Wanchain - The Third Storeman Group Begins February 1st, 2021 — Don’t Forget to Register Your Node!
Wanchain: storemen node.

Wanchain - The Third Storeman Group Begins February 1st, 2021 — Don’t Forget to Register Your Node!

By Wanchainer | Wanchain | 27 Jan 2021


The Storeman Group has been running for more than two months since the first group open on November 21st, 2020. According to the cycle parameters, the third Storeman Group will begin its selection on February 1st, 2021.

Make certain to prepare your node if you want to participate in the third group, or to register to withdraw if you are a current Storeman node and wish to withdraw.

Read more below for details.

Details

  • Selection Time: 4:00 AM UTC, February 1st, 2021–4:00 AM UTC, February 7th, 2021
  • Negotiating Time: 4:00 AM UTC, February 7th, 2021–2:00 AM UTC, February 9th, 2021
  • Working Time: 4:00 AM UTC, February 9th, 2021–4:00 AM UTC, March 9th, 2021
  • Amount of Storeman Nodes: 21 (including one Foundation node)
  • Threshold of Storeman Node: 10,000 WAN, the Partner In mode is supported
  • Rules To Win The Selection: The top 20 Storeman nodes with staking amount will enter Storeman Group
  • Delegation Fee Rate: 10%
  • Deposit Rate: 150%
  • Delegation Ratio: 1:5
  • wanBridge: The Storeman Group at this cycle is applicable to Wanchain-Ethereum wanBridge

Note: If you are currently operating a Storeman node and do not wish to participate in the second group, you must register to exit before January 31st, 2021 — in order to withdraw when the current period ends. But we highly recommended that if you do not wish to participate in the second group, you can withdraw as early as you can. If you withdraw, staked funds will be returned to your wallet on February 10th, 2021. Rewards will be issued daily as usual during the withdrawing period.

Nodes who do not register to exit before the end of the current period WILL be included in the selection process for the next period

How To Create A Storeman Node

In general, the rewards rate of running a Storeman Node is about 50% higher than the rewards rate of being a delegator. To set up a node, users need to at least well prepare the following two things:

  1. You need to have enough WAN to stake to the Storeman node you created. Those WAN coins can be either totally contributed by yourself or partly from partners and delegators through the way of Partner In and Delegation. In short, the top 20 Storeman nodes with staking amount will finally enter to the Storeman Group.
  2. You have to buy the cloud service on AWS, Google Cloud or Ali Cloud, etc, and deploy your node on the cloud.

For the detailed operations of how to set up a Storeman, please go to Wanchain 5.0 Mainnet Storeman Setup Guide.

Increasing Amount of Staking Assets & Converted Assets

13.45 Million WAN Staked!

The total staking amount of current Storeman Group has increased significantly, from 2.2 million WAN on November 15th, 2020 to 13.45 million WAN as of January 27th, 2021.

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Over $3.25 million in Cross-chain Assets

The value of cross-chain assets including wanBTC, wanETH, wanEOS, wanUSDT, wanUSDC, wanUNI, wanLINK, which now exceeds 3.25 million USD.

Besides, the Ethereum-based DeFi application WanFarm will soon start its staking & mining. Stay tuned.

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A Major Upgrade For Wanchain’s Cross-chain Mechanism in Q1, 2021

For Wanchain 5.0, there is a one-to-one correspondence between a wanBridge and a Storeman Group. Therefore, to connect any two public chains, at least one Storeman Group must be created between the two. Under this mechanism, if a Storeman node wants to participate in multiple wanBridges of connecting different public chains, the node operator must run multiple Storeman nodes in different Storeman Groups. Obviously, this situation increases the difficulty of operation for node operators. The deposit funds among different Storeman Groups are independent and cannot share the cross-chain quotas with each other. So, the utilization rate of the deposits is low, which results in the intensive economic bandwidth of busy wanBridges and wastes economic bandwidth of leisure wanBridges. Theoretically, this mechanism has a small security risk of collusion among Storeman nodes.

For the reasons above, considering the efficient utilization of resources, the improvement of cross-chain security and the optimization of user convenience, the Wanchain cross-chain mechanism will undergo one more major upgrading on the basis of 5.0. It is expected that the upgraded Storeman Group mechanism will be launched in Q1 2021.

Currently, the new cross-chain mechanism is being developed and tested in an orderly manner.

At that time, a Storeman Group will uniformly manage all wanBridges which connect two different public chains, and the staking deposits will also serve as the common deposit for all wanBridges in the entire cross-chain network.

For more details on the new generation of Wanchain’s cross-chain mechanism, please see the article Universal Multichain Bridges with Shared Staking Assets written by VP of Engineering, Dr. Zhang Weijia.


About Wanchain

Wanchain is the infrastructure connecting the decentralized financial world. Wanchain’s live cross-blockchain solution is EVM-based, includes optional private transactions, and provides a decentralized, permissionless, and secure approach for interoperability. Wanchain has employees globally with teams in China, the USA, and other team members around the world in Asia, Africa, and Europe.


Wanchainer
Wanchainer

Crypto enthusiast, Wanchain ambassador, English-to-French translator


Wanchain
Wanchain

Cross-Chain DeFi Since 2017 – Wanchain empowers developers to build truly trustless, decentralized, cross-chain financial applications which connect with real world value

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