This article was first published on Wanchain - Medium
Galaxy Consensus, cross-chain, and blockchain 3.0
Adapted from the original Chinese text by Noah Maizels
On June 6th, 2019, Mars Finance Co-editor Meng Xiaoshe sat down with Wanchain founder and CEO Jack Lu for a wide ranging interview about Wanchain and the blockchain industry. In the interview Jack Lu explained that while Wanchain’s new Galaxy Consensus has no direct relationship with Ethereum 2.0, it does reflect the general trend of major public blockchains embracing PoS mechanisms. As the second largest public blockchain by market value, second only to Bitcoin, the ushering in of PoS on the Ethereum mainnet will have a profound impact on the entire industry’s approach to PoS.
In reference to this years’ hot cross-chain projects Cosmos and Polkadot, Jack Lu stated frankly that the difference between them and Wanchain is Wanchain’s focus on the secure cross-chain transfer of value between heterogenous chains with different consensus architectures. Wanchain has taken the lead in the actual implementation of such a cross-chain mechanism, having already realized cross-chain links with BTC, Ethereum, and ERC20 tokens in 2018. Going forward into the second half of 2019, a cross-chain link with EOS will soon be implemented, which will be followed by links with other major chains.
Main takeaways from the interview:
1. The move from PoW to PoS consensus mechanisms is an inevitable trend.
2. The two most critical elements of any PoS consensus mechanism are block producer selection and random number generation.
3. Wanchain’s robust delegation mechanism is one of it’s advantages compared to other PoS chains.
4. Ever since Blockstream proposed the concept of side chains, cross-chain technology has been one of the main areas of focus in the blockchain industry, however, there is still no universally recognized cross-chain mechanism.
5. Cross-chain technology will inevitably be an important part of blockchain 3.0.
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Wanchain - Medium