The crypto started appreciating after the company tweeted that Wanchain Proof of Stake (PoS) will go live in the first week of September.
The partakers in the project will earn rewards for safeguarding the network when the PoS consensus algorithm substitutes the earlier Permissioned Proof-of-Work (PPoW) algorithm.
Following the collaboration with Malaysian digital gian PUC Berhard in July, Wanchain’s crypto began rallying.
Regarding the involvement of POS from the community, Wanchain’s CEO Jack Lu said “POS can get a lot of involvement from the community. Once they get used to the POS, some people will be more encouraged to use their token power to participate in all the on-chain governance and events.”
Wanchain is thrilled to have our community of Validator Nodes begin to launch today ahead of the Sep. 3rd activation of Proof of Stake! Users may begin staking as soon as today. Validators and delegators will have 2 weeks to prepare for PoS activation:https://t.co/dEB21qZ0qa
— Wanchain (@wanchain_org) August 20, 2019
Notably, Wanchain launched several new products before the launch of Wanchain’s validator nodes. Before the official launch of mainnet, a desktop light wallet, an Android mobile wallet and new website was unveiled to the public.
Wanchain also stated that more than 140 validators had signed up for the beta trial of the network, performing a major role and offering valuable evaluation. All users were motivated to stake their holdings before the initiation of the new PoS consensus algorithm in September.
Wanchain’s objective is to link the decentralized financial ecosystem and its price responded quickly to the news. WAN’s market cap was $40.42 million at the time of writing this article. The crypto is still trading roughly 95% below its all-time high of $9.84.