WANCHAIN | Organizing and connecting the decentralized systems

Good afternoon friends, this is Bait and today I have good news for all the preachers of blockchain technology! Guess what? Things just got a lot easier and better with WANCHAIN.

Let me start this with a teaser; WANCHAIN is centralizing the decentralized in such a way that the centralized decentralized system will be in no way controlled by central authorities; solving the centralized financial system in a single place and with a single model. The goal is that decentralization of institutions and projects isn’t an excuse for isolation since there are no true links between the projects that leverage on the use of blockchain technology.

WANCHAIN is solving this problem of isolation to enhance interaction between blockchain projects. The implication of this will prove that the blockchain technology is a true cure to centralized financial systems while enhancing the interaction between independent but interconnected blockchain projects. Let me give you a quick summary of what the WANCHAIN project really is;

WANCHAIN is not just a universal cross-chain system, but instead it is a distributed ledger that records cross-chain and intra-chain transactions.source

What this means is that with WANCHAIN, it is possible to have interaction between the various projects leveraging on blockchain technology. Projects that before WANCHAIN, used to be isolated from each other, and will have to depend on centralized exchanges in order to have interaction.

The only room for interaction across blockchain projects is to rely on exchanges where servers are characterized by decentralization. This is a big hindrance to a global adoption of blockchain technology and massive use cases. We have fears as humans and we express it everywhere and every time; we don’t even trust the offline banking systems enough with our money how much more handing our finances to a project in the name of an ICO isn’t really a wise move for a skeptical mind. However, a proper integration between these projects in the same manner that seeks to decentralize them and take power away from central bodies may be the best way to go. Let’s talk about the distrust a little bit and its implications.

One of the greatest problems when it comes to establishing human relationships is that of distrust. The issue of distrust is found in all manner of socioeconomic relationships. This is one big selling point for preachers of blockchain technology; a technology that was initially planned for political and electoral application but now seen in most sectors and institutions in our society and over time has proven its vast applicability.

The blockchain technology is gaining recognition and is becoming a matter of great concern especially centralized organization that it poses the threat of being a superior alternative to. The emergence of the very first cryptocurrency in 2009 (Bitcoin) has proven that this blockchain system truly has a great potential of making the digital a perfect substitute to reality. However, we have seen cases of abuse in this same manner where we see a lot of fraudulent ICOs in the cryptocurrency market space making money off the pockets of innocent economic beings like you and I. And one reason why this is possible is because, there is not true integration between the various projects leveraging on the blockchain technology. So if we can have an integration and perfect interaction among these various projects, one can easily monitor the progress and potential of each project based on association with other established projects.

There is a great need for organization on the blockchain and this organization doesn’t have to discard the goal to achieve full decentralization. The reason for such organization is to further increase the incentive that the use of blockchain technology has. I like to say this from time to time;

Crytpocurrencies cannot serve as a perfect substitute to fiat if they can’t do everything that fiat does and even in a better way.

Our corrupt banking systems are so organized. A mentor and friend would refer to them as organized crime syndicates. At least they are organized and that’s exactly what we need with the use of blockchain technology. There is great need for organization and perfect interaction between the various projects on the blockchain.

Institutions and even nations (e.g. Venezuela) are beginning to see the value and usefulness of blockchain technology and we can’t fail to admit that a bright future lies ahead and that future is gradually unfolding before our faces. However, a lot of individuals are still skeptical due to the instability and disorganization.

As of June in 2017 we had thousands of digital currencies using blockchain technology forming an industry with a value of over $100 billion, and the quality and quantity of digital currencies continues to grow till date. Digital currency is becoming more acceptable as a form of settling financial transactions; many organizations and institutions are exploring ways to record traditional forms of assets, ranging from commercial bills to loyalty points, into blockchain, usually in the form of consortium chains.source

Institutions across various sectors are looking for solutions to various problems they pass through and are massively opting out of the offline to be integrated to the online. This still won’t happen if investors or potential investors are not very sure on how safe and easy transferring their funds would be. They will also need such assurance before they invest any reasonable amount of money in this space.

It is no doubt that the digital currencies are replacing the tangible fiat ones and like it happened with photography, it will happen with money. It’s hard to find a home where a family invests on printing photographs and buying frames. Most families now have digital albums where pictures are more durable and cheap. Gradually we also see cases where families invest in cryptos for their unborn children. The bottom line is that if there was a time to have interaction between independent blockchain projects, that time is now. Now is the time to have a blockchain system with independent but interconnected projects. And with WANCHAIN, that is now possible.

Thank you friends for reading; I would like you to check this amazing project out. I have put the link below this paragraph and I hope you find this useful and take full advantage of it. This is Bait and I am bringing words from the Offline Minnow School.