Wanchain WAN Galaxy Proof of Stake
Wanchain, previously operated by Proof of Work, will move to the new Proof of Stake algorithm by Q4 2019. This is significant for Wanchain for several reasons. First, this Proof of Stake consensus protocol offers mathematically proven efficiencies in comparison to Proof of Work consensus based on proof of physical computing power. In addition, Wanchain will now begin our path to full decentralization through the public release of consensus nodes. This technology shift will also improve the transactions per second (TPS) rate and security of Wanchain’s network. Once the proof of concept has been validated and confirmed, Galaxy will soon be ready for alpha testing by the end of Q2. The transactions per second is still under heavy testing, but we hope to release more details in our Alpha release. Below we will cover Proof of Stake basics, as well as expand on some of the key takeaways of our PoS mechanism.
The cryptocurrency mainnet operates according to certain rules. To improve network performance or correct errors, it is periodically made changes. A hard fork is changes that are not compatible with previous versions of programs that support the cryptocurrency network and in order to continue to mine cryptocurrency, miners need to update the software.
In some situations, as a result of a hard fork, a completely new cryptocurrency may appear, as happened with Bitcoin Cash.