Wanchain will Adopt PoS in 2019

The Wanchain community spoke up and now the team is looking into adopting a proof of stake algorithm. Storeman nodes will arrive in Q1 of 2019.

Wancahin will be releasing a Proof of Stake protocol in the first quarter of 2019. In a recent video released on Wanchain’s youtube channel, the topic was highlighted by Weijia Zhang the Vice President of Engineering. He stated that the Wanchain community has requested the PoS adoption for a very long time. According to him, the theoretical research of a POS system on the Wanchain blockchain has been researched. The next step is to research the architecture which they are currently doing, followed by the design and implementation of proof of stake for the Wanchain ecosystem.

What are the Storeman Nodes?

The Storeman nodes will help facilitate transactions going through its cross chain capabilities. Storeman is the mechanism used to help cross chain transactions between ethereum and bitcoin on the Wanchain platform to be fully processed. A regular user can stake their coins into a storeman smart contracted and get rewarded for the percentage of Wancoins being staked. The percentages based rewards have not been released as of yet.

Wanchain partners will be able to have storeman nodes as well. An added benefit will be the ability to host a group and bring in smaller investors into their storeman staking ventures. It gives Wanchains partners the ability to perform a pooling group for the staking goals of everyone involved.

RECAP

There will be three phases for the Storeman nodes. The first will be for regular users who create a customized wallet to send coin rewards for their staking efforts. This is expected for Q1 of 2019. The second and third quarters will be the platform for partners to create their storeman nodes and to manage storeman node pools with regular users. Users could also graduate onto partner levels depending on variables that the Wanchain team will lay out later on. Then the final step would be to open up the storeman node platform for the entire community.

You can find this information on a new video released on the Wanchain youtube channel.