Wanchain

The Fourth Storeman Group Begins On March 1st, 2021; BTC-Ethereum wanBridge Will Be Live!

Published by Liam on

The Storeman Group has been running for more than three months since the first group opened on November 21st, 2020. According to the cycle parameters, the fourth Storeman Group will begin its selection on March 1st, 2021.

The fourth Storeman Group will adopt a brand-new cross-chain mechanism — Universal Multi-chain Bridges With Shared Staking Assets. After this Group enters the working status on March 9th, the BTC-Ethereum direct bridge and the combined Storeman Group will come into play.

Make certain to prepare your node if you want to participate in the fourth 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, March 1st, 2021–4:00 AM UTC, March 7th, 2021

  • Negotiating Time: 4:00 AM UTC, March 7th, 2021–2:00 AM UTC, March 9th, 2021

  • Working Time: 4:00 AM UTC, March 9th, 2021–4:00 AM UTC, April 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

  • wanBridges: Bitcoin-Ethereum bridge, Bitcoin-Wanchain bridge, Ethereum-Wanchain bridge, EOS-Wanchain bridge

  • 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 February 28th, 2021 — in order to withdraw when the current period ends. But we highly recommended that if you do not wish to participate in the third group, you can withdraw as early as you can. If you withdraw, staked funds will be returned to your wallet on March 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, 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.

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.

Website | Documentation | Telegram| Twitter | Newsletter | Blockchain Explorer | Developer Portal