9 Oct, 2019

WandX Spreads its Wings to Real World Applications

WandX, a company based out of Bengaluru, is all set to integrate financial instruments to blockchain. Off to a promising start, their ICO raised 550 ETH in a pre- token sale.

Abhinav Ramesh, Chief Executive Officer (CEO) of WandX says, “What sets WandX different from other cryptocurrency platforms is, that it is a trading platform dedicated to ethereum, is purely peer-to-peer, which makes it to invulnerable to hacking.”Ad

At a glance WandX looks similar to other exchanges such as Etherdelta. However, the difference lies in the fact, that it lets the user trade any financial instruments such as assets, futures, portfolios and so on.

Not just that, WandX ranks high when it comes to guarding a trader’s authencity by linking all accounts to uPort and other identity management softwares. If the person refuses to adhere to the predescribed code of conduct, that information will be broadcasted all over the ethereum network. This will make it difficult for the trader to trade with anybody else.

Another difference that lies with WandX is, that instead of traders spending their hard-earned money on multiple transactions, they can collate different kinds of cryptocurrencies in one portfolio (herewith referred to as baskets) and carry out the required transactions.

The traders also have the freedom to choose percentages of each ERC20 token in the basket. If the buyer has the sufficient number of coins in his/her wallet, he can create his own basket. If they don’t, they will be directed to a crypto-currency exchange.

Simply put, traders can create a basket filled with ERC20 tokens. This basket has an associated price which is determined by the price of individual tokens through cryptocompare APIs. Creation and trade of this basket happens through Smart Contracts.

According to their in-house blog post, the aim of this company is to ease the process of easy digitization of assets and cryptocurrencies. There are different markets, the company looks to integrate, with the help of blockchain technology such as energy, future assets, alcohol etc.