What is Wanchain and How Does it Work?

Wanchain is an R&D-focused blockchain interoperability project. For the past seven years, we have been connecting heterogeneous blockchain networks in an e ort to drive blockchain adoption through interoperability, In an exclusive interview with BitcoinWorld,  We will explore what is Wanchain is all about !

• Can you briefly explain Wanchain’s mission and how it aims to unify isolated networks?

Wanchain is an R&D-focused blockchain interoperability project. For the past seven years, we have been connecting heterogeneous blockchain networks in an e ort to drive blockchain adoption through interoperability. Our vision is a future where the world runs on a unified network of blockchains, built on universal interoperability standards. Ultimately, end users shouldn’t have to care, or even know, what blockchain they are using. Though we have come a long way since the original Bitcoin whitepaper, there is still much work to be done to remedy the fragmented and siloed nature of blockchains. As trustless systems, blockchains are not able to seamlessly exchange data with other networks. As a result, an intervention of some kind is still necessary to move data from one chain to another. Today, this intervention takes the form of ad hoc o-chain components of varying quality, security and decentralisation. Too many interoperability projects are only building their own proprietary products in an e ort to become the one-and-only cross-chain bridge. As a result, each solution remains incompatible with others; gerrymandering the blockchain landscape and making it nigh impossible for enterprises and regulators to vet the security of each. This is why universal standards are so important. And this is why Wanchain is working tirelessly with our partners to establish just such a standard

• What inspired the founding of Wanchain in 2017, and how has the project evolved since then?

Wanchain is the original blockchain interoperability project. From the start, it was clear to us that there would be more than a single viable blockchain. Just as importantly, there would be more than a single type of blockchain. As such, there would need to be some mechanism to access data on other heterogeneous networks without sacrificing security and decentralisation. Wanchain was founded in response to this need. Over the years, the industry’s understanding of interoperability has changed and Wanchain has worked tirelessly to remain at the cutting edge. Several of Wanchain’s innovations have become industry standard– the lock-mint-burn-unlock mechanism springs to mind– while other milestones have pushed the boundaries of interoperability. For example, Wanchain deployed the industry’s first decentralised bridge directly connecting Bitcoin and Ethereum. Wanchain also continues to contribute on the R&D side of things, specifically pertaining to universal standards for blockchain interoperability. While work continues on all fronts, Wanchain today connects more than 35 EVM and non-EVM chains, all whilst maintaining zero-down time. This kind of security and robustness will be necessary to fully transition from Web2 to Web3.

• What are the key challenges in developing a scalable, industry-wide blockchain interoperability standard, and how is Wanchain addressing them?

Beyond technical complexities, the biggest challenges are misaligned incentives and a lack of trust. The fact of the matter is that too many interoperability projects are focused solely on growing their own products. These projects sacrifice security for rapid growth, which too often results in exploits and a loss of user funds. As a result, it is commoneven for interoperability-focused projects to distrust one another. This makes it di cult to collaborate and establish industry-wide standards. The good news is that things are not quite as dire as they were a few years ago. The more reputable projects, for the most part, are realising that such standards are vital. Additionally, there is a renewed push for universal standards amongst enterprises. Here, Wanchain also makes valuable contributions. Of note is our work within the Enterprise Ethereum Alliance (EEA), where Wanchain’s VP of Engineering, Dr. Weijia Zhang, is Co-Chair of the EEA DLT Interoperability Working Group. In the public sphere, Wanchain also makes concerted e orts to integrate as many non-EVM networks as possible. Ultimately, interoperability can’t only be for EVM networks. Interoperability is for everyone

• Can you highlight some of Wanchain’s major technical achievements in terms of connecting EVM and non-EVM networks?

Most recently, Wanchain launched a token bridge between Cardano and Polkadot both major non-EVM chains. Building a bridge between two non-EVM chains presents a particularly di cult challenge as it needs to support distinct network infrastructures, consensus mechanisms, data formats, programming languages and trust models. There had been growing demand in both communities for connections between Cardano and Polkadot and I’m happy that Wanchain was able to step up. The hope is that this bridge will encourage collaboration between both communities, as is currently being discussed in the uniFire initiative. Interoperability for non-EVM networks has long been a focus for Wanchain. Besides this most recent achievement, Wanchain also connects major non-EVMs like Bitcoin, Dogecoin, Litecoin, and XRP Ledger. A world in which dApps can span multiple networks, EVM or non-EVM, opens up many possibilities.

• Wanchain boasts top-grade security and industry-best uptime. What measures do you take to ensure these standards?

While we are incredibly proud of our track record, there’s no big secret. We simply always put security first and never sacrifice security in the name of growth. Indeed, we strongly believe that interoperability and security are not in conflict. What’s more, we maintain that interoperability is a prerequisite for the widespread adoption of blockchain technology. As such, secure and robust interoperability is a non-negotiable. For Wanchain, our approach to development is relatively straightforward. We start with solid R&D to give us a strong, theoretical foundation. We collaborate closely with industry partners. We emphasize common standards as these can be built openly and vetted by all. Finally, we test things rigorously.

• How did your background and studies at the London School of Economics influence your approach to blockchain and your role at Wanchain?

Mytime at the London School of Economics was extremely formative. As a student, I was largely focused on conceptions of power. I wanted to understand what power was, and how it worked. I was particularly interested in the impact of algorithms on incumbent power structures. In this context, I came across Bitcoin, which seemed the embodiment of a lot of what I was thinking. I was immediately hooked.

• What are Wanchain’s future goals, and how do you see the blockchain interoperability landscape evolving in the next few years?

There will be no widespread blockchain adoption without interoperability. As such, Wanchain remains committed to making blockchains– both EVM and non-EVM interoperable. We will continue to operate at the forefront of blockchain interoperability as we push towards our vision of a future where the world runs on a unified network of blockchains, built on universal interoperability standards. On this note, I expect to see increased cooperation between interoperability projects. As a result, the development of universal cross-chain standards should continue at a good pace. I also anticipate that enterprises and governments will serve as catalyst for the widespread adoption of universal cross-chain standards, and therefore blockchain technology as a whole