Announcing the Wanchain Staking Pilot and 2019 Roadmap Overview

Published in

Wanchain

5 min readDec 27, 2018

Dear Wanchain Community,

We are delighted to present you with an overview of Wanchain’s Storemen node staking plans, details on how to register your interest in the pilot program, and an overview of our new roadmap for 2019. Below we provide a step-by-step guide on how to register and qualify for the pilot program, details on the selection process, and an overview of the program’s timeline.

For any questions related to the Wanchain Staking Pilot, please refer to this Reddit thread.

Staking Pilot Overview

Details of the Pilot:

Amount: 1000–5000 WAN

Participation Reward: 40 WAN per 1000 WAN Staked (4% of WAN Staked)

Total Staking Amount: 4 million WAN

Lock Period: 3-month total

Timeline:

January 2019: Additional details and instructions for pilot participation

March 2019: Bidding starts, and lasts ~15 days.

April-July 2019: Staking Pilot Period

How to join the Staking Pilot?

Step 1 — Submit Interest Form (27 Dec — January 4th)

Disclaimer: Filling in the form does not guarantee a staking spot, but those who submit a form will automatically be put in a bidding lottery program (details will come later). The bidding period does not start until March, so you are not disqualified for a chance to participate in the pilot if you do not fill out this form.

You can fill in the form here.

Step 2 — The Bidding Period (15 March — 31st March)

Users who would like to participate in the staking pilot will be given a smart contract address to send their WAN to between the 15th and 31st of March. The WAN will then be locked for 3 months.

Since places are limited, WAN addresses with higher bids will have a higher chance to stake. Transaction amounts can be higher than 5000 WAN, and 1 WAN addresses can send multiple transactions to the smart contract in order to increase the bid thus the chance to win the place. If two amounts are the same, the staking position will be granted to the address of the user who submitted first (first come, first served basis). For a detailed example, see below for Additional Details on Bidding Process. **Please remember that staking rewards will only be given on up to 5000 WAN, even if more than 5000 WAN is contributed.

When the bidding period finalizes, each Storeman group will open to funding and the smart contracts will sort WAN addresses by bidding amount, starting with those with higher bids whereby the smart contract will lock the bidding amount. The smart contract will not activate until the staking target is reached or until all bidding addresses have their bidding amount locked.

Lottery Program: For those who are not selected in the bidding process, all unselected WAN addresses will be entered into a lottery to win participation reward.

Step 3 — Start Wanchain Storeman Node Pilot (Beginning of April)

The addresses that win the bids will have their WAN locked for 3 months. This will commence in early April and finalize in approx. early July.

Bidding amount will be locked during this period and anticipated release of funds is not possible (this is all coded in smart contract). Bidding amount will then be released automatically and sent back to their respective owners after the period is up along with the staking reward. Please note: funds will be automatically sent back to the original address from which the user sent the original funds.

More details will follow closer to April.

What’s next for Wanchain staking after the pilot?

This pilot is the first step to releasing a full PoS solution by the end of 2019. There is potential for a second pilot program to run after the initial pilot. Wanchain is on a path to become completely decentralized in 2019 with the rollout of our POS solution. Please see below for a more detailed 2019 roadmap. Once our full PoS staking solution is rolled out, we will have PoS staking in addition to Storeman node staking.

Brief Overview of 2019 Roadmap

The Wanchain team has been hard at work on the Proof of Stake consensus, and we are ready to release an overview of the 2019 Roadmap. This roadmap includes PoS and many other planned developments. We plan to release a more extensive and detailed roadmap in Q1 2019.

Q1 2019:

Release Wanchain-PoS research paper
Proof of Concept for PoS
Next batch of ERC20 integrations released

Q2 2019:

Alpha testnet for Wanchain-PoS
Integration with new blockchain
Wallet improvement (UX/UI)
Next batch of ERC20 integrations released

Q3 2019:

Beta testnet for Wanchain-PoS
Next batch of ERC20 integrations released
Mobile/light multi-asset wallet release

Q4 2019:

Proof of Stake goes live on mainnet with Staking
Integration with another new blockchain
Next batch of ERC20 integrations released
Wanchain 4.0 — Cross-chain Integration with Enterprise Blockchain

About Wanchain

Wanchain is a blockchain platform that enables decentralized transfer of value between blockchains. The Wanchain infrastructure enables the creation of distributed financial applications for individuals and organizations. Wanchain currently enables cross-chain transactions with Ethereum, and today’s product launch will enable the same functionalities with Bitcoin. Going forward, we will continue to bridge blockchains and bring cross-chain finance functionality to companies in the industry. Wanchain has employees globally with offices in Beijing (China), Austin (USA), and London (UK).

You can find more information about Wanchain on our website. Additionally, you can reach us through Telegram, Discord, Medium, Twitter, and Reddit. You can also sign up for our monthly email newsletter here.

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