June 2020 AMA
All your burning questions answer by the Wanchain core team!
AMA answers from Wanchain team members:
Jack Lu — Founder and CEO
Lini — VP of Operations
Weijia Zhang — VP of Engineering
Demmon Zhong — Director of Research and Development
Noah Maizels — Director of Communication
Nicholas Krapels (Prof. K) — Director of Growth and Strategy
June 2020 AMA questions and answers
1. I was checking on wanchain github repos and saw the T-bridge contracts. I remember it was released as wanchain 4.0 which was supposed to be major release. However I saw no continuation of development since the first releasr in January, and zero stars/forks. I wonder if anyone is using it?
Also are there follow ups on the crosschain exchanges? The products are there but I dont see much effort, if any, from the operators to attract users..
T-Bridge is an enterprise solution that connects private blockchain with public blockchains. There are some enterprises that are interested in Wanchain’s Lanchain technology and are in exploration of T-Bridge cross-chain solutions. The T-Bridge solution will most likely adopted as enterprise solutions and its activities will most likely not shown in public Github. — Weijia
T-Bridge will play a major role in our domestic China BD work. It will be essential for connecting private Lanchains together with each other when the need comes up for interoperation between private chains. — Noah
2. RationalChimp: Could you talk more about the interoperability standard and also about your relation with the EEA cross-chain task force with ConsenSys?
Answer: Enterprise Ethereum Alliance (EEA) formed the Cross-Chain Interoperability Task Force (CITF) to explore the possibility of establishing standards and specifications for cross-chain interoperability. CITF has worked with various EEA team members and focused on the following areas: 1) Collecting use cases for cross-chain interoperability and publishing use case document to describe the architecture and scope of problems the task force intend to solve. The board of directors of EEA has approved the release of use case document for cross-chain interoperability; 2) collecting cross-chain interoperability solutions within EEA community and summarizing solutions that are common; 3) working on the common problems and core components for cross-chain interoperability and coming up with specification that member companies can use. The task force has a technical roadmap approved and we are working to deliver that items specified in the roadmap. ConsenSys and Wanchain are both active member companies of EEA and we have shared common visions in cross-chain interoperability standards and specifications. Cross-Chain Interoperability Task Force are currently co-chaired by members from Wanchain and ConsenSys. — Weijia
3. Cihan Oz | Wonder Wasp: Hi, any other ico, ieo planned in the near future?
Answer: Wanchain finished its ICO long ago and the project has been running operationally for a long time, so no such ICO or IEO plan. However, there’re several ecosystem projects which have been built on Wanchain’s mainnet and they had/will have their token sale plan as ICO, IEO, or IDO (Initial Defi Offering). The projects like RiveX, FinNexus, Bitlydex and a couple of projects under development. — Lini
Some of the projects mentioned by Lini may even go on to offer additional token offerings besides the project’s own token. For example, FinNexus will likely offer a variety of other tokenized assets in the near future in addition to the tokenized P2P lending product UM1S which was a part of the FinNexus token issuance event. — Noah
4. Vad Bill: When will be the 1st STO?
Answer: As Wanchain is collaborating with STO platform Tallium right now so we have discussions partners such the 1st STO. However, we are following very strict principals to choose the best quality projects to have security tokens on our platform and the process may take a bit longer time. — Lini
5. USDT-Empire: Mr. Oliver, any idea about the requirement to be a storeman? I mean how many wan coin do you need to be a storeman? we’ve asked this question before and we got an answer that the team didnt decide yet.. what about now.. is it still unknown
Answer: We tentatively set 50k Wan as the requirement to set up a Storeman Node in order to accept delegation. For each bridge, the top number of nodes with highest amount of staking (self-staking + delegation) will be selected for each round. — Jack
6. Valentin Hus: In the May AMA you have stated you are focusing in developing Lanchains. How are those Lanchains bringing value to the Wanchain ecosystem? How are the services of Wanchain being paid to the Wanchain Foundation LTD by the customers of Lanchain services? What are those funds from Lanchain services being used for? I guess Wanchain Foundation is signing contracts for maintenance of those Wanchains, so that would mean receiving recurring revenues for the Foundation…Are you planning to release yearly or quarterly financial reports about Wanchain Foundation LTD financial situation? The community will be pleased to see some financial transparency from Wanchain Foundation LTD after receiving over $25M during the ICO…
Answer: Lanchain / enterprise efforts are definitely more focused on the China side right now. There’s just so much demand for it there, there have even been direct mentions of it as a priority from Xi Jinping, so we get a much better return by focusing there. That’s actually going to be the main focus for Steven He, our new Vice President of Business Development, and he will be leading a team focused on this. Of course he will also push for public chain solutions when possible, but most demand from big industry and gov in China is for private chain solutions. It might not immediately lead to more public chain usage, but when there begins to be a need for all these private chains to interoperate, it will. I think more importantly though it will increase the prominence of Wanchain in the country and around the world, and funds raised from private chain solutions will go back into the foundation to help fund further public chain development. — Noah
