August 2020 AMA
Thank you for all your questions! We read and discuss every single question and consult with all relevant team members to get the best answer for each question before publishing.
This AMA features answers from:
Wanchain Founder & CEO Jack Lu
Wanchain Director of Communications Noah Maizels
Wanchain VP of Operations Lini
QUESTION: Michael Scofield — When will be the first STO launch on wanchain platefarm? What is the most excited daps which is in the progress? Can you guys shed a light on what decisions went wrong for wanchain and we could do better ….and what we learn from those. How are we improving ourselves from past?
ANSWER: We have successfully integrated with a STO platform, however there is not currently large market demand for STOs. We integrated the STO framework so that we will be ready to go if market trends change and STOs change to become in high demand. If that happens, we’re already ready to go, and don’t need to spend any time playing catch up. With how quickly things tend to change in this industry, it’s important to follow that old boy scout motto, “Be prepared”!
Rather than one particular blockchain, we are most excited about all the DApps which will be able to use our cross-chain assets on Ethereum after the launch of our two-way bridge allowing Ethereum DApps to use all the assets currently circulating on Wanchain, and many more assets from other soon to be connected blockchains.
From our launch back in 2017 we were initially quite inward focused. We were focused on building Wanchain itself, connecting other blockchains to Wanchain bringing their value to Wanchain, and on promoting the building of DApps on Wanchain. While we have had a number of very important accomplishments based on this strategy including the development of our cross-chain storeman technology and our original PoS mechanism, Galaxy consensus, we’ve now realized that we need to be more outwards looking. Going forward we will continue to develop the core Wanchain technology and ecosystem, but we will also place a greater focus on connecting with the greater DeFi world on other blockchains where most of the DeFi activity is. Our ultimate goal is to allow for the value from assets of any blockchain or even real world asset to be used on any other blockchain. — Jack, Noah, & Lini
QUESTION: Andrei — Do you have a plan to put bitcoin, ethereum and others in stake on Wanchain to increase the volume of storemans? (Rewards in Wan)
ANSWER: We have had numerous discussions on this and the current thinking is that we can easily set up a multi-asset collaterral pool on Wanchain to accept pre-approved assets. The issue is how to distribute the rewards fairly. Of course we do welcome other partners such as connected chains or projects who are willing to provide additional rewards to the collaterals. If we do implement multi-asset collateral, we will make certain to design the economic incentives in a way which incentivizes validators to use WAN vs other collateral. We recognized there is value in having multi-asset collateral since it lowers the volatility and therefore risk of the system, but at the same time, we want to ensure that the system brings value to WAN and to the Wanchain ecosystem, so the emphasis will be on incentivizing WAN as collateral. — Jack & Lini
QUESTION: user : c — Does it still make sense to continue integrating other blockchains, it looks like eos integration is a completely failure and no one cares about it and no usage at all. Is it still wise to allocate resources to chain integration? When will redefining finance happen (ReFi) wan proposed 3 years ago? After 3 years we saw red pocket, lottery dapp and that’s not very redefining to me, more of a kids game, you might have bigger plan but community needs to know.
ANSWER: In terms of integrating additional blockchains, It’s a chicken and egg problem when it comes to building cross-chain Defi. We need to continue to improve the cross-chain mechanism but at the same time we need to integrate as many blockchains as possible. We always ask our community to contribute as which chain to integrate first but certainly some blockchains are more valuable than others. We are building the infrastructure and will continue to support our partners to build more Dapps to help on user adoption.
In terms of the other part of your question, we have recently made some big changes in our business and development strategy addressing that, see the answer to question one for a description of that. You can also reference our 2020 roadmap LINK update article for a more in depth answer to how our strategy is changing going forward — Jack
QUESTION: My last question for this month is for @jackxlu, as the CEO, you are the front people of wanchain and should be promoting wan whenever however you can and be enthusiastic about wan, l know your are an humble person but it seems there is not much Twitter activity. Do you plan to increase your Twitter exposure?
