Coming Up on One Month of Fully Decentralized Galaxy Consensus!
Galaxy Consensus is Now Fully Decentralized and Community Operated!
When Galaxy Consensus first launched over a year ago it was designed to serve as the security foundation for the Cross-chain DeFi ecosystem which we are currently deep in the process of #buidling. It was based on a modified version of Ouroboros Consensus which was first introduced by the excellent researchers at the prestigious IOHK organization who support the well known Cardano ($ADA) blockchain. Wanchain’s research team made a number of modifications to the original consensus protocol in order to improve both security and performance. Galaxy Consensus protocol is running smoothly today with over 28,000,000 WAN locked up in stake and delegations, 50 validator nodes, and over 2500 delegators.
Total Decentralization, Here We Come!
“Wanchain is now fully decentralized and controlled by the community.”
When Galaxy Consensus was first launched, the Wanchain Foundation reserved a number of consensus slots in order to ensure that the protocol would run smoothly and securely during a short period after launching (any rewards from this were re-distributed to the community). Now that the protocol has been running smoothly for almost a year and has attracted a very healthy amount of stake to secure the blockchain, the foundation has decided it is time to remove the reserved consensus slots, shut down all foundation nodes, and turn over the entire network to the public, so that Wanchain is now fully decentralized and controlled by the community. Now that the core protocol is fully decentralized, the foundation has been laid for the decentralization of the Storeman Node controlled cross-chain bridges.
Storeman Nodes, You Guys Are Up Next!
“…which will allow for any asset integrated with Wanchain to flow freely back and forth from the Ethereum blockchain and back to their original chain”
As we detailed in our 2020 Road Map: Mid-Year Update article, we are hard at work getting Wanchain 5.0 ready to go live. One of the most important parts of Wanchain 5.0 is the establishment of Storeman Node managed cross-chain bridges which will allow for any integrated with Wanchain to flow freely back and forth from the Ethereum blockchain and back to their original chain. While this has been made possible for BTC through a variety of different cross-chain bridges in the past, Wanchain 5.0 brings two important innovations to the table:
Not only BTC, but also any asset which has been connected with Wanchain will be able to travel across the bridge (currently includes WAN, BTC, and EOS — soon to be expanded to include many prominent, high cap coins)
In contrast to many other current cross-chain asset solutions (WBTC, pBTC, and others), Wanchain 5.0’s bridges will be powered by a totally decentralized, permissionless, and trustless group of Storeman Nodes.
The Open Storeman Initiative
“…the first fully decentralized and permissionless cross-chain mechanism which supports transfer of value between any two smart contract enabled blockchains.”
In order to shift from the current permissioned cross-chain bridge model to the decentralized and permissionless one, the Wanchain Foundation has begun the “Open Storeman Initiative” (which is mentioned in our recent roadmap update). This initiative is powered by a new economic incentive mechanism which has been developed by the expert minds at Wanchain’s research and development team. It is being developed by the same group of individuals who developed Galaxy Consensus, which is running smoothly and securely today. Under this initiative we have begun trialing the new decentralized model with a select group of trusted validators from the community. These validators are helping to test this new model, and work out all the kinks in the crypto-economic incentives system which ensures the security of the cross-chain bridges.* (If you are a Wanchain validator interested in participating in the initiative, feel free to reach out to me at email@example.com). Once this initiative is widely put into effect with the launch of Wanchain 5.0, it will become the first fully decentralized and permissionless cross-chain mechanism which supports transfer of value between any two smart contract enabled blockchains.
Powering the World of Cross-Chain DeFi
“…enabling a world of true cross-chain DeFi, rather than the semi-centralized version we have today”
As we have seen with the recent explosion of value within the DeFi ecosystem, cross-chain economic bandwidth (that is, the amount of cross-chain value which can be brought over to DeFi applications on other chains), is becoming a serious bottleneck limiting the growth of the ecosystem. The demand for truly decentralized cross-chain exchange of value will only continue to grow, and is not set to slow down any time soon. With only about 0.1% of BTC transferred to Ethereum, and very little if any value from other chains participating in the DeFi ecosystem, the room for growth is enormous. Wanchain is aiming to play a major role in solving the issue of economic bandwidth, and enabling a world of true cross-chain DeFi, rather than the semi-centralized version we have today.
The question now is, who will be with us on this journey together, and who will get left behind…?
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.