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- What is Wanchain?
- How was Wanchain launched?
- Who is the Team behind Wanchain?
- How to stake Wanchain?
- Which network metrics do the rewards depend on?
- Is there a risk to stake Wanchain (WAN)?
Wanchain is a blockchain platform that connects isolated blockchain networks to enable decentralized transactions between them. Wanchain is EVM-based, allowing smart contracts powered by solidity to be deployed on its platform. Wanchain currently enables cross-chain transactions with Ethereum, Bitcoin, and ERC20 tokens. Going forward, Wanchain will continue to bridge blockchains and bring cross-chain finance functionality to projects and companies in the industry. Wanchain has employees globally with teams in Beijing (China), Austin (USA), Kuala Lumpur (Malaysia) and Madrid (Spain).
The first research into solving the interoperability problem began in 2016. The first Proof of Concept launched in the same year shortly after and Wanchain’s first platform launched in the beginning of 2018. In October 2017, Wanchain launched a private and public sale, raising close to $35 million. In August 2019, Wanchain transitioned from Proof of Work to Proof-of-Stake as the main Consensus algorithm.
The team behind Wanchain is a dynamic and diversified team spread around the globe. Jack Lu, is the founder and CEO of Wanchain, Li Ni, VP of Business Development , Weijia Zhang, VP of Engineering and Oliver Birch, VP of Communications.
Staking WAN is a very simple and secure task.
You can be either a Validator or a Delegator.
Validators — Validators on the Wanchain network secure the network by playing one of two roles (RNP and EL ) in the process of proposing, validating, and finalizing blocks. Validators can take two forms in the Galaxy consensus, either taking delegation or being a non-delegating node. You can set up a delegating node with a minimum of 50k WAN and a non-delegating node with a minimum of 10k WAN.
Delegators — Delegators are anyone who delegates their stake to a delegating node.
The delegation is possible through Wanchain wallets. You need to download the Desktop light Wallet or the mobile wallet, create an account, save your Seed Phrase (=private key) in a safe and secure place, then create a WAN address and send WAN to it. Then, you click on Galaxy PoS>Delegation>New delegation>Select Validator of your choice>My account >Select a FROM address, address from where you want to stake your WAN>Amount of WAN you want to stake>enter your wallet password>Next.
Now, you wait 3 days and then each time your validator is selected to work during an epoch, you’ll receive rewards from it.
The individual WAN rewards depends on the Foundation Rewards, Daily Network Rewards and Total Staked.
At the beginning of each protocol cycle (epoch), two groups, the RNP (Random Number Proposer) group and the EL (Epoch Leader) group, are selected from all validators. 1 staked or delegated token counts as one “Lottery ticket” to be selected. The two groups equally share the Foundation Rewards and Transaction Fees (Network Rewards).
The Foundation Rewards consists of 10% of the outstanding Wanchain Token Supply and are decreasing by 13.6% each year, whereas the Network Rewards are expected to rise alongside wider network usage.
In our Staking Calculator you can play with the above mentioned metrics to understand the dynamics and create all kinds of reward scenarios.
There is no slashing currently in Wanchain. The staked coins are therefore not at risk. The only risk is the performance of the validator that determines the rewards the delegator will get.