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IPFS News Link • Bitcoin

This Privacy-Focused Interoperable Blockchain Bridges Ethereum and Bitcoin

• Yahoo News

Wanchain wants to be the bridge between blockchains, allowing multi-crypto transaction execution in a private manner. Officially, in text, it describes itself as "the world's first and only interoperable blockchain with secure multi-party computation."

Wanchain layman might think of it like Ethereum + Monero with a hint of ShapeShift. Wanchain seeks to perform the functions of all of the above. While it's not necessarily competing with Ethereum as a token platform, if tokens leverage Wanchain's capabilities, they would have the inherent ability to be transferred in terms of value between blockchains. They add a high degree of privacy not had in Bitcoin or Ethereum, and their ultimate goal is to act at the decentralized intermediary between blockchains, as ShapeShift and other exchanges currently do in a centralized manner. "You can have private transactions on Wanchain," Lu tells this reporter.

Wanchain utilizes Secure Multi-Party Computing – SMPC – to execute cross-chain transactions. This means that the receiving party can be sure the funds are locked in the sending party's anterior wallet. Lu explains:

"We have interoperability solutions, cross-chain solutions, which allow us to connect with other blockchains like Ethereum and Bitcoin. SMPC allows us to control assets in a separate chain. When the user wants to send a coin or transaction from Bitcoin to Wanchain, SPMC knows how to handle this bridge. It will send the Bitcoin transactions to a locked account in Bitcoin, and at the same time we will issue a token – but it's not really an issuance because we just transfer a proxy token on Wanchain to that particular user."

Wanchain Creates Bridge from Ethereum to Bitcoin

Lu says that in the future, public chains like Ethereum and Bitcoin can essentially be represented and shielded with the privacy of Wanchain. While the transparency inherent in Bitcoin is nice, there are plenty of users who wish for more privacy. Lu says that Wanchain uses the Monero style of private transactions. In Monero, at least, a view key is required to even know anything, really, about a given transaction, although the records are publicly accessible.

It is Wanchain's interoperability that attracted the MakerDAO, a smart contract which contains as much as 1% of all Ethereum and stabilizes units to the dollar through algorithmic methods, to Wanchain when seeking a cross-chain compatibility partner.