Wanchain

Wanchain — “Universal Multi-chain Bridges with Shared Staking Assets” Is Live On Testnet!

Published by Liam on

On February 9, 2021, after three-months of development, the Wanchain team has launched a brand-new cross-chain mechanism:

  • The “Universal Multi-chain Bridges with Shared Staking Assets” is now live on Wanchain testnet

  • The direct cross-chain bridge BTC-Ethereum is integrated into WanWallet Desktop (for testnet use)

The “Universal Multi-chain Bridges with Shared Staking Assets” is short for “Multi-chain Bridges”. We invite everyone from the community to participate in testing this brand-new cross-chain mechanism, and leave some feedback and suggestions on the new mechanism and the supporting products.

Here is the Download link for the WanWallet Beta version. It supports Windows, Mac and Linux.

Highlighted Features of “Multi-chain Bridges”

Shared Staking Assets

The Multi-chain Bridges mechanism is a novel cross-chain solution proposed by the Wanchain team to provide a high level of security and scalability. In this mechanism, all the direct bridges are run by a shared Storeman group with a shared staking deposit pool. This design reduces the complexity of the cross-chain process and ensures that all the cross-chain assets can freely “flow” among any chain. Moreover, it increases the maximum cross-chain capacity of a single bridge in security precondition.

Direct Cross-chain Bridge: BTC-Ethereum

In the Multi-chain Bridges mechanism, only two steps are needed to transfer BTC to Ethereum: First, the user sends BTC to the locked account via the cross-chain transfer interface of WanWallet; Second, the Storeman group identifies the transaction and mints the same amount of wanBTC on Ethereum. If the cross-chain demand of transferring BTC to Ethereum grows rapidly, the cross-chain deposit will shift towards BTC-Ethereum direct bridge automatically, which prevents cross-chain failures due to insufficient deposit and ensures the fluency of the cross-chain process.

Comparison Between Old Cross-chain Mechanism and New Cross-chain Mechanism

Download WanWallet to Test Multi-chain Bridges

In this test, WanWallet Desktop beta version supports the multi-chain bridges mechanism and the BTC-Ethereum direct cross-chain bridge.

WanWallet Desktop Beta download:
Release 1.5.0-beta · wanchain/wan-wallet-desktop
Added direct BTC cross-chain between Bitcoin and Ethereum Updated BTC cross-chain between Bitcoin and Wanchain Updated…github.com

Apply for Testnet coins:

Open WanWallet Desktop, go to Cross Chain -> More Tokens, and check the star Bitcoin<->Ethereum. The direct cross-chain function for BTC to Ethereum is on.

Go to Cross Chain -> BTC -> Bitcoin<->Ethereum. The BTC@Bitcoin->wanBTC@Ethereum window pops up. Here are the relevant parameters as follows:

  • Balance: the balance of the BTC address which you want to cross-chain transfer

  • Storeman Group: Select a Storeman Group. The active group is set by default. In general, you don’t need to choose.

  • Capacity Left: The remaining cross-chain quota. Your cross-chain amount must be less than this amount.

  • To (Ethereum): The recipient address on Ethereum that receives wanBTC

  • Estimated Fee: The total amount of gas fees estimated in the cross-chain process (currently Storeman nodes do not charge cross-chain service fees)

  • Amount: The amount of BTC that you want to cross-chain transfer

  • You Will Receive: The amount of BTC that you will receive on Ethereum

  • Advanced Options: The Gas Price can be set in the advanced options. In general, the default value is sufficient.

We invite everyone from the community to participate in testing the new version of the WanWallet Desktop. If you have any feedback, let us know over on our telegram chat! https://t.me/WanchainCHAT

Outlook On March

According to Wanchain 2021 roadmap, we plan to upgrade the original cross-chain mechanism to the Universal Multi-chain Bridges with Shared Staking Assets on Wanchain mainnet as well as the go-live functions of the BTC-Ethereum direct cross-chain bridge and the XRP-Ethereum direct cross-chain bridge.

For more cross-chain integration of assets (such as DOT, TRX, etc.) on public chain , we are keeping on studying and developing step by step. Stay tuned.

About Wanchain

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.

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