Wanchain 4.0 Goes Live with Support for Private Chains
Enterprise bridges are central.
Share this article
This upgrade allows Wanchain to expand its interoperability objectives by providing support for private blockchains, also known as enterprise or consortium blockchains.
This version will confront some of the obstacles facing private blockchains, including the possibility that a blockchain may feature permissioned accounts and offer different levels of privacy. Furthermore, each company that uses a private blockchain may configure it differently. The latter has been a significant challenge for standardization.
T-Bridge Is Key
One of the central features of Wanchain 4.0 is T-Bridge, a framework that allows data and digital assets to be transferred between different blockchains.
This will enable companies and organizations that use Wanchain to create their cross-chain applications and smart contracts. T-Bridge will also offer CLIs and APIs for easy access.
Wanchain has already outlined a few potential applications.
For instance, airlines might use T-Bridge to issue frequent flier points with an e-commerce site. Similarly, a local government and a lending firm might use the system to issue property credits. In short, any business plan that requires more than one blockchain stands to benefit.
T-Bridge will also promote the growth of Wanchain itself. T-Bridge will make it easier to connect new blockchains to Wanchain, and each chain that is added will, in turn, increase the size of Wanchain’s Storeman node system.
T-Bridge will also support cross-chain smart contracts, allowing Wanchain to handle data beyond simple transactions.
Interoperability on the Rise
Before today’s upgrade, Wanchain added support for several other blockchains and cryptocurrencies.
The project added support for Ethereum and Bitcoin in 2018, as well as adding support for EOS in mid-2019. This year, Wanchain will integrate several more Ethereum- and EOS-based tokens, further extending its list of compatible assets.
These projects seem to have chosen their focus at just the right time: experts like Paolo Ardoino of Bitfinex have predicted that cross-chain value transfers will be critical as the number of digital assets grows in 2020.