or application. However, before that can happen, the blockchain industry will need to become cross-chain compatible.
Achieving this goal is more complex than it appears. By default, different public block chains are not compatible with each other on the communication interface. This seems strange, because they all share important aspects, yet they are not designed to interact openly. However, it is possible to correct this situation by construction across bridges, among other concepts. There are many concepts currently in development, but there is one ecosystem that developers and users can count on today.
Wanchain, the cross-chain decentralized solution
It is necessary to create decentralized cross-chain solutions to preserve the decentralized nature of blockchain technology. Wanchain It is the only service provider that has this functionality on its main network and is ready to use. The team specializes in building decentralized bridges to connect different silo blockchain networks. Their efforts have even attracted the attention of the State Grid Corporation of China, the world’s largest utility company Using Wanchain Technology To build a data management system. For developers, this infrastructure allows for more complex applications and DeFi products.
With the infrastructure across the Wanchain chain in development since 2017, the project has come a long way. Wanchain is already connected to Bitcoin, Ethereum, EOSIO, Binance Smart Chain, XRP Ledger, and most recently Litecoin in its current form. Future additions will include Polkadot, another notable blockchain and cryptocurrency ecosystem. The addition of Litecoin is particularly interesting and will provide DeFi opportunities for LTC holders around the world. Moreover, this bridge will make LTC usable with Compatible with EVM Smart contracts.
Wanchain uses the concept of a quorum validation node to achieve network consensus to ensure a secure and stable environment. This system is proprietary and dubbed Galaxy Consensus. However, as more bridges are built to connect other blockchains, it will be necessary to provide the highest levels of security and peace of mind at all times. Decentralization is a powerful concept but it also comes with many new responsibilities.
To perform cross-chain transactions with Wanchain, users have two primary options. One can either use WanBridge Web interface or Wanchain Desktop Wallet. Both options are available to anyone and do not require special technical knowledge. With both options ready to use today, it highlights Wanchain’s unique location. All other competing solutions are either proof of concept, running only on a test or centralized network.
Bringing cryptocurrency and blockchain technology into the mainstream requires a holistic approach with a strong focus on cross-chain interoperability. The ability to freely manipulate data and value between blockchains such as Bitcoin, Ethereum, EOSIO and Smart Binance SeriesXRP Ledger and Litecoin will offer more complex use cases capable of serving the needs of millions of people globally. The time has come to build a blockchain ecosystem that serves one narrow purpose in the past.
More importantly, the concept of decentralized, interoperable cross-chain bridges seemed almost impossible to achieve a few years ago. Wanchain shows us that it is possible to go down this path and provide this invaluable service to all users. It is now up to competing projects across the chains to come up with complementary solutions. Connecting all the public blockchains in the world remains the ultimate goal, although it will not be easy to reach.