ANSWER: Certainly. It’s difficult to use Twitter in China but I’ll try my best to increase my Twitter exposure. — Jack
QUESTION: cchenae | Eden validator — How large is the dev team? I do not see much dev activity that matches the rumored 40 devs. I checked both wanchain and wandevs GitHub. The main wanchain updates are sporadic, maybe only 3–4 devs are working on the core code base. Also there are almost no contributions from devs outside wanchain team. What are the plans to attract more devs? Any hackthons etc?
ANSWER: We currently have a little over 30 devs, the number of devs changes somewhat according to our development load as well as market conditions. Most of our development activities are on our private repositories. While we are strong advocates of the open source philosophy, we don’t want to release our code before it’s ready for production and give our competitors a head start on us. For that reason we typically do not release code publicly until it is near production ready state. The majority of the infrastructure has been built by our core team but we do welcome partners and community developers to build Dapps on Wanchain. We have a dev portal and will offer more bounties to attract more devs. We also are working with Mousebelt to train more devs in universities and organize more hackathons. — Jack Lu
QUESTION: Over the years, wanchain has announced many partnerships. Are there any projects that wanchain is work on with the partners? It does give me (and many others I believe) the impression that partnerships do not mean anything at the moment. Also, correct me if I am wrong, wanchain 4.0 has no follow ups after about half a year and the code base looks like abandoned. I wonder who actually audited the codes. The was supposed to be the “big thing” of wanchain right? I am really confused about the tactics. The team seems to be doing things without putting users in mind. This also goes to the dexes. Nowadays I don’t think there are serious use. Will the team (not the robot) themselves use the products?
ANSWER: Like in any organization, business development activities open a lot of doors and bring us more growth opportunities. But for various reasons, some partnerships might end up with less valuable while others show lasting, long term results. Some of our long term partnerships which continue to bring benefit to the Wanchain ecosystem include Band Protocol, with whom we have cooperated in a variety of different ways, and who is currently working with Wanchain ecosystem project FinNexus to provide oracle data on Wanchain for use in their decentralized options platform, FPO. Another project we have cooperated with since 2018 will soon have a major integration going live on the Wanchain mainnet, stay tuned to our social media for more news. ChainLayer is another excellent long term partner of Wanchain who has provided multiple valuable contributions to our ecosystem including WanMask, MyWanWallet, has made major contributions to our WanDevs developer community, and is also operating a PoS stake node. There are many other partners who provide us with value in one way or another which might not be associated with any particular technology or product release, and so are not very visible to the public. As for 4.0, we built a reference implementation for the public chain to private chain integration and released a T-Bridge integration framework which brough us a lot of business opportunities. We strongly believe that the blockchain will show the greatest value once the crypto world gets connected with the real world. But certainly we are in the early adoption stage, so some of the trials might fail. We’ve recently added efforts and resources to our efforts to promote Wanchain 4.0 for use in enterprise solutions. Our new VP of Business Development Steven He is primarily focused on enterprise blockchain opportunities using Wanchain 4.0 as well as Wanchain’s other public and private chain based solutions. He is specifically focused on Chinese government institutions, state owned enterprises, and large corporate entities. — Jack & Noah
DELETED account — Hello. First thank you for this great opportunity and taking your time for community. I would know, how is WANChain actually positioned on marked? Wan was many times compared with ETH, but actually eos/ trx and eth have many dApps, how looks on wan? Thank you and regards.
ANSWER: We envision Wanchain complementing rather than competing with Ethereum. It can provide a number of vital solutions to current issues plaguing the Ethereum DeFi ecosystem including a truly trustless cross-chain bridge, a solution for ballooning transaction fee costs, and for applications which can take advantage of Wanchains 1000+ TPS and private transactions. Unlike some other interoperability focused projects such as Cosmos and Polkadot which aim to connect with other blockchains of similar infrastructure, Wanchain aims to enable transfer of value between multiple blockchains with arbitrarily different infrastructures including chains such as EOS, Bitcoin, Ethereum, Wanchain, and in the future with the XRP ledger, Cosmos, and Polkadot based chains. — Noah
QUESTION: Alitoshi K. — Any idea about solving the liquidity issue around wanchain coin… it seems the token lacks of liquidity in major exchanges… Can you please give an explanation how the team looks at this problem… thanks
Any improvements for mobile wallet? many mobile wallets there in the space are doing very nice functions easily and friendly with great design… just look at some and navigate them to get ideas to improve wanchain mobile wallet. wanchain deserves high quality products in everything.
