An old Chinese saying: ‘A journey of a thousand miles begins with a single step’. And AMA with our friends from Wanchain passed under this auspices. The AMA took place on November 17 and our guests were Jack Lu, Wanchain’s founder and CEO, Noah Maizels, Director of communications at Wanchain and Li Ni, VP of Business Development and Operetions at Wanchain.
The total reward pool was 500$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Club: Hello again, Satoshi Club! We are happy to announce our AMA session with Wanchain! @DamasBro @noahniuwa @jackxlu welcome to Satoshi Club:grinning:
Noah: Hi everyone! It’s great to be here!
GoldRocket: Hello again! we continue our AMA marathon!
Jack Lu: Hi everyone!
li ni: Hey, nice to be here! This is Lini
Jack Lu: Great to be here!
Mary | Satoshi Club: Could you please introduce yourself and how did you start with Wanchain?)
li ni: Jack, you go first.
Mary | Satoshi Club: Jack always goes first?:joy:
li ni: in Chinese saying, respect the elder. LoL
Jack Lu: I’m Wanchain’s founder and CEO 🙂 We had a blockchain company in China back in 2016 and worked on cross-chain technology and privacy transaction research.
WAN stands for Wide Area Network
GoldRocket: Your crypto experience is impressive
li ni: Okay, this is me.
Mary | Satoshi Club: With all my respect, your bio is mind-blowing)
li ni: Gotcha. I followed Jack in late 2017 and joined Wanchain.
Noah: For sure! I’m Noah Maizels, and I’m the director of communications at Wanchain. I joined them several years ago and worked with them for over two years out of their Beijing office and helped to build up the English speaking community, and create content to help explain about Wanchain’s business and technology.
Mary | Satoshi Club: Happy to meet with you, your content is really good and informative and sure you built a great community:+1:
Thank you for intro guys, i see that you have wide experience and did a lot for Wanchain:+1: Before we will start with the questions from our community, may be you have some news about Wanchain to share with us?:grinning:
li ni: wanchain5.0 launch is the most important one with a series of new mech, crosschain functions and products as well.
Mary | Satoshi Club: Is it already launched? If no, do you have any term?)
li ni:
actually wanchain 5.0 is not ONE product or mainnet
it’s a bunch of things including mainnet, explorer, wallets, crosschain nodes, defi apps etc. we launched a few and will launch rest of them during the whole Nov and Dec
Mary | Satoshi Club: Oh, it should be a huge system 😀 Two months of launches and announcements?:grinning:
Noah: I wonder how aware everyone already is about Wanchain’s key focus? As Lini has shown, we were founded several years ago, and since our founding we have always been focused on two things, decentralized finance (actually, at the time it wasn’t even called decentralized finance, but it’s basically what we described in our white paper), and crosschain interoperability.
Mary | Satoshi Club: I am sure our community read your documentation, but it will never be superfluous to repeat once again :+1:
li ni: Yep, with all different tools, nodes, applications etc
okay, in case our fans here may not have very clear idea of what Wanchain is, let me share a short video that Jack briefly give the idea 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.
Noah: One of the most important parts of Wanchain 5.0 are wanBridges. Which are cross chain bridges which allow for assets to flow freely back and forth between different blockchains. wanBridges are supported by Storeman nodes, with each bridge allowing for assets to move back-and-forth between two different blockchains.
The wanBridges will support the issuance of wanTokens, which are crosschain versions of tokens on different chains. For example, they will allow for wanBTC to be issued on Ethereum, and for wanETH to be issued on Wanchain.
Mary | Satoshi Club: Yes, i know this technology and it’s great that will be implemented on Wanchain. Cross chain interaction very important now.
li ni: The KEY for wanchain5.0 is that decentralized ‘bridge’ Noah just mentioned.
Mary | Satoshi Club: Can you tell me wich assets they support? And blockchains?
li ni: right now wanTokens include: wanBTC, wanEOS, wanETH and several wanERC20 tokens/coins
Noah: Sure, the bridges will begin by supporting , Ethereum, Wanchain, and EOS, and they can easily support all assets from all connected chains to move back-and-forth
li ni: Detailed list can be found on our wanscan at: https://www.wanscan.org/crosschain
Noah: Not all ERC20 tokens will be supported right from the very beginning, since each one must be added separately, but it’s very easy to add a new one, so as long as there’s any demand for it, we can add it quickly. Currently, we support about a dozen top ERC20 tokens
Noah:
Mary | Satoshi Club: Wow, a lot of tokens from the beginning!
