Wanchain: Proof of Stake Alpha Testnet, New Explorer, Consensus Technical Deep Dive, Interview With CEO, A Few Partnerships
Biweekly update 5th June — 19th June
Dear followers, we do apologize for waiting at such great length. So, we are pleased to present the new biweekly update of Wanchain. The first and main news is that Wanchain Proof of Stake Alpha Testnet is Live. Moreover, the development team continued to publish the Consensus Technical Deep. This time, they have provided information relating to the leader selection algorithm and delegation mechanism. Furthermore, Jack Lu, Founder and CEO of Wanchain, explained to an interview why the move from PoW to PoS consensus mechanisms is an inevitable trend, what are the two most critical elements of any PoS consensus mechanism and many other things. The other equally important news are the partnerships with other crypto companies as BEPAL, SNZ, Morpheus Labs, HashQuark, Validators.Online, Keystore, etc. Half of them are platforms which provide validation for people, another half are new validators. To conclude, in the last month, Wanchain has taken a big leap forward mainly by establishing effective partnerships.
First, you may be wondering what is Wanchain? Wanchain is a blockchain infrastructure connecting the decentralized financial world. The blockchain, a fork of Ethereum, adds cross-chain and privacy protection, in addition to private chains, to create a platform capable of serving as a financial hub of bridged networks. These bridges can be public-to-public (Ethereum to Bitcoin), public-to-private (Ethereum-to-Enterprise), or private-to-private (Enterprise-to-Enterprise). The platform uses secure multi-party computation and a locking mechanism to lock funds on the native chains and create a proxy token for use on the Wanchain platform. Additionally, Wanchain is rolling out its own Proof of Stake consensus in 2019, and is currently using Proof of Work. Current integrations include the Ethereum and Bitcoin blockchains, and several ERC20 tokens. Wanchain’s next blockchain bridge will be to EOS.
In the previous report we wrote that Wanchain Proof of Stake was one step closer to launch, and the developer team was happy to announce Alpha testing were going to live in May, over a month ahead of schedule!” And now we are pleased to inform you that Wanchain Proof of Stake Alpha Testnet is Live.
There is news that Wanchain’s Proof of Stake mechanism has completed the rigorous internal testing and is ready for Alpha testing! The development team invites blockchain developers to stress test the system and report bugs for a bounty reward from a pool of 50,000 WAN. Bounties will be rewarded based on the severity of the bug (high, medium low). They invite everybody to sign up for Alpha testing.
If you are interested in Aplha Testing, you are able to get started via this manual on Github. Furthermore, if you find any bugs, please submit them to firstname.lastname@example.org.
More details about economy model you can find out here.
- Proof of Stake Explorer
If interested, you can check the current status of validator nodes through the alpha PoS explorer page.
In the previous technical deep dive articles Wanchain introduced its Galaxy Consensus in Part 1, and the developers discussed its random beacon design in Part 2. In this article, the team will be taking a closer look at leader selection algorithms, and at Galaxy Consensus’s Unique Leader Selection (ULS) algorithm.
As described in Part 1, in the process of consensus, the nodes will form two large groups — the RNP (Random Number Proposer) group and the EL (Epoch Leader) group. The former is responsible for the generation of random numbers, while the latter is responsible for block production. One of the key problems for any consensus protocol is determining which individual node will be the block producer. This article will explore how the block producer is chosen from within the EL group (leader selection).
Let us briefly tell you about this article.
The main subject of the article is Galaxy ULS (Unique Leader Selection) algorithm. The Wanchain Galaxy Consensus’s leader selection algorithm termed ULS, or Unique Leader Selection algorithm. It was designed from the ground up to consider fairness, verifiability and anonymity, and employs a variety of cryptographic methods such as secret sharing and zero-knowledge proofs to realize the anonymous selection of a single unique valid block producer in a fixed time window. The algorithm was also designed to reduce the probability of forks and improve the efficiency of consensus. Below we will introduce the overall principle of the Galaxy Consensus’s ULS algorithm published by Wanchain.
1. EL group selection
The EL (Epoch Leader) group is the main body for running the ULS algorithm. Let’s start with the source of the EL group. In a PoS protocol, the right to speak is determined by the amount of stake held, and Wanchain implements this in the selection process of the EL group. Based on the current stake in the Wanchain consensus smart contract, the stake value of each node and its stake ratio can be calculated. Using the random number provided by the Random Beacon, the follow-the-stake-ratio algorithm is run, similar to the follow-the-satoshi process. Each node is assigned a certain breadth of time proportional to its stake, and then the random number is used to decide a specific time. Whomever’s breadth of time in which the time is chosen, the owner of that breadth of time is then selected to be in the EL group. Each round is an independent selection, meaning that a node may be selected multiple times, so the final EL group is a multiset (nodes may be chosen more than once within one EL group). The selected EL group will then be responsible for running the ULS algorithm.
