Wetez to Provide Wanchain Proof of Stake Delegation Services

StaaS Provider, Wetez, Confirms Plans to Offer Wanchain Proof of Stake Delegation Services

On April 24th, Wanchain and Wetez reached a strategic partnership to offer Wanchain Proof of Stake based staking services. Both parties are committed to establishing a long term relationship and look forward to deeper cooperation on establishing and building up a strong and healthy staking ecosystem. Wetez will offer its users the chance to participate in Wanchain’s new Galaxy Consensus mechanism and earn rewards, and will work together with Wanchain to offer services such as delegation, cross-chain node services, governance, and PoS education.

Galaxy Consensus is the new, efficient, secure, and practical Proof of Stake consensus protocol proposed by Wanchain’s research team. It draws on the framework of Cardano’s provably safe Ouroboros consensus protocol, while also innovating with new features such as a more efficient and safe random number generation algorithm, and the new Unique Leader Selection algorithm which guarantees one unique valid block proposer and greatly reduces the possibility of natural forks. In accordance with Wanchain’s 2019 roadmap, Galaxy Consensus will go into public beta testing before the third quarter of this year, and it is expected that the main network will be officially migrated to the Galaxy Consensus in the fourth quarter. After launching on the mainnet Wetez will be among the first to offer Wanchain delegation services.

Wanchain is thrilled to form a strategic partnership with Wetez, one of the top PoS node operators in China. Wetez is currently a major Tezos validator, with millions of XTZ in combined stake and delegations. The Wetez wallet is the gateway to their proof of stake based services, and will gradually expand support for Tezos to other major PoS protocols such as Wanchain, Cosmos, Cardano, and others in order to offer their users a variety of options to participate in the blockchain ecosystem.

Visit Wetez’s official website www.wetez.io to learn about Wanchain staking service among others.

Proof of Work consensus protocols such as Bitcoin have long been criticized due to their excessive energy usage and associated environmental impact. Proof of Stake based consensus protocols ensure the security of blockchain networks not through wasteful energy consumption but rather through purely economic incentives. Instead of choosing block producers by mining, PoS based consensus chooses block producers and issues rewards through a sort of lottery system which is influenced by the amount of stake held by the nodes.

2019 is shaping up to be a year for big developments in Proof of Stake based protocols. More and more projects are entering the PoS field, and there is a rapidly growing market for staking services. Wanchain is excited to be entering this new field one of the early shapers of the Proof of Stake ecosystem.

About Wetez

Wetez is one of the most professional teams in the Proof of Stake field and is the largest Tezos baking node in the Chinese community. For institutions, we provide secure and efficient node management services, and for individual investors we provide convenient delegation services. Our full-feature mobile wallet for Android and IOS currently supports Cosmos, Tezos and Irisnet. Wetez services are offered through our mobile wallet specially designed for Proof of Stake. In addition to basic wallet features such as transactions and asset management, it includes delegations, rewards claiming, and other services.

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 Beijing (China), Austin (USA), London (UK), Kuala Lumpur (Malaysia), Paris (France), and Madrid (Spain).

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