Wanchain, a universal blockchain infrastructure connecting multiple blockchains, announced the team has set up a Proof Of Concept (POC) for a Wanchain blockchain-based DEX. The team is building the POC by integrating Wanchain’s own cross-chain technology together with DDEX’s Hydro protocol SDK.
Currently, if one sets up a decentralized application on a particular blockchain, it would need third parties to transfer digital assets to another blockchain. The Wanchain team proposes a solution leveraging the Wanchain decentralized cross-chain storeman mechanism. This approach works by using storeman nodes that manage tokens that have been locked up.
For example, if a user has BTC, it is locked up in an account and this account is actively distributed to various storeman nodes across Wanchain. This is different from using a single party to manage and distribute the tokens as wrapped up tokens. Once the token has been wrapped and locked, it is then available for trading (e.g WBTC). There currently exist multiple storeman nodes across various blockchain assets such as BTC, ETH, DAI, DAO, and LINK.
The Wanchain DEX solution will integrate hardware wallets. Users can either use Wanmask, Trezor or Ledger to view their balances and wrap or unwrap tokens within their wallet interfaces. These can then be used for trading on Wanchain.
One of the key features enabled by the Wanchain DEX is the deposit and withdrawal of assets directly to and from their native chains. An example here would be trading EOS with WAN…To do so, a user will wrap EOS as a WRC20 token (WEOS), trade with WAN, and then unwrap back to EOS on the native chain after finishing trading. The entire process occurs through a completely decentralized mechanism.
“Currently the project is the proof of concept stage. It is being designed in order to demonstrate the possibilities of a totally decentralized multi-chain Wanchain based exchange. As an open source project, DEX operators will be free to make use of Wanchain’s cross-chain DEX code in order to set up their own multi-chain exchange, and wallet developers will be free to integrate the exchange into their wallets. We believe that totally decentralized cross-chain trading is the future, and we are working hard to make that a reality.”
– The Wanchain Team