Wanchain CEO Jack Lu: Why 2.0 is a Milestone for the Entire Blockchain Industry

The world’s first interoperable blockchain was launched immediately by Wanchain in Amsterdam. At the pre-launch, in London on Thursday, Blockchain Information caught up with Wanchain’s CEO, Jack Lu, to seek out out why this is such a vital milestone not simply for the firm, however for the business as a entire.

Blockchain Information: Wanchain has an formidable occasion schedule lined up, what are you making an attempt to attain? 

Jack Lu: I’ve an engineering background and I’ve been specializing in the product for, at the least, the previous six months. After we launched Wanchain 1.zero and went stay in January this yr, we had been very targeted on growing the product for 2.0, which is our largest milestone–a cross-chain– and we’re able to launch our mainnet in simply a few days. We’ve been doing pre-launch occasions, touring the world, telling folks we’re the first ones in the world to succeed in this milestone. This milestone is large, not solely for our venture but additionally for the business. In order that is why we now have been doing this world tour—to advertise our personal chain and, at the identical time, to carry all these initiatives—the ecosystem of Wanchain—with us. The Wanchain ecosystem is very, crucial. That’s why, in the previous few weeks, we’ve visited three cities in Asia. This is my fourth metropolis on this world tour. After this, we’ll go stay and I’ll return to improvement and the crew will proceed the tour.

Blockchain Information: Please inform us a little about the way you turned concerned in blockchain and the way you began Wanchain. 

Jack Lu: I obtained into the blockchain house someday in 2012. I simply ran into Bitcoin and began investing and I obtained some large returns in the early days. I used to be a software program engineer and in addition I had some background in economics. So once I noticed Satoshi’s paper and different blockchain-related articles, I simply felt that this is my future. This is one thing that I have to do. I simply fitted this rather well. It’s a nice financial experiment for Bitcoin. I obtained concerned on this increasingly more and felt that I wanted to leap in full time

So, in 2014, I began in the Ethereum world, in the investing group, when it first began, and simply adopted their venture. I turned the developer of their group in Austin, Texas. At the identical time, I used to be additionally launched to the alternative to be the co-founder and CTO of Factom. At the time, I made a determination to speculate all my Bitcoins into Ethereum and make investments all my time into the Factom venture. Fortunately sufficient, each these initiatives had been a large success after a couple of years. As , the worth of Ethereum went up by way of the roof and so did Factom. 

In 2016, I made a decision to pursue my very own dream, I needed to launch my very own venture and I arrange a firm known as WanGlue China and began taking a look at what house I needed to be in and what I needed to do. It simply fitted rather well, this Wanchain thought. It slowly matured. I had an thought however I wasn’t positive it might be achieved. I had a analysis crew and we appeared into this for a very long time. Lastly, we discovered a answer—a very generic answer—to allow us to attach or combine with any blockchain with one single mechanism or design. The expertise is known as safe multi- get together computation and in addition threshold key sharing expertise. This expertise allowed us to attach with just about any blockchain, together with personal chains, which is crucial as a result of a lot of conventional monetary organizations, enterprises, would fairly use enterprise options—personal consortium chains—and these belongings can be like the intranet of the outdated days. It’s simply a set of computer systems that are linked, they aren’t interconnected with the remainder of the world. As soon as we get these blockchains linked with the exterior world… to essentially make this an web, that’s how the outdated web advanced–that’s the path we now have to get throughout. So, I noticed that requirement and we mainly picked the answer that may enable us to interconnect not solely with the public chains like Bitcoin and Ethereum, but additionally with personal chains. We discovered a method. In 2016 we discovered a answer and we began incubating the answer known as Wanchain. 

WAN stands for Broad Space Community, anybody who studied computing will know, it’s making an attempt to attach a greater community, connecting all theses intranets and creating one thing known as the web of blockchains, connecting all these siloed islands. Personal chains are siloed islands and in addition Bitcoin and Ethereum. It looks as if they’re international however really they’re islands. Every one in every of them speaks totally different languages and so they don’t speak to one another. So, we have to have some sort of generic answer that may interconnect with all these personal chains and in addition public chains, and that is very highly effective. 