Noah: Yeah! And you can see the live list here: https://www.wanscan.org/tokens
Jack Lu: Here’s some detailed info regarding 5.0: https://medium.com/wanchain-foundation/chapter-1-overview-of-wanchain-5-0-connecting-the-defi-world-with-cross-chain-bridge-105e9f6994af
Mary | Satoshi Club: Thank you, it should be very useful info for everyone who wants to know more about Wanchain:+1:
li ni: Most importantly, what Wanchain had integrated is one thing, but with the 5.0 crosschain bridge, which is a generic framework, it will make future other public chains integration with ease.
Mary | Satoshi Club: And this will be important for DeFi system development 😉
li ni: couldn’t agree with you anymore! DeFi does have some dilemma now
Q1 from Telegram user Rebel99
In your roadmap, it’s mentioned that Wanchain plans to develop cross-chain mechanism for NFTs. How will it work considering that NFTs are not really interchangeable?
li ni: NFT is definitely on our radar. NFT is unique, thus from crosschain tech perspective, it’s feasible, only how to price the NFT token value is an issue.
Jack Lu: The mechnism for NFT is a little trickier because it’s value is hard to determin. But the basic process is the same
The original asset is locked and the proxy token is created on the other chain
li ni: crosschain tech is there, basically about how to lock, how to wrap/mint, who control the locked assets etc. For NFT the crosschain ops are almost the same, only how to value the price of each NFT needs to be further studied.
Mary | Satoshi Club: Yes, it’s really not very easy. Btw, do we have any examples of cross chain NFT transfers in crypto? Or this is common still unsolved problem for all chains?
li ni: Not now. we focus on building the bridges now for connecting Ethereum, Bitcoin and EOS networks.
Like i introduced, the crosschain framework is there. only how to price the value of NFTs.
Mary | Satoshi Club: Ok, got it. Sure, after bridges will be build you will find solution for NFTs!
li ni: i know people are saying the next boom could be NFT, DeFi is a bit outdated. However, we have different thoughts on that.
Mary | Satoshi Club: Why?
li ni: we believe DeFi still got great potential, the real crosschain DeFi yet to come.
Noah: Honestly, I’m not too well read about crosschain NFTs, but my guess is that they will be made much easier with generalized crosschain that supports the arbitrary passing of information between two blockchains. Currently, Wanchain’s crosschain technology and most other existing crosschain technology is focused just on moving assets. Arbitrary passing of information between chains is something we are looking into, and it should be pretty simple to implement NFTs if we can manage to come up with a good solution for that.
li ni: Just because chains are not connected, DeFi did not play fully its characteristics and show its full power and charm.
Mary | Satoshi Club: And that’s right. DeFi have potential, but there are some things that cut it – like scams and hacks, don’t you think so?
Jack Lu: We all become smarter over time 🙂
li ni: of course hack, scams are very serious, but we have all been witness to the recent DeFi explosion, however that rapid growth has begun to hit some speed bumps. There are many reasons behind this decline, but one very important one is a lack of high quality assets on Ethereum itself.
look at Compound for example or the previous AMA, Dego right?
On Compound.Finance, there are only seven supported assets: BAT, DAI, ETH, USDC, USDT, wBTC and 0X. Among them, three of them are stable coins, and one is from another blockchain. This is despite the fact that there are over 10,000 other ERC20 tokens on Ethereum
Jack Lu: And the next wave will be Cross-chain DEFI
li ni: This clearly illustrates the problem that Ethereum assets alone cannot sustain the DeFi ecosystem. nd it is why we have spent the last 3 years developing a decentralized crosschain mechanism which enables native tokens on other public chains to swim into Ethereum DeFi in the form of wanTokens
Mary | Satoshi Club: Yes, and that’s why we appreciate such long term projects with long development, like Wanchain:grinning:
li ni: The first wanTokens to launch will be wanBTC and wanEOS, and will soon be followed by wanXRP, wanDOT, and many more. imagine that, those valuable tokens will greatly diversify the assets on those marvelous DeFi apps. Given the demand for more high quality assets from other chains on Ethereum, we expect that quite a few DeFi protocols will be eager to include wanTokens into their system.
