The Holy Grail of Blockchain: Interoperability
After a decade of blockchain, the technology is beginning to show its revolutionary power. While the technology has shown incredible promise, multiple blockchains have developed, thus separating the most valuable assets, namely Bitcoin and Ethereum. Wanchain 2.0 has recently launched a platform that will bridge the great blockchain divide.
The isolating effect of separate blockchains limits the value of both, and worse yet, it stymies the adoption and utilization of blockchain technology. For the last ten years, interoperability has been the holy grail of wealth on the blockchain.
Translator of the Blockchain
Interoperability means that information on one blockchain can be accessed by another. Essentially, each blockchain speaks its own language, and any interoperable system would act as a translator between the two. Wanchain 2.0 might just be the translator that we have been waiting for.
Wanchain 2.0 has just announced their ability to revolutionize the blockchain ecosystem by creating the first interoperable blockchain between Wanchain 2.0 and Ethereum. The secure, multi-party computing chain claims that it will be able to integrate with any blockchain in existence.
Crossing the Ethereum Bridge
Earlier this month, the platform opened their bridge to the Ethereum blockchain, allowing ether to be transferred to the Wanchain and back. The ultimate goal of Wanchain 2.0 is complete integration with all blockchains.
While this functionality might seem like a simple task, it is done through a latticework of multi-party computing, threshold key sharing, and smart contracts. In the end, there is a 1:1 exchange made on the Wanchain platform. Not only will this allow for ICO contracts which support both WAN and ETH, but also for the deployment of credit contracts.
The development of Wanchain 2.0 allows the addition of multiple blockchains, which means cross-chain transactions for businesses and individual customers. This means anyone will be able to access the privacy of a decentralized financial platform. Anything from digital asset management to credit payments and loans will be able to occur across blockchains.
Revolutionizing the Revolution
The benefits of interoperability are manifold, and they don’t end with financial services. The company sees interoperability as key to the advance of supply chain and logistics as well as the transfer of medical records and even national identification.
An interoperable blockchain would allow businesses to track tainted food, ensure privacy of a patient admitted to the hospital, or even confirm a person’s identity during international travel. However, given that these are all situations where sensitive information is being passed digitally, how can a client be certain that their information is protected?
Staying safe in a Digital World
Wanchain states that it is the first network to make use of “Secure Multi Party Computation (sMPC), threshold key sharing and locked accounts mechanism.” This allows functions to be computed across inputs while maintaining privacy. Furthermore, public and private key sharing across multiple blockchains means that individual nodes will not be able to access the data that they are handling.
Wanchain 2.0 has proved its concept through creating an interoperable space between itself and Ethereum. If more blockchains adopt the technology, Wanchain 2.0 has the potential to revolutionize the already revolutionary technology across multiple industries.