After two years in stealth mode, distributed financial platform Wanchain has launched Mainnet, the world's first platform for private cross-chain smart contracts, according to a statement the company released last week. It plans to incorporate cross-chain transactions with the Ethereum blockchain in Q3 2018.
Wanchain says it wants to rebuild financial services' infrastructure using cross-blockchain smart contracts with “Monero-style privacy protections”. Eventually, the company believes it will be possible to combine the digital assets of the world onto a single programmable blockchain, which will allow the development of decentralized exchanges, asset management tools, payment and lending applications, stablecoins, and digital asset index funds that are agnostic to the blockchain of the underlying assets.
Before heading up Wanchain, founder Jack Lu's previous venture was Factom, now a top 30 global cryptocurrency. He said, in a statement: “Tokenization of assets is at its inflection point. With crypto currencies now worth over USD 700 billion, the digital economy is growing wildly, but there is a problem. Digital assets are isolated in their respective blockchains. Wanchain is the first and only platform to unlock the real potential of global digital assets by placing them on a single blockchain. Mainnet is the fundamental first step towards the digital asset hub of tomorrow.”
Although headquartered in Austin, Texas, Wanchain's technology was built in China and it is registered in Singapore as a non-profit organization (the Wanchain Foundation was initially funded by Wanglu Tech, a for-profit enterprise with investors including River Capital and Fenbushi Capital). According to its statement, the company is effectively building a distributed “bank”, running on an improved and modern framework with proprietary interoperability features.
Dustin Byington, President of Wanchain added, “Digital assets will forever change the financial services industry. When we digitized photographs, we saw soon thereafter the digitization of the camera itself when it became an application on your phone. Now that we have digitized assets, the next step is to digitize the banks themselves by building them as smart contract applications that run on Wanchain.”
To learn more about Wanchain, visit wanchain.org.