Mary | Satoshi Club: And yes, i personally have an experience in wrapping BTC and it is like a miracle 😂
li ni: which one? wbtc, or renbtc or tbtc or sbtc?
We envision wanBTC and wanEOS being used as collateral on protocols such as Compound or Cream for lending and borrowing, and in asset pools on Curve or Swerve and many others. i know Wanchain is kind of slow launching the wanBTC, for example, only because we spent tremendous efforts on introducing a better mechanism to the industry.
Mary | Satoshi Club: Actually, that was if i remember correctly wBTC. p.s. But you will deliver the best to your users and it it the most important thing :+1:
li ni: yea, wbtc is good but it’s a custodial one, not a decentralized one. i know many users hate the KYC of their real BTC in exchange for wbtc
Mary | Satoshi Club: It’s me 😂
li ni: besides, if i remember correctly, there’s a service fee for wrapped custodial BTC
Mary | Satoshi Club: Fees are everywhere 😀
li ni: we did wrote two articles not long before analyzing two good wrapped BTC: renbtc and tBTC. so proudly we think wanBTC is better than these two.
Mary | Satoshi Club: Can you share this links with us?)
li ni: try wanBTC then, no service fee. only gas fee you paid to BTC or ETH miners. i remembered when i posted the renbtc analysis, that one did give a lot of discussion and ren admitted they did not implement what they said in the whitepaper. LoL
Mary | Satoshi Club: Sure, i will:grinning: i like to try new things! And i hope all our members will also enjoy it!
Noah: Here’s the renBTC one: https://medium.com/wanchain-foundation/how-safe-are-todays-wrapped-btc-bridges-b0f35a7b15e2
li ni: The thing is many criticized wanchain is so slow. but we know one thing: to deliver what we wrote and designed, not implement what cannot be done.
Q2 from Telegram user @Michelth
Knowing that for the transfer process between chains to be carried out correctly, the assets are locked in the original chain and the private keys of the account are distributed and stored in the Wanchain nodes, in case the transfer fails in full transaction who responds?
li ni: guess Jack @jackxlu is very familiar with that!
Jack Lu: The cross-chain transaction fails in the middle, everything will roll back
li ni: one misunderstanding in the statement. there’s no ‘private key’ ever stored with wanchain nodes, only segments of a ‘private key’.
Mary | Satoshi Club: Thank you that you point this)
li ni: we adopted optimal threshold secret sharing tech that actually no one hold the original ‘private key’. only 21 segments of the key, and each storeman node hold 1/21 of segments
Jack Lu: Wanchain’s cross-chain bridge (storeman group with 21 nodes) is responsible for handling the transactions
li ni: anonymous 21 nodes and only work for 1 cycle, which is one calendar month. every storeman group will be re-selected every month to ensure the security.
Mary | Satoshi Club: And it is impossible to fold the puzzle pieces?
li ni: unless coincidently 16 of these 21 anonymous nodes know each other, discussed, and all agree on collude.
Jack Lu: There’s risk of collusion with enough nodes in the group. But they all have deposits in the system
li ni: and even that, we designed storeman nodes collateral as financial measure to protect security. meaning even even they collude, they will be slashed their collaterals. as we speak right now, the wan-eth crosschain bridge storeman nodes are being selected. details can be found on our wanscan here: https://www.wanscan.org/osmgroupinfo/0x000000000000000000000000000000000000000000000041726965735f303031
Mary | Satoshi Club: Got it. So, If something will happen funds will be restored.
li ni: should be if happen, users funds will be fully compensated using the collaterals. we set right now 200% over-collaterized ratio to ensure that. besides, i really do not think how 21 anonymous nodes can reach a collusion that easily, isn’t it?