7. BESH: Any blockchain integration this quarter as it says on roadmap ?
Answer: We made some adjustments as stated in our mid-year roadmap update. We are doing a major upgrade on the cross-chain bridge implementation on Open Storeman, Two-way Bridge, Fast Cross-chain Transaction and etc. We plan to integration more chains after 5.0 release. — Jack
8. Red Zebra: at the moment, it seems that the focus is clearly still on development. but the products that are already out are not being used widely. what will Wanchain do to increase adoption/usage? mr. jack lu, is the objective still the same: Wanchain Top 10? thank you
Answer: We have a number of initiatives in the near future set to address this, top of them are the Dual DApps program and the Global Partner program. For Dual DApps we will release and promote dual versions of DeFi DApps on both Ethereum and Wanchain. The pilot DApp to be launched under this Wanchain ecosystem initiative is the FinNexus FNX Options platform, which currently operates on Wanchain but will soon operate on both Wanchain and Ethereum from the same webpage / wallet interface. This first Dual DApp will be followed by others. We will promote the use of our cross-chain assets within these applications on Ethereum, while also promoting the use of the Wanchain versions of each Dual DApp to users who would like to take advantage of Wanchain’s far cheaper gas fees and much faster transactions. The global partner program is a program where we incentivize our global partners to promote Wanchain’s applications and technology. Specifics about how to join and the incentives structure will be released soon. — Noah
9. adam eve: Question for Jack Lu.
Apart from all the great things wanchain is doing, the area for Marketing, Communication and Community-building stays far behind and is not on a professional level. I see the struggle, there mostly seems to be no strategy, no feeling, no experience and no enduring energy in this area. How will you professionalize this area to bring it in line with the other high level parts of your company?
Answer: As for marketing, we’re not going to be repeating the same strategy we used in the past. We have found major media blasts cost a lot of money and are not that effective. Of course press releases and publishing to prominent media outlets will still play some role, but we will be focusing more on some other new strategies. Some of them which I have mentioned above include the Dual DApps initiative and the global partner program.Another strategy which will be a big focus for us going forward is partnership based marketing. The idea behind this is that we pursue partnerships based on integrations with other crypto projects that already have solid user bases, such as multi-coin wallets, for example. We can then tap into that project’s entire userbase by promoting WAN and WAN staking directly to the users.Other strategies include things which are developer focused, and may not be that apparent to the general user. For example, we will be totally redesigning our WanDevs and ExploreWanchain websites to be more useful for developers, and we will be releasing new software tools which make it easier for devs to add Wanchain’s cross chain tech to their projects. While these perhaps are not th most visible of things to the average user, they are very very important for attracting and retaining developer interest. — Noah
10. Napster | Wonder Wasp: Hello. Are there any plan to pull more developers to the chain development, like expanding the development team?
Also, any hackathon is being planned in the near future to develop something on the chain, for example dApp?