2. Secret Message Array generation
After the EL group is selected, it needs to communicate on chain. The process is to generate a secret message sequence inside the group for subsequent assignment of block production rights, which is a key step for us to achieve anonymity. In order to ensure that the secret message sequence is not controlled by some malicious nodes, we split the process into two phases, SMA1 and SMA2. In the SMA1 phase, each node in the group selects a random number, encrypts it with its own public key, and sends it to the chain as a commitment (CM) for the random number selection, ensuring that the random number selected by any node cannot be changed in subsequent stages. In the SMA2 phase, each node in the constellation sends its own chosen random number to the chain with the public key of all nodes (including itself), and provides a DLEQ-Proof (discrete log equivalence proof), which is used in the SMA1 phase. The key-encrypted data ensures that the random number has not changed, and the DLEQ proof ensures that all public keys are encrypted with the same random number. After this phase is completed, all EL group nodes can all decrypt the data themselves and get a random data sequence, which is our secret message sequence, and are then ready to run the leader selection algorithm.
3. EL group sorting
After the secret message sequence is generated, the random number is updated, and the newly generated random number is used as a seed to sort the EL group nodes. A hash operation is performed on the group node’s public keys and the random number, and the nodes are sorted in ascending order based on the operation result. This result will be used for the allocation of the order of subsequent block production rights. Obviously, the sorting is based on the new random number after the secret message sequence, and no node can affect it, the sorting is completely random.
4. Slot leader selection
After the above three tasks are completed, the distribution of the block production rights can be performed for the EL group nodes. In the previous article, the Wanchain’s team said that a group of EL nodes is responsible for the generation of blocks within an epoch. How then is the block producer of each slot in the epoch determined? First, the current random number and the epoch number and the slot number are hashed, and the modulus of the number of EL group nodes is used to pick the slot leader. For example, if the hash value is 2019, the number of EL group nodes is 50, the modulus result will be 19, so then the EL node with the number 19 in the order from the previous sorting step is selected as the valid block producer (slot leader). This selection process is carried out with equal probability for all members of the EL group. Combined with the stake rate which is used when the EL group nodes are selected (remember, the EL group is a multiset meaning a single node may appear in it more than once), it ensures that the choice of the block producer is made in accordance with the ratio of stake held by consensus participants. The valid block producer must provide proof of its validity when proposing a block, and this proof must be publicly verifiable in order to guarantee its validity. The secret message array used in the selection of the slot leader is shared only within the EL group, other nodes have no knowledge of it, which guarantees the anonymity of the selection process. It can thus be seen that the ULS algorithm is a design that fully considers fairness, verifiability and anonymity, and will play an important positive role in ensuring the safety and liveness of the chain.
The above is a brief introduction to Galaxy Consensus’s leader selection algorithm — the ULS algorithm. The details are described more fully in the Galaxy Consensus paper.
Wanchain Galaxy Consensus Proof of Stake Technical Deep Dive: Pt. 4 — Delegation Mechanism
In the previous two articles, Wanchain introduced two core algorithms of Galaxy Consensus, the random number generation algorithm and the leader selection algorithm. These two algorithms ensure that the consensus process can proceed safely and steadily after. The question still remains, how can we promote the participation of all token holders? This article will detail how Wanchain’s delegation mechanism answers that question.
- The theoretical basis of Galaxy Consensus’s delegation mechanism — proxy signatures.
A proxy signature is a special signature algorithm in cryptography that enables an individual, the Original Signer, to delegate his or her right to sign a message to another individual, the Proxy Signer. The Proxy Signer can calculate a delegate signature, and any individual with the Original Signer’s public key can verify the validity of the signature. Strictly speaking, the proxy signature algorithm is a collection of multiple algorithms,
PS = (G, K, S, V, (D,P), PS, PV)
where G, K, S, V make up a standard digital signature algorithm (such as ECDSA), D, P are algorithms for delegating and accepting delegations, PS is the proxy signature generation algorithm, and PV is the proxy signature verification algorithm.
- Galaxy Consensus’s Delegation Mechanism Process
The delegation mechanism of Galaxy Consensus was designed by the Wanchain research team as a universal, secure, and efficient delegation mechanism. The mechanism is based on the Triple ECDSA Proxy Signature algorithm, which, combined with smart contracts, implements a complete delegation mechanism. The mechanism enables any WAN holder to join the Galaxy Consensus, contribute to network security, and gain protocol rewards.
Suppose Alice is a normal WAN holder with public-private key pair (pkᵢ, skᵢ),and Bob is a galaxy consensus proxy node with public-private key pair (pkⱼ, skⱼ). Proxy_SC is a special smart contract used to verify and store data in the delegation process. Alice wants to delegate her rights to Bob to participate in Galaxy Consensus on her behalf. The detailed process is as follows:
Step 1: Alice locally enters her private key skᵢ and Bob’s public key pkⱼ into the triple ECDSA algorithm to generate a delegation certificate:
Step 2: Alice constructs a transaction, sends the delegation certificate to Proxy_SC, and sends her WAN to be locked in Proxy_SC.
