On January 17, Wanchain announced that it was joining cybersecurity firm Rivetz and Telefónica’s ElevenPaths cybersecurity division to develop blockchain solutions for protecting the privacy and cybersecurity of subscribers to the Telefónica mobile communications network.
Forbes ranked Telefónica as the world’s 123rd largest company in 2018, with revenue of $57.9 billion and profits of $13.5 billion. Headquartered in Madrid and operating in 17 countries, Telefónica’s numerous subsidiaries include mobile communications networks such as Movistar, Vivo, and O2.
The Medium post announcing Wanchain’s involvement states that the solutions will potentially be used by “tens of millions of devices at Telefónica and billions of devices worldwide.” Rivetz and ElevenPaths have been working together since 2017 to develop security solutions for mobile devices. Wanchain will incorporate these solutions into its cross-platform blockchain offerings, providing enhanced security for private keys stored on users’ devices.
The announcement comes shortly after the first anniversary of the launch of Wanchain’s main net. Wanchain first launched as an ERC20 token in October 2017, raising 120,000 ETH through its ICO. At the time, this sum was roughly equivalent to $36 million. Wanchain was listed on Binance in March 2018 and was one of few cryptocurrencies to experience explosive growth during 2018’s bear market, hitting $9.82 per token for a market cap in excess of $1 billion on May 4. It has fallen sharply since then and currently trades at just $0.33 per token, with a market cap of around $36 million – equivalent to the sum the project raised at ICO. Wanchain’s value experienced a small bump following the announcement, but it is still down on the $0.43 it was trading at on December 25.
Wanchain is based on a fork of Ethereum’s code, but utilizes a Proof of Stake (PoS) consensus mechanism and also offers enhanced privacy for smart contracts. These are both long-term goals of Ethereum, but neither have been fully implemented yet on the Ethereum network. Wanchain aims to be both a dApp platform and a means of completing exchanges across blockchain networks.
A more complete picture of Wanchain’s involvement with Rivetz and ElevenPaths is expected to emerge during the Mobile World Congress in Barcelona at the end of February. For now, Wanchain has described the aims of the partnership as providing “an innovative solution that dynamically changes how users interact with services,” giving mobile subscribers “a safer and simpler solution for access to Web 3.0 services,” with “a fully integrated identity, privacy, payment and operational experience.”
It therefore remains to be seen just how important this news will prove to be for Wanchain’s future success. However, given the enormity of Telefónica’s reach, its undoubtedly a very positive sign for the platform’s future development.