Answer: We are currently in discussions with a partner about organizing a hackathon related to cross-chain applications, but we do not have specific plans for organizing a hackathon in the near future. Organizing hackathons using our cross-chain tech will likely become a bigger priority for us after the launch of 2-way bridges and associated developer tools with Wanchain 5.0.— Noah
11. Groovi80 Lassen: Is there a sales team in place for WAN? from my research I just find a lot of smart people, however a marketing and sales team can do wonders, I know this as this my area of profession in traditional tech
Answer: We have just been joined by Steven He, our new director of BD. Steven comes from more the traditional tech industry with 25 years experience in business development and sales, and also is VERY well connected in China with some very important people (which is especially helpful for doing business here). This is more related to Lanchain as it is our major commercial product. When it comes to integration and expansion amongst the DeFi ecosystem it is less a process of SALES and more a process of exploring mutually beneficial integrations with other projects. On this front we will be doing major outreach to various Ethereum DeFi projects to get our cross-chain tokens integrated. Moreover we will soon be launching our new global partner program in which we will leverage our community to promote Wanchain. Look forward to more information on this initiative soon. — Noah
12. Panzer Wagen (question from July, but answer would be great): Aren’t you worried that REN did launch BTC-ETH bridges on tech from your WP and is now taking wan spot, meanwhile wanchain will have 2 way bridges close to Year end. And wan is completely loosing spot in top of crosschain projects?
Answer: In contrast to REN, wanBTC will use a truly decentralized mechanism for the bridge. REN has decentralization on their roadmap, but so far that’s not what’s happening. That’s because true decentralization is hard. Also, Storeman Nodes can be built to cross wanTokens into more blockchains than just Ethereum. That’s not in the REN tech roadmap, as far as we’ve been able to ascertain.
The main improvement renBTC offers over WBTC is simply that it does not require KYC/AML to do the wrapping. To be honest, that’s a little weird because what they’re currently doing is still very much a centralized solution. A big reason why renBTC has soared recently is UXUI based. REN has built a page that automates the conversion of renBTC into WBTC, which is currently much more useful because it is accepted as collateral on Compound and Maker. REN has also done some liquidity mining programs with Curve and Synthetix to increase their profile.
What we’d like the community to keep in mind, though, is that we are still so very early in the wrapped BTC industry. The total number of BTC tokenized on Ethereum right now is <0.1% of total BTC supply. There is practically no hypothecation of BTC onto other blockchains. The number of wrapped BTC across all chains could easily 100x from here and we’d still only be at <10% of BTC supply.
We believe that the wanToken technology will prove itself to be the best alternative out there in a highly competitive but exponentially growing niche in the crypto industry.—Prof. K
13. Where can I find a run down of wan tokenomics? Especially in regards to running a node? Is WAN a competitor to REN? No details of how the tokenomics will work with Storeman? Does “Open Storeman initiative Phase 1” mean the system is ready to start minting like REN?
Answer: Compared to REN, WAN has a bigger vision. With Open Storeman and two-way bridge, different digital assets flow through different blockchains with true decentralization and low friction.
We have designed a robust incentive mechanism for Open Storeman. Under this mechanism, storeman nodes’ work and contributions are accurately evaluated. Honest behavior is rewarded, while malicious behavior will be slashed. So every storeman node is ensured to follow the protocol strictly. Besides, we also designed dynamic rate of return to achieve balance between Open Storeman and Galaxy consensus. — Demmon
14. Is wanchain involved with some work with Chainlink?
We have an ongoing partnership with them and they are available to be used for Wanchain based applications. They will most likely be a part of future Wanchain projects in addition to Band. — Noah
15. Crosschain crypto commerce partnership…. This should be announced in this month?
It should be announced this week — Noah
16. Any info on when we get the update for mobile wallet to check Jackpot and wandora ?
It’s already here! — Noah
17. Any information about the decentralization of the storemen?
It is underway. See our recent roadmap update article: https://medium.com/wanchain-foundation/2020-road-map-mid-year-update-d4b8ff1867f9
18. when will the integration of the new blockchain launch admin?
— -See above question about the same topic. — Noah
19. Is there any professional marketing and PR in the roadmap. I respect the committment and professionalism of the developers, nothing short of impressive, but its time to allow a professional to manage the PR, otherwise we are going to be left behind this defi bull run?
— See questions 9 and 11 above. — Noah
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.