Cryptocurrency News

Wanchain Releases Galaxy PoS Beta Network and New Wallet

Wanchain (WAN) releases the Galaxy PoS Beta network, as well as a new wallet. The former is intended to make a shift from the current Permissioned Proof-of-Work (PPoW) consensus algorithm and it’s touted as an important step towards achieving Wanchain’s complete decentralization. 

Wanchain Shifting From PPoW to PoS

Wanchain is releasing its Galaxy Proof of Stake (PoS) beta network as well as a new wallet. The step is geared at improving the network’s current performance as well as making it completely decentralized. 

The beta network follows the release of the Galaxy Consensus yellow paper on March 31st and the launch of the alpha version on May 18th. 

The latest version of the testnet has managed to double the speed of block production. Essentially, this means that the transaction throughput of the entire network has doubled, marking a serious step forward in its overall performance. 

In an interview for Cryptopotato, Jack Lu, the founder of Wanchain, said that the new update will also improve the network’s security. He also outlined that there’s a trend among cryptocurrency projects to transition to PoS consensus algorithms. 

“It’s an inevitable trend. Only recently we have heard that at least more than 80 projects are moving into PoS at this point. People are spending money trying to set up nodes and people are confident in this area.” – According to Lu.

Moreover, Lu revealed that prior to launching the beta network with the new PoS consensus algorithm, the team spent over a year in research.

Hopefully we will be able to roll out PoS in our blockchain network a lot sooner than we expected. – He added.

In continuation to the above, Wanchain is also going to release a brand new PoS-enabled desktop light wallet which has a very sleek and modern design. Moreover, the team is also rolling out a major update to the block explorer in order to incorporate the PoS-related statistics. At the same time, they are also launching a new WAN Stats Platform which is going to make it easier for the users to obtain a detailed overview of the overall network and its staking data. This will include visualizations. 

In addition, the team has also released detailed instructions on how to test the new Galaxy PoS beta network. 

WAN’s Price Reacts Immediately

WAN/USD. Source: CoinGecko

As the magnitude of the news is seemingly serious, the price has reacted immediately. WAN is now trading at $0.46, marking 20% increase in the past 24 hours, at the time of this writing.  

As you can see on the charts, though, the majority of the gains were sudden and they followed the official announcement. With the latest surge, WAN is marking a slight loss of about 5 percent on the bi-weekly chart and an increase of about 1 percent on the monthly. It currently sits on a market cap of around $43.7M. 

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