Wanchain (WAN) has released the Galaxy PoS beta network as well as a new wallet. The former constitutes a shift from the previous Permissioned Proof-of-Work (PPoW) consensus algorithm, and it’s being touted as an important step towards improving the network’s performance as well as making it completely decentralized.
Wanchain Shifting From PPoW to PoS
The beta network follows the release of the Galaxy Consensus yellow paper on March 31 and the launch of the alpha version on May 18.
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, which is a major step forward.
In an interview with CryptoPotato, Jack Lu, the founder of Wanchain, said that the new update would also improve the network’s security. He also noted the 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.”
Lu said that prior to launching the beta network with the new PoS consensus algorithm, the team had spent over a year engaged in research.
Hopefully we will be able to roll out PoS in our blockchain network a lot sooner than we expected.
Wanchain is also going to release a brand new PoS-enabled desktop light wallet with a very sleek and modern design. Moreover, the team is rolling out a major update to its block explorer in order to incorporate PoS-related statistics. At the same time, they are launching a new WAN Stats Platform to make it easier for users to obtain a detailed overview of the overall network and staking data, including visualizations.
In addition, the team has released detailed instructions on how to test the new Galaxy PoS beta network.
WAN’s Price Reacts Immediately
The price reacted immediately to the big news. At the time of writing, WAN was trading at $0.46, marking a 20% increase in just 24 hours. With the latest surge, WAN has marked 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.