50 million WAN ! Wanchain’s seventh Storeman Group selection begins June 1st!

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Wanchain

3 min readMay 25, 2021

It has already been six months since the first Storeman Group was selected! Since that inaugural group, numerous decentralised bridges have been added to Wanchain’s cross-chain ecosystem, with many more to come.

Wanchain’s cross-chain ecosystem of supported by two types of nodes: PoS verification nodes and Storeman cross-chain nodes. PoS validator nodes reach consensus using a proprietary Proof of Stake consensus algorithm called Galaxy Consensus, while Storeman validator nodes are responsible for performing and verifying cross-chain transactions. Currently, more than 50 million WAN are committed to securing these nodes: 20.4 million WAN are locked in PoS Verification nodes, while a whopping 32.5 million WAN are locked in Storeman nodes.

The seventh selection cycle begins on June 1st, 2021.

Details

Selection period:

June 1, 2021 04:00 AM (UTC) — June 7, 2021 04:00 AM (UTC)

Confirmation period:

June 7, 2021 04:00 AM (UTC) — June 9, 2021 02:00 AM (UTC)

Working period:

June 9, 2021 04:00 AM (UTC) — July 9, 2021 04:00 AM (UTC)

Maximum number of Storeman nodes:

25 (including 1x Wanchain Foundation node)

Minimum stake per Storeman node:

10,000 WAN (including “Partner-In”)

Selection criteria:

24 Storeman nodes with the largest stakes

Delegation Fee:

10%

Deposit Rate:

100%

Delegation Ratio:

1:5

Supported wanBridges:

Bitcoin-Ethereum direct bridge
Bitcoin-Wanchain bridge
Ethereum-Wanchain bridge
EOSIO-Wanchain bridge
XRP Ledger-Wanchain bridge
XRP Ledger-Ethereum bridge
Binance Smart Chain-Ethereum bridge
Binance Smart Chain-Wanchain bridge

How to create a Storeman node

The yield of running a Storeman node is generally 50% higher than becoming a delegator. There are two basic requirements to running a Storeman node:

WAN tokens. A minimum of 10,000 WAN must be staked in order to run a Storeman node. The 24 Storeman nodes with the largest total stakes will be selected. Your node’s total stake is the sum of your own WAN tokens, and tokens staked via “Partner-In” and tokens staked by your delegates.
A cloud service on AWS, Google Cloud or equivalent to deploy your Storeman node.

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

Note: If you are currently operating a Storeman node and do not wish to participate in the next Storeman Group selection, please be sure to withdraw your node using the Wanchain Wallet before May 31, 2021 at 07:00 AM UTC. Your staked funds will automatically be returned to your wallet on June 10th, 2021. Node rewards will continue to be issued daily during this withdrawal period. All nodes that are not successfully withdrawn prior to the start of the next selection period will be eligible for selection.

About Wanchain

True DeFi is interoperable — Wanchain, the Wide Area Network chain, is the world’s premier decentralised blockchain interoperability solution. Our mission is to drive blockchain adoption through interoperability by building fully decentralised bridges that connect the world’s many siloed blockchain networks. This crosschain infrastructure empowers developers to build truly decentralised crosschain applications to power the future of DeFi.