The price of the WAN coin rose by more than 50% in the past three days. This was after the team behind it announced a major development. The developer team announced that users would start to earn rewards if they helped to secure transactions on the network. This would start once the Proof of Stake Consensus mechanism replaces the Proof of Work mechanism used to secure the network. The switch is scheduled to take place on September 3. WAN tokens received another boost a month ago when the team announced that they would collaborate with PUC Berhard, the giant Malaysian digital company.
The CEO Believes this is the Right Move
According to the CEO, the POS mechanism was the right decision. He added that it would ensure extensive involvement of the WAN community. Once users were used to the POS, the CEO said that users would be encouraged to use the power of their tokens to take part in on-chain governance and various events concerning the network. These comments by the CEO were made during the beta launch of WAN.
Before the validator nodes for Wanchain were launched on the Mainnet, the company announced that it was releasing various new products. Before the official launch of the Mainnet, a mobile wallet for android was launched. Additionally, the Light desktop wallet and a new site were launched.
These validator nodes are being launched in preparation for the move towards the POS mechanism, which will occur on September 3. However, the project has made it clear the participants can start staking as from August 20 via a tweet. The tweet added that delegators and validators would be given two weeks to prepare for the activation of POS.
In its statement, the company said that they had 140 validators who would be part of the beta network. These beta testers will offer important insight and offer feedback to ensure when the day for full launch came, everything works fine. All people using the network have also been encouraged to stake coins before the PoS mechanism is launched in September.
How to Stake Coins
For simple delegation, users of the WAN tokens can delegate via the MyWanWallet on the WanWallet. When setting up the Light wallet for desktop and the WAN are in the old desktop version of the wallet, you will only need to send your coins to the new wallet address before you delegate the coins to a node. For those who wish to stake via the command line, the company has created a useful guide. Live Wanchain validators are listed here.
When the news was announced, the price of WAN reacted almost immediately. In just 24 hours after the announcement, the price rose by almost 55% against the USD and about 49% against the BTC. The WAN token has a market cap of about $45 million and is about $0.42 per coin. However, this is still a long way from its highest price of $9.84.