At the identical time, I discovered that getting them linked will not be the entire answer, we’d like one thing greater than that. As a result of I used to be a sturdy believer in Ethereum, I figured to create one thing known as a “programmable digital financial system” is so essential. I needed to create sensible contracts that may lengthen to all these blockchains; sensible contracts that may be executed throughout totally different blockchains. 

In any financial actions–we name them digital economies–privateness is the most essential factor as a result of there are a lot of violations in privateness, together with large firms like Fb and Google. Loads of blockchains, like Bitcoin and Ethereum, don’t have privateness options, they’ve one thing like pseudo-anonymity, customers actions will be nonetheless be traced. For enterprise companies, privateness is simply a must-have. I noticed that and that’s the future for any blockchain, it’s essential to have privateness safety. At the identical time, the authorities, or some other authority, will be capable of audit personal transactions. So, we created privateness safety that may enable the authority [to do this] so long as the transacting events agree. They’ll present one thing known as the “view key” that may enable the authorities to audit personal transactions.

Blockchain Information: You’re working, then, in the direction of a future the place there can be regulation?

Jack Lu: Definitely.

Blockchain Information: What kind of timeframe are you working in the direction of? When do you assume it can occur?

Jack Lu: Fairly shortly. I feel that so long as we’re connecting with the personal chains, the governments can come and say, “Nicely, first you need to do KYC/AML [Know-Your-Customer/Anti-Money-Laundering], you need to have your id verified in an effort to conduct sure transactions, like buying and selling sure belongings and getting sure monetary entry”. However the factor is, even with their actual id, folks wish to have privateness, they don’t need anybody to hint or monitor their transactions, their actions. However as soon as the authorities needs to audit, you wish to present proof that “Right here, I carried out all of those legally, I pay my taxes”. So, we have to create an infrastructure that is able to complying with all these rules. 

With all these necessities in thoughts, we got here up with a answer. The answer’s simply three key applied sciences: privateness safety, cross-chain and sensible contracts. We expect they’ll be capable of fulfill all these necessities. Earlier this yr, we accomplished two of them; we applied personal sensible contracts. Now, in July, we’ve applied the third one, it’s known as cross-chain. So we’ve mainly obtained the three key applied sciences, for all the necessities that we’ve talked about for the digital financial system, and we expect that these three applied sciences will remedy just about all the points. And now we’re right here, we’ve achieved all the issues we now have promised to the group. Voila, we’re right here and able to launch our key pillar. 

Blockchain Information: That’s spectacular. Are you maintaining to schedule?

Jack Lu: Just about on schedule. I’ve been in IT, in the software program improvement enterprise, since the late 90’s, greater than 20 years. I do know issues are by no means proper on time, there are all the time some issues right here and there. For blockchain, safety is most essential, we wish to make certain there are not any safety flaws and, since we launched [1.0] in January, there are zero issues to this point. And we’ve heard of so many points for many blockchains. I hope that the points received’t come for us. 

Blockchain Information: What steps have you ever taken to keep away from these sorts of issues?

Jack Lu: We take additional steps. Earlier than we launched in January, we took two months to check the surroundings. It took us one month to do alpha testing and earlier than that our group groups had already carried out vigorous testing—internally first, earlier than we launched to the public. It’s the identical factor for 2.0. Truly, our alpha check community was prepared two months in the past. And the beta community was prepared a month in the past. We’ll simply attempt our greatest. I’m positive that no issues will occur. 

Blockchain Information: You’ve an incubator, WanLabs, now, as nicely. There’s been some questioning that perhaps you’re focussing an excessive amount of on that at the expense of the expertise. How would you reply these criticisms? 

Jack Lu: To create our infrastructure, which I name Wall Road 2.0, if no one comes, then it’s ineffective, proper? So we’ve obtained the infrastructure prepared, the fundamental expertise is prepared–that’s not sufficient. For this Wall Road 2.0 infrastructure to succeed, we’ve obtained to have a lot of buildings and a lot of individuals come right here and create all these functions, to create actual use circumstances. In order that’s why had been wish to have the WanLab program and convey all these initiatives with us and develop the group collectively. The venture crew owns the core expertise however we don’t personal the community, the group does. We have to carry all these group members into the ecosystem. We personal this ecosystem collectively and we have to construct it collectively. It’s a pure course of. If no one comes, then we’ve failed. So we now have to construct this collectively. 

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