Power up! Wanchain’s fifth Storeman Group expands to 25 nodes! Selection begins April 1st!

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Wanchain

3 min readMar 26, 2021

Wanchain’s numerous cross-chain integrations are all supported by Universal Multichain Bridges. These Universal Multichain Bridges, powered by unified decentralised collateral pools maintained by Wanchain’s Storeman Group, are the key to Wanchain’s industry-best blockchain interoperability solutions, such as the world’s 1st decentralised BTC-ETH direct bridge. Every cycle, the nodes comprising Wanchain’s Storeman Group are reselected. On April 1st, 2021, the fifth selection cycle will begin.

The fifth Storeman Group selection brings with it two major changes. First, the total number of nodes selected will increase from 21 to 25. Second, the number of signatures required to verify a transaction will increase from 15 to 17.

Details

Selection period:

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

Confirmation period:

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

Working period:

April 9, 2021 04:00 AM (UTC) — May 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:

125%

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

The fifth Storeman Group will be the first to maintain bridges between XRP Ledger and Wanchain, XRP Ledger and Ethereum, and Binance Smart Chain and Ethereum. Specific details about these new integrations will be shared in the coming weeks.

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 fifth Storeman Group selection, please be sure to withdraw your node using the Wanchain Wallet prior to the start of the next selection period (beginning April 1, 2021 at 04:00 AM UTC). Your staked funds will automatically be returned to your wallet on April 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.