Mary | Satoshi Club: Yes, that true 😂
Q3 from Telegram user @ martin002
Cardano’s Ouroboros is the protocol on which was based your Galaxy proof of stake. Does it mean that you borrowed Cardano’s technology to implement your features?
li ni: @NoahNiuwa did a deep research on our Pos. let Noah answer this one.
Jack Lu: We referenced their paper and came up with our own design and implementation. Please refer to our paper: https://www.explorewanchain.org/#/get_started/downloads . Sorry Noah – please go ahead
Mary | Satoshi Club: I think he need some time to give full answer 😀
li ni: Galaxy Consensus is an efficient, secure, and practical Proof of Stake consensus protocol proposed in a paper published by Wanchain’s Research & Development team. It was designed to replace the original high-energy PPoW (permissioned proof-of-work) consensus mechanism and to officially open up Wanchain’s consensus mechanism to the wider community as a key step towards complete decentralization. The search for a secure and efficient consensus model has become a major research trend for many blockchain systems. Various models such as PoS, PoA, PoI, etc. have been proposed and debated by the research community. After careful evaluation, Wanchain has developed Galaxy Consensus as a Proof of Stake protocol since we believe that stake should form the basis for on-chain governance and development.
Noah: We built on top of Cardano’s Ouroboros consensus algorithm, and added a number of additional features to it to increase performance and security. Yes, you could say we borrowed some of their technology, that’s pretty much how all new crypto tech get’s made, we build on those who came before us
li ni: Ouroboros is a theory, i think we implement it with engineering and adopt for PoS network. guess wanchain’s PoS mainnet is even earlier than Cardano. if i remember correctly
Mary | Satoshi Club: So, you took from them small part and grow your own technology.
li ni: we use the theory, but there’ no actual codes we borrowed.
Jack Lu: We took their theory and redesigned it…
Noah: I recommend this section of our documentation https://www.explorewanchain.org/#/technology/galaxy-consensus it covers the consensus mechanism very thoroughly, you can also read more about Ouroboros here: https://cardano.org/ouroboros/
li ni: just like most project use the cryptograph theory of ECDSA, right? ECDSA is a basic idea with different implementation ways.
Mary | Satoshi Club: Yes, it’s common 😀
li ni: we all shall thank BTC for the original blockchain innovative idea too!
Q4 from Telegram user @ alice_wonderland12
Would you explain what Token Locked Flag is, and its function during a transaction?
li ni: sorry what is Token Locked Flag? not so sure what does this mean
Mary | Satoshi Club: It’s our members question)
li ni: or i guess it may mean during the crosschain tx, the original asset is locked for a while?
if that, i can answer.
Mary | Satoshi Club: I guess it is)
Jack Lu: We do use smart contract to lock assets when possible
li ni: for decentralzied crosschain operation, the system need to lock the original asset, let’s say BTC in an account and mint wanBTC on ethereum through smart contract automatically.
Noah: Here’s a quote which summarizes it pretty clearly from our docs:
“Galaxy Consensus is an efficient, secure, and practical Proof of Stake consensus protocol proposed in a paper published by Wanchain’s Research & Development team. It was designed to replace the original high-energy PPoW (permissioned proof-of-work) consensus mechanism and to officially open up Wanchain’s consensus mechanism to the wider community as a key step towards complete decentralization. The search for a secure and efficient consensus model has become a major research trend for many blockchain systems. Various models such as PoS, PoA, PoI, etc. have been proposed and debated by the research community. After careful evaluation, Wanchain has developed Galaxy Consensus as a Proof of Stake protocol since we believe that stake should form the basis for on-chain governance and development.”
li ni: so only the agent/program need to confirm the original BTC is ‘really’ locked, due to finality mech on BTC, which is about 6 blocks, that is one hour.
Jack Lu: When the asset is locked in the smart contract, our cross-chain bridge (storeman group) will detect that and a series of events will follow to “transfer” the assets
li ni: so yes, when transfer your BTC and get a wanBTC on ethereum, user need to wait quite long.
Mary | Satoshi Club: So, approximately during one hour funds will be locked?
Jack Lu: Mainly for the confirmations on the BTC or Ethereum
li ni: it’s a pity we cannot accelerate the waiting time to minutes or seconds, due to the trustless design of our crosschain tech.
