The wanBridge Storeman Selection Process Has Begun!

Published by Liam on

Make sure to set up and register your Storeman node before the selection deadline of November 19th, 11:13am UTC+8

Immediately following the release of the Wanchain 5.0 main net GWAN client on November 11, 2020, the Wanchain Foundation initiated the selection process for the first wanBridge. The first wanBridge will connect the Ethereum and Wanchain blockchains in order to empower bidirectional flow of assets between both chains.

To learn more about how the Storeman node selection process, about how wanBridges work, and other Wanchain 5.0 features, check out our official 5.0 announcement article.

For detailed step-by-step instructions about how to set up and register your node, please see this article.

In order to support Storeman node operators, we have released a new version of the Wanchain desktop light wallet with a variety of new features which let node operators securely and conveniently perform important functions directly from their wallet. The new wallet makes it easy for you to get your Storeman node set up and to quickly register to take part in the node selection process.

To download the new wallet and to learn more about all the new features it supports, check out the official release article.

Storeman Node Selection Process:

As we described in our 5.0 announcement article, each wanBridge connects a single pair of blockchains, for example, the first wanBridge to go live will connect Ethereum with Wanchain. The article also describes how each wanBridge consists of 21 Storeman nodes which permissionlessly operated by anyone who desires to participate. In order to decide which 21 Node operators are chosen to participate in a wanBridge, a selection process takes place prior to the start of the wanBridge. The selection criteria are very simple — the 21 nodes with the highest amount of WAN stake & delegation will be chosen to form the wanBridge.

After being chosen to form a wanBridge, the 21 nodes must continue to work until the end of that cycle. Before the end of the cycle, node operators may choose to either join the next selection process, or withdraw and stop operating their node. The first cycle will be 49 days, with the following cycles each lasting a month.

Each cycle has been named according to the Western zodiac. The first cycle has been named Aries_001.

The First wanBridge Cycle “Aries_001” Details:

NOTE: All of the below parameters are subject to change by the Wanchain Foundation. Over time, the control of such parameters will be turned over to public governance, however during this early period, the Wanchain Foundation shall control them to ensure the security and stability of the cross-chain mechanism.

Node selection time: November 10, 2020 16:13 to November 19, 2020 11:13 Beijing time, UTC+8
Node signature time: November 19, 2020 11:13 to November 21, 2020 11:13 Beijing time
Cross-chain node group working hours: Beijing time from 12:00 on November 21, 2020 to 12:00 on January 9, 2021
Delegation fee (percent of rewards paid by delegators to node operators): 10%
Cross-chain asset collateral ratio: 200% — For example, 2000 WAN may be used to generate 1000 WAN worth of wanBTC.
Delegation ratio: 1:1 — This ratio determines how much delegation a node is able to receive. A one-to-one ratio means that if a node has 50,000 WAN stake, then it can receive at most 50,000 WAN in delegations.

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