Wanchain

Wanchain 5.0 Desktop Wallet Guide

Published by Liam on

The newly updated wallet offers new features to support Storeman node staking and delegating functionality

If you do not already have the newest version of the wallet downloaded and installed, please download the wallet, and follow this guide to install and set it up. Make sure to back up your wallet mnemonic phrase in a safe place (on paper, not any digital format).

Update #1 — Updated Interface to Quickly Show Cross-chain Support

Now that Wanchain 5.0 has officially launched and we have begun transitioning from the old permissioned cross-chain bridges to the new permissionless and decentralized wanBridges, the Wallet UI has been updated to reflect these changes.

The “Cross Chain” section has been updated to make it easier to navigate tokens from different wanBridges

Newly designed cross-chain token interfaceNewly designed cross-chain token interface

You can see here that for each asset, the supported blockchain pair is listed if a wanBridge exists for that pair. For example, you can see here that the Bitcoin <-> Wanchain wanBridge allows for BTC to be swapped from the native BTC asset on the Bitcoin blockchain to WRC20 wanBTC on Wanchain (and vice versa, from wanBTC back to normal BTC), and also that there is another wanBridge connecting Wanchain and Ethereum. Using the Wanchain <-> Ethereum bridge, WRC20 wanBTC on Wanchain may be swapped for ERC20 wanBTC on Ethereum (and vice versa). The new UI makes it very easy to see at a glance which assets may be transferred to and from which blockchains.

Update #2 — New Cross-chain Token Naming Conventions

The new “@” based cross-chain token naming convention gives us a clear and logical way to refer to cross-chain assetsThe new “@” based cross-chain token naming convention gives us a clear and logical way to refer to cross-chain assets

Previously, the WanWallet did not have a is a developer naming convention which allowed users to understand which type of cross-chain assets they are transacting with a glance. The new “@” base naming convention makes it easy for anyone to quickly see which token they’re transacting with, and on which chain. The convention is simply described as such:

“token symbol” @ “host blockchain”

For example, ETH@Ethereum indicates the ETH token on the Ethereum blockchain, while wanETH@Wanchain indicates the Wanchain wrapped version of ETH (wanETH) on the Wanchain blockchain. wanETH@EOS would of course therefore indicate the Wanchain wrapped version of ETH on the EOS blockchain. As we add more wanBridges and as more and more blockchains become connected to each other, this naming convention will become increasingly important for rapidly and accurately distinguishing between asset formats.

wanETH is now used instead of WETHwanETH is now used instead of WETH

You can also see that W-tokens (such as WETH, WBTC, etc.) are no longer used in the wallet. This is due to the Swapdrop of W-tokens for wanTokens which was carried out this week as a part of the transition from semi-centralized cross-chain to totally decentralized cross-chain.

Update #3 — Convenient Staking and Delegation Features for the New Storeman System

Delegate easily to a Storeman node of your choice with one clickDelegate easily to a Storeman node of your choice with one click

The most important updates to the wallet for 5.0 make Storeman delegation and staking easy! As you can see from the screenshot, simply click the “New Delegation” button, fill in the details for the node you want to delegate to, and follow the on-screen instructions to get started delegating in less than a minute!

Note 1: You may start delegating to a Storeman node at any time, but you may only remove your delegated WAN when the Storeman cycle ends. The first Storeman cycle starting from November 19th will last 49 days. The following Storeman cycles will last a entire calendar month each, so will vary from 28 to 31 days accordingly. The length of the cycle may be modified in the future, so please follow us on Twitter and Medium in order to stay up-to-date.
Note 2: You may delegate WAN to a Storeman node before the node has been selected as part of wanBridge group, however, you will not begin earning rewards until AFTER the node has begun its work as part of the wanBridge.

Register your Storeman node easily with the in-wallet interfaceRegister your Storeman node easily with the in-wallet interface

In addition to making delegation easy, the wallet also has functions that make it easier to get started as a Storeman node operator! As you can see in the screenshot, registration of a Storeman node is as easy as clicking a button!

We are thrilled With the new possibilities that Wanchain 5.0 and wanBridges will bring to the world of DeFi! If you have any questions, comments, or suggestions, about the new WanWallet or any other Wanchain products, please get in touch. You can email Wanchain director of communication Noah Maizels at noah@wanchain.org at any time and we will make sure to get back to you!

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.

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