Mary | Satoshi Club: The reason for locking is understandable :relaxed:
li ni: but suppose user cross EOS to let’s say Binance chain, it could be very fast
Mary | Satoshi Club: Yes, this chains are fast
li ni: due to the two networks consensus is not POW and finality time is much faster
Q5 from Telegram user @KevSalom
A few days ago Wanchain 5.0 was launched. Can you explain to us what improvements you implemented with this update? What problems were solved?
Jack Lu: WAN Bridges are Wanchain’s decentralized, universal solution for trustless and permissionless cross-chain value transfer.
BTC, EOS, WAN, and more will be brought to Ethereum, and Ethereum assets will brought to Wanchain.
Currently most of
the existing crosschain solutions are centralized. One example is
WBTC on Ethereum. The problem is user has to trust a centralized
party for the crosschain assets.
Wanchain’s cross-chain
approach is to set up one or more decentralized wanBridges in
order to connect blockchain pairs. Each wanBridge is decentralized as
a Storeman Group consisting of a number of Storeman
Nodes.
li ni: Wanchain 5.0 Highlights:
wanBridges are Wanchain’s decentralized, universal solution for trustless and permissionless cross-chain value transfer.
BTC, EOS, WAN, and more will be brought to Ethereum, and Ethereum assets will brought to Wanchain.
It will include the first ever bidirectional bridge between Ethereum and EOS.
Jack Lu: We also make the cross-chain transactions going both ways
li ni:
Jack Lu: And we improved the userbility and made everything faster!
li ni: In the coming days, with the launch of Wanchain 5.0 mainnet, we will continuously launch brand-new and full series of cross-chain products over the course of the next few weeks, allowing users to experience the charms of Wanchain 5.0 cross-chain functionalities. Upgrades to the entire Wanchain product family are included
WanWallet Desktop
● WanWallet Mobile
● WanMask
●
WanWallet Offline
● Wanchain Explorer
● Web Bridge
Mary | Satoshi Club: Great improvements! And i think we already covered a lot of details about them in the answers to previous questions!
li ni: and a community DeFi project called ‘WanSwap’
welcome to follow $WASP ‘wanswap’ project at
crosschain defi mining is COMING!
Mary | Satoshi Club: I am speechless, this would be two great months for Wanchain:+1:
Jack Lu: Yes it’ll be exciting!
li ni: thanks, in an old Chinese saying: ‘A journey of a thousand miles begins with a single step’. let’s bring it one by one.
Mary | Satoshi Club: And you already did a lot of steps:grinning: i think we will definitely try all your new functions and features!
li ni: You bet! will not disappoint you all!
Q6 from Telegram user @konditer_rolex
Why did you keep the address format like that of Ethereum? I expected to see something similar to wan_888 … but I saw 0x …. Didn’t think that a person who does not know about you after seeing this address format will decide that this is a token and pass by? And the question immediately arises about marketing. I see that you have very informative social networks. This is probably the only way in quarantine to convey information to other countries. Do you have representatives on other continents? Perhaps the ambasodor program?
li ni: hahah very good question. i asked exact the same one to @jackxlu . and he gave me very good explanation, so please @jackxlu . for the latter part marketing and ambassador program, no one knows better than @NoahNiuwa so Noah can share on that.
Jack Lu: Our original code base was a fork from Ethereum and we didn’t change the address format so it can be easily to be integrated with exchanges and other third party tools. And yes we do have ambassador program. Noah please add
Mary | Satoshi Club: Complete answer, this explains everything about addresses format 😀
Noah: We have a very active ambassador program with community members from all over the world. Ambassador members have the opportunity to get to know core team members and get exclusive updates from the team, and to contribute to many different kinds of activities. They also have the opportunity to earn rewards
I will post the links in a bit
This is our rewards program where you can earn WAN by helping to spread news about Wanchain on social media: https://www.crewfire.com/signup/MJW6dlXsg
li ni: besides, address with 0X represents a decimal/cryptography or something right Jack? not Ethereum’s unique setting. many of us got the misunderstanding 0X represents eth address but actually not.
