The ultimate guide to Wanchain’s Wancoins and how to buy them.
In the ever-expanding world of cryptocurrency, the ability to trade tokens and other assets among separate blockchains may well be a key stepping stone on the path to widespread adoption. Wanchain is one of several crypto projects focused on facilitating interoperability between blockchains, and aims to use cross-chain smart contracts to allow for the efficient exchange of value from one blockchain to another.
Wancoin (WAN) is the native coin of the Wanchain network and is needed to perform cross- and intra-chain transactions. Read on for an in-depth explanation of how you can buy, sell and store WAN.
Where to buy WAN
Quick guide to buying Wanchain (WAN)
Using Binance as an example of an exchange, here’s how to purchase WAN:
- Register for a Binance account.
- Enable 2-factor authentication.
- Click on “Funds” and select “Deposits”.
- Select “Deposit coin”.
- Copy the wallet address or scan the QR code.
- Transfer BTC or ETH into your account.
- Click “Exchange” and select “Basic”.
- Search for the pair you want to trade, such as “WAN/ETH”.
- Select a Limit, Market or Stop-Limit Order.
- Enter the amount of WAN you want to buy.
- Review transaction details.
- Click “Buy WAN”.
A step-by-step guide to buying WAN
To buy WAN tokens, follow a few simple steps:
Step 1. Register on an exchange that lists WAN in one or more currency pairs
Wancoins can only be bought and sold on a handful of exchanges, so compare the platforms that support this cryptocurrency before choosing one that’s right for you. You’ll need to enter your email address and create a password to register, and some platforms will also need your full name, address and proof of ID to satisfy Know Your Customer and anti-money laundering (KYC/AML) laws.
Make sure to also enable 2-factor authentication on your account (if your chosen exchange supports this feature) to enhance the security of your funds.
Step 2. Deposit funds into your account
As it’s not possible to buy WAN directly with Australian dollars, you’ll need to first acquire a cryptocurrency listed in a trading pair with WAN. Bitcoin (BTC), ether (ETH) and Binance Coin (BNB) are the three options you have to choose from – if you want advice on how to purchase any of these coins, take a look at our how to buy BTC, how to buy ETH and how to buy BNB guides.
To deposit coins into your account, find and copy the transfer address for the appropriate currency. For example, on Binance you’ll need to click “Funds” and select “Deposits” from the drop-down menu. Then it’s a matter of choosing the coin you want to deposit, scanning the wallet QR code or copying the address, and then using that information to complete your transfer.
Step 3. Buy WAN
The final step is to click through to the Exchange section of your chosen platform, search for the currency pair you want to trade (for example WAN/ETH) and make a purchase.
On Binance, click “Exchange” from the top menu and select either the Basic or Advanced trading view. Search for the pair you want and choose the type of order you want to place in the “Buy WAN” box. You can then enter your desired purchase amount, review the details of the transaction and click the “Buy” button to buy Wancoins.
How to sell WAN
If you want to sell your WAN, the process you’ll need to follow is quite similar to the one outlined in step 3. For example, if you’re using Binance, click through to the Exchange page and search for your desired trading pair, but make sure you use the “Sell WAN” box on the right of screen. You can then enter your transaction details and click on “Sell WAN”.
Check the full details of the transaction before finalising, and don’t forget that you may not be able to directly exchange WAN for the currency you want.
Which wallets can I use to hold WAN?
Rather than storing your tokens on an exchange, which exposes you to a number of security risks, it’s generally recommended that you move your tokens into a wallet that lets you retain control of your private keys.
Wanchain tokens were originally ERC20 tokens on the Ethereum network, but following the launch of the project’s mainnet in early 2018, those tokens can now be swapped for Wancoins. The WAN Wallet desktop client is available for download to Windows, Mac and Linux operating systems.
Find out more about securely holding your cryptocurrency in our guide to wallets.
How Wanchain works
There are more than 1,500 cryptocurrencies in existence, with more coins and tokens being launched all the time. However, with so many different coins, tokens and blockchains operating in the cryptosphere, there’s currently no way to efficiently exchange value between them.
This is where Wanchain comes in. In its own words, Wanchain is building a new, distributed financial infrastructure to power the new digital economy. Wanchain uses a proprietary cross-chain protocol and a distributed ledger that records cross-chain and intra-chain transactions. This allows any blockchain network to integrate with Wanchain and connect with different ledgers, resulting in low-cost inter-blockchain asset transfers.
As explained in the Wanchain white paper, the overarching goal is to build a distributed “bank”. Institutions and individuals can set up their own virtual teller window in the “bank” and provide services such as loan origination, asset exchanges, credit payments and transaction settlements based on digital assets. This is designed to allow more people to participate in financial services based on digital assets.
Wanchain was founded by Jack Lu, who also co-founded the Factom (FCT) distributed record-keeping system. The project is backed by the Wanchain Foundation, a Singapore-based non-profit, and raised US$35 million in its September/October 2017 token sale.
Check out our Wanchain 101 guide to find out more about how it works.
What to consider if buying WAN
Cryptocurrencies are complicated and speculative assets, and buying any coin or token comes with a significant amount of risk. With this in mind, it’s essential to carefully consider all the factors that can influence the value of a currency before you buy.
If you’re think of purchasing any WAN, make sure you take the following factors into account:
- Supply. According to CoinMarketCap, at time of writing (May 2018) the circulating supply of Wanchain was 106,152,493 WAN, out of a total supply of 210,000,000 WAN.
- Use. As Wanchain’s native currency, Wancoins are used to power cross-chain and intra-chain transactions, and are also used in security deposits for the network’s cross-chain verification nodes.
- Limited availability. WAN is currently only available on a limited number of exchanges. Gaining listings on additional platforms could potentially increase demand for the token.
- More information. If you want to learn more about the goals of Wanchain or the technology behind the platform, the white paper and yellow paper are well worth a look.
- Blockchain Interoperability Alliance. Along with two other big crypto projects focused on connecting separate blockchains, ICON (ICX) and Aion (AION), Wanchain is part of the Blockchain Interoperability Alliance. The goal of the alliance is to promote interconnectivity between isolated blockchain networks.
- Kyber Network partnership. In February 2018, Wanchain announced that it had partnered with Kyber Network to create the Kyber-Wanchain Decentralised Exchange (KWDEX).
- Roadmap. Wanchain’s roadmap is available on its homepage and lists a few key milestones for the months and years ahead, including:
- June 2018: Wanchain 2.0 (Integration with Ethereum, multi-coin wallet)
- December 2018: Wanchain 3.0 (Integration with bitcoin, multi-coin wallet)
- December 2019: Wanchain 4.0 (Integration with private chains, multi-coin wallet)
It’s still early days for Wanchain in its overall development, so make sure you carefully research the pros and cons of the project before deciding whether or not you should buy any WAN.
Images: Shutterstock
At the time of writing the author holds IOTA and XLM.
