50 million WAN ! Wanchain’s seventh Storeman Group selection begins June 1st!

This article was first published on Wanchain - Medium
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50 million WAN ! Wanchain’s seventh Storeman Group selection begins June 1st!

It has already been six months since the first Storeman Group was selected! Since that inaugural group, numerous decentralised bridges have been added to Wanchain’s cross-chain ecosystem, with many more to come.

Wanchain’s cross-chain ecosystem of supported by two types of nodes: PoS verification nodes and Storeman cross-chain nodes. PoS validator nodes reach consensus using a proprietary Proof of Stake consensus algorithm called Galaxy Consensus, while Storeman validator nodes are responsible for performing and verifying cross-chain transactions. Currently, more than 50 million WAN are committed to securing these nodes: 20.4 million WAN are locked in PoS Verification nodes, while a whopping 32.5 million WAN are locked in Storeman nodes.

The seventh selection cycle will begins on June 1st, 2021.

Details

Selection period:

June 1, 2021 04:00 AM (UTC) — June 7, 2021 04:00 AM (UTC)

Confirmation period:

June 7, 2021 04:00 AM (UTC) — June 9, 2021 02:00 AM (UTC)

Working period:

May 9, 2021 04:00 AM (UTC) — June 9, 2021 04:00 AM (UTC)

Maximum number of Storeman nodes:

25 (including 1x Wanchain Foundation node)

Minimum stake per Storeman node:

10,000 WAN (including “Partner-In”)

Selection criteria:

24 Storeman nodes with the largest stakes

Delegation Fee:

10%

Deposit Rate:

100%

Delegation Ratio:

1:5

Supported wanBridges:

  • Bitcoin-Ethereum direct bridge
  • Bitcoin-Wanchain bridge
  • Ethereum-Wanchain bridge
  • EOSIO-Wanchain bridge
  • XRP Ledger-Wanchain bridge
  • XRP Ledger-Ethereum bridge
  • Binance Smart Chain-Ethereum bridge
  • Binance Smart Chain-Wanchain bridge
  • ...

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Wanchain - Medium

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