Jack Lu: that’s correct, hexdecimal
Mary | Satoshi Club: Never heard this)
li ni: haha, i learned that also from Jack. @jackxlu
Mary | Satoshi Club: @jackxlu is the well of knowledge:joy:
Noah: This is the sign up for our Core Ambassador program, it’s a bit different from the rewards program I mentioned above. The Core Ambassador program is a smaller and more exclusive group who works closely with the core team: https://docs.google.com/forms/d/e/1FAIpQLScH8DndK1Rys-F4_wIdqQV2JEXtd8UxEKYq3XExdsr8yG8uYQ/viewform
Mary | Satoshi Club: Satoshiclubbers, that’s your chance :+1:
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Nickkiii
Has the WanBridge Storeman Selection Deadline been reached or I can still set up and register my Storeman node?
Jack Lu: Not yet. It ends in 2020-11-19 03:13 AM (+UTC)
Q2 from Telegram user @Orrangelp
It’s really one of the best disadvantages that when I transfer BTC and get wanBTC it’s usually take time about 1 hour. That’s result huge. In future any plan to reduce time like in a minute or in a second? Is it possible?
li ni: the waiting time is decided by BTC network. we cannot do too much to fasten, unless we talk to Mr. Satoshi to change the consensus to a faster one. LoL
Q3 from Telegram user @brodzonl
When
project locks fund on some original blockchain it need to give
account’s private key and funds will be managed by Wanchain and for
locked funds will get proxy token on Wanchain and if we burn proxy
tokens we get original locked token.
There is very high risk
when locking tokens trough Wanchain. To give private key to someone,
there must be very big trust to that person or project.
How
can you guarantee that you won’t just transfer all tokens to
external wallet, sell all locked tokens and dump price with it?
Jack Lu: You don’t need to trust a person or a centralized party. Instead you trust a decentralized network
li ni: To protect in 2 ways: 1) tech protection, no one actually hold the private key of locked account and we got 21 anonymous nodes each round and 2) these nodes got collaterals to fully cover if collusion happens.
Q4 from Telegram user 0$4l
On your website you have the wanchain DApps, how important is the DEFI ecosystem in the WANCHAIN project?
li ni: Defi is extremely important to wanchain. as all what we did and are doing is to diversify assets to all defi applications
Q5 from Telegram user @Splendicity
What benefits will the launch of WANCHAIN 5.0 bring to $WAN ecosystem and to the wanchain community in general?
li ni: more defi adoptions of wanTokens and definitely shall greatly help support confidence thus reflect the real value of $WAN
Q6 from Telegram user @baimwong1
What
are the advantages of wanswap that must be known and what are the
criteria or
conditions for coins to be registered on wanswap?
Noah: WanSwap will be launched as part of our DualDApp program. The DualDApp program will launch DApps on both Ethereum and Wanchain simultaneously. This gives users the choice of which blockchain they would like to use it on. Both the Ethereum and Wanchain versions will feature our crosschain wanTokens, which will allow you to trade between assets of different chains, such as BTC/ETH, ETH/EOS, WAN/BTC pairs.
The advantage of doing it on Wanchain is that the cost and speed are several orders of magnitude cheaper and faster than on Ethereum. It is also easier to withdraw tokens directly back to the native chain from Wanchain.
Q7 from Telegram user @warny
Do you have any guidelines explaining how to use my hardware wallet to Partner-in and set up a group managed Storeman node?
li ni: Yes, just published today, check either wanchain medium or wanchain twitter account for that instruction
Q8 from Telegram user @Maksyrn
Was the original purpose of the Wanchain project DeFi? Or blockchain itself?
Jack Lu: We wanted to be the connector of the Defi world and as well as the Cefi world once the traditional assets are moved on-chain
li ni: in our white paper stage, we proposed the idea: rebuilding finance with blockchain tech.
Q9 from Telegram user Jonah Apagu
The Total rewards wanChain offers to it’s Storeman Nodes is limited with a hard cap which is done to ensure that the high rate of return doesn’t cause too large an amount of funds to move away from Proof of Stake…what is the hard cap set at and why is WanChain worried about moving large amounts of funds away from proof of stake does this mean that you have plans of Adopting another consensus mechanisms other than POS in the future.
li ni: we got plan to maximize the usage of all collaterals, not only WAN but could be the POS staked coins or multiple assets as collaterals to increase the CAP
Q10 from Telegram user @rockmorti
Lately the news of audits in DeFis projects is popular. Is it possible to audit on Wanchain?