ANSWER: WAN liquidity is currently adequate for most of our users, and is in the millions of dollars daily volume several major exchanges. Moreover, after the launch of the upcoming Wanchain 5.0 with the two way bridge allowing for value transfer from Wanchain to Ethereum (and back) of ERC20 based WAN, along with other ERC20 versions of Wanchain assets such as wanBTC and wanEOS. This means that WAN will be tradable on Uniswap and other popular AMM (automated market making) based decentralized exchanges which have attracted very large trading volumes as of late. If liquidity truly does become an issue, we always have the option of using liquidity mining to incentivize WAN liquidity providers on Uniswap and other AMM DEXes. However we do not think that will be necessary as we expect the volume on Uniswap and similar AMM DEXes to be quite high.
As for the mobile wallet (and the desktop wallet as well), we are currently working on upgrading the UI and UX. However as the Wanchain 5.0 release with 2-way bridge to bring multiple chain’s assets to Ethereum is our current top priority, the UI/UX updates are not our current top priority. — Jack & Lini
QUESTION: Panzer Wagen — i wonder when eth 2.0 — + ren/any other direct bridges on eth to — btc/eos …- i wonder what will be usage of wan native chain — if there is any point to waste resources on building it — or just to move into crosschain solution and make second layer on eth with tip-top infrastructure. Wouldnt this be the better way? why do you think there should be wan blockchain ? what is the point there from your side?
ANSWER: We have debated about this many times since the beginning of the project. When Wanchain was first built, we knew that we needed to have a scalable blockchain which could serve as a hub for multiple other chains. At the time, Ethereum had the most developed ecosystem, however it was too slow and expensive to be useful as a cross-chain hub. Moreover their development cycle was too slow to allow us to build the solution we required. At that time, blockchain frameworks such as Polkadot’s Substrate and Cosmos’s Tendermint were not yet developed enough to be viable choices for us. We therefore chose to begin as an Ethereum fork so we could both take advantage of their ecosystem of tools and knowledge while also allowing for a great deal of flexibility in our development direction.
Of course we are constantly evaluating and researching new technology which may benefit the Wanchain blockchain and ecosystem. We are always open to adopting any technology which would further our goal of connecting value and defi use cases between multiple chains. However, any major changes to Wanchain’s main chain infrastructure would mean a large amount of development effort, time, resources, and would probably require a hard fork, so we will be very careful and do a great deal of research and planning before taking any steps in that direction. — Jack & Noah
QUESTION: foorex — i am curious what kind of business/process framework wanchain uses? there are many out there like extreme programming, scrum and derivates of that. i saw thalium developing with lean and scrum. Would be cool to see how you guys manage the processes.
Were there any benefits for announcing a partnership with chainlink besides the usecase? since finnexus uses band protocol like binance, does chainlink oracles the centralized site
ANSWER: The dev team uses a version of the Agile framework, and uses the ZenTao project management tool. The team is flexible in their implementation of the Agile framework, following many general Agile principles while also using some of their own development practices. — Noah (by way of dev team)
- QUESTION: adam eve — Question for @jackxlu Would it be possible to give the core ambassadors some more workingspace and a little more freedom to start the initiatives they enthusiastically put their time and effort in? It now feels a bit like most of the things they would like to start, keep getting overruled or blocked. I dont think such things have to be perfect right from the start. I think its more important to start the initiatives (and improve on the way) so they can start engaging and growing the wanchain-community.
ANSWER: We are very open to ambassadors starting their own initiatives, and every single month multiple such initiatives are going on such as meme competitions, helping with BD, helping with social media and content creation, etc. We have a very active community including the ambassador program and otherwise who regularly contribute. If you have your own idea you can apply for a bounty for it here: https://forms.gle/ghgPMuEyv1foRAGu8. — Noah & Jack
Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.