Jack Lu: Certainly. We have several audit reports online
Q11 from Telegram user @MOBILE1286
Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?
li ni: long term attention to wanchain, what we did and what are doing for the past 3 years and try our products yourself.
Q12 from Telegram user @hsahas765
From your website , we can submit problem, suggestion, idea or bug report and get reward, where we can submit that?
Do you plan to build partnerships with local cryptocurrency developers and local project in each country to make the use of the token more global?
li ni: yes, there’s a contact us page with all contacts, like email, twitter or even my personal twitter account can give us feedback
Q13 from Telegram user @Maksyrn
I know the Wanchain project as one of the oldest. I used your wallet. What has changed since people found out about you? And what is being done for this now?
li ni: i suggest keep trying the latest wallets and other products of wanchain and follow our social media for latest updates of the project.
Jack Lu: We implemented Galaxy POS and made our network decentralized. We integrated with BTC, ETH and EOS and now we are in the process of improving these bridges to make them more decentralized, permissionless, fast and secure
Q14 from Telegram user @Pagli45
VOX basically means ”Voice of the People”. How deeply community-governed will VOX Finance be as a project? Can we as investors decide on all the things regarding VOX Finance and its future?
Noah: Here is the core ambassador program: https://docs.google.com/forms/d/e/1FAIpQLScH8DndK1Rys-F4_wIdqQV2JEXtd8UxEKYq3XExdsr8yG8uYQ/viewform
The benefits of joining are:
* Access to a community of smart and passionate blockchain and cryptocurrency enthusiasts
* Access to the Wanchain core team members
* Access to exclusive Wanchain news early
* Opportunities to take on paid projects from the Wanchain team such as graphic design, web design, and more
Q15 from Telegram user @MOBILE1286
What features or technologies does this project have against hackers? Defi is great but I think super thieves often enjoy difficulties and challenges!
li ni: 3rd party audit plus the confidence with our excellent dev teams. our POS network is there for 2 years and no single hacking happened ever.
Q16 from Telegram user @MOBILE1286
How
do you plan to attract developers?
Adoption is one of the
important factors that all projects need to focus on to become more
attractive to investors. So, what is the plan to adopt more Adoption?
li ni: we have wandev community and gitter program, join us.
Q17 from Telegram user @konditer_rolex
Under the terms of the Partner-in program, Storeman receives all rewards from node. If Storeman cheats on me, can I immediately withdraw my funds? There is no temporary blocking? And at least 10,000 wan to enter is expensive for me. Is there any opportunity to participate in receiving awards for example with 1000 WAN?
li ni: pls use delegation to vote the nodes, partner-in model is used for you know the operator very well.
Q18 from Telegram user @you5you89
How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features ?
li ni: real crosschain tech, PoS and privacy protection
Q19 from Telegram user @Rebel99
Most of the dapps on your website seem to have been developed in-house, I also couldn’t find Wanchain amongst blockchains listed on dappradar. How do you plan to attract more dapps developers to start using Wanchain?
Jack Lu: We do have bounties for dev community. Certainly we need to spend more resources there: https://wandevs.org/
Q20 from Telegram user @MOBILE1286
Most of the project rug pulled and exit scam. At this point how can we trust your project?
li ni: no doubt. if we want to rug pull, we could do it long time ago. are we? Lol
Q21 from Telegram user @leydiiiiiiiiiiii
Do you guys give importance to the holders? Can they also vote on decisions?
li ni: we got wanchain version of snapshot, will use on wanswap, try it later!
Q22 from Telegram user @AmitGoyal1444
How is #WANChain actually positioned on marked? Wan was many times compared with ETH, but actually eos/ trx and eth have many dApps, how looks on wan?
li ni: we are not competitor of eth, but aims to bring all chains to be connected and move assets in a secure way, not centralized exchange way.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Wanchain. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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