Step 3: Proxy_SC verifies the validity of the proxy certificate issued by Alice, and generates the proxy public key pkp and the delegation certificate to be stored in the contract.
Step 4: Bob parses the certificate stored in Proxy_SC and calculates the proxy private key skp by using its own private key skⱼ.
Step 5: The proxy public key pkp participates in the galaxy consensus as an independent identity, and Bob completes the consensus process by using the proxy private key skp and receives the consensus reward.
Step 6: Consensus rewards are distributed between Alice and Bob according to the specified rate in the smart contract.
Step 7: After the delegation period ends, Proxy_SC will return the entrusted funds to Alice’s account.
- Mars Finance Interview With Jack Lu
On June 6th, 2019, Mars Finance Co-editor Meng Xiaoshe sat down with Wanchain founder and CEO Jack Lu for a wide ranging interview about Wanchain and the blockchain industry. In the interview Jack Lu explained that while Wanchain’s new Galaxy Consensus has no direct relationship with Ethereum 2.0, it does reflect the general trend of major public blockchains embracing PoS mechanisms. As the second largest public blockchain by market value, second only to Bitcoin, the ushering in of PoS on the Ethereum mainnet will have a profound impact on the entire industry’s approach to PoS.
In reference to this years’ hot cross-chain projects Cosmos and Polkadot, Jack Lu stated frankly that the difference between them and Wanchain is Wanchain’s focus on the secure cross-chain transfer of value between heterogeneous chains with different consensus architectures. Wanchain has taken the lead in the actual implementation of such a cross-chain mechanism, having already realized cross-chain links with BTC, Ethereum, and ERC20 tokens in 2018. Going forward into the second half of 2019, a cross-chain link with EOS will soon be implemented, which will be followed by links with other major chains.
Main takeaways from the interview:
1. The move from PoW to PoS consensus mechanisms is an inevitable trend.
2. The two most critical elements of any PoS consensus mechanism are block producer selection and random number generation.
3. Wanchain’s robust delegation mechanism is one of it’s advantages compared to other PoS chains.
4. Ever since Blockstream proposed the concept of side chains, cross-chain technology has been one of the main areas of focus in the blockchain industry, however, there is still no universally recognized cross-chain mechanism.
5. Cross-chain technology will inevitably be an important part of blockchain 3.0.
6. There are three main points of competition for public chains: technology, ecosystem, and resources.
Full interview of Jack Lu with Mars Finance Co-Editor Meng Xiaoshe is here.
Partnerships and team members
The Beijng and Shanghai based validator and crypto asset fund SNZ Holding has officially announced they will join Wanchain Galaxy Consensus as a Validator and is currently taking part in Galaxy Consensus open alpha. SNZ Holding will also take part in Galaxy Consensus beta starting in mid June. With the launch of Galaxy Consensus on the Wanchain mainnet, SNZ Holding will begin to offer WAN delegation services to WAN holders around the world.
SNZ Holding is a professional institution dedicated to providing high-standard POS validation services. SNZ has engaged in investment, consultancy, community building and other business related to blockchain since 2016, and is an early investor in Ethereum, Dfinity, Cosmos, Polkadot and other renowned projects. SNZ is now a validator for more than a dozen of projects including but not limited to Cosmos, IRISnet, EOS, Tron, Ont, Loom, and IoTex and is anticipating more in the near future.
Comprehensive blockchain services provider BEPAL has officially announced that they will operate a Wanchain Galaxy Proof of Stake node, and will offer WAN delegation services through the BEPAL wallet when Galaxy Consensus goes live on the Wanchain mainnet later this year. BEPAL is currently taking part in the Galaxy Consensus alpha test, and is set to offer WAN asset support by 4th quarter this year. BEPAL will draw on their rich experience managing multiple crypto assets to develop their wallet as a comprehensive gateway to access various proof of stake functions.
About BEPAL Wallet:
BEPAL provides a multi-chain platform for the management of various crypto assets for both enterprise and retail users. Their industry leading secure private key management technology is featured in their entire hardware line including the BEPAL Pro, BEPAL Q, and BEPAL Touch, as well as their software based BEPAL Wallet. They are also proud to offer digital asset custody through their BEPAL Plus service. BEPAL is committed to providing comprehensive and secure blockchain asset management products and services in the digital finance sector. Download the BEPAL Wallet now to get started exploring what they have to offer.
Hong Kong based staking services provider HashQuark set to join Wanchain Galaxy Consensus as a node operator and WAN delegation services provider
Hong Kong based staking services provider HashQuark has officially announced their intentions to join Wanchain Galaxy Consensus as a PoS node operator and WAN delegation services provider. HashQuark is currently taking part in Galaxy Consensus’s alpha testing. According to the Wanchain 2019 roadmap, it is expected that the beta version will be released in mid-June, and will launch on the mainnet before the end of the year.
HashQuark will provide WAN staking services to both enterprises and general users. HashQuark and Wanchain are both committed to working together to promote the health of the staking ecosystem by establishing long term cooperation on a variety of areas including online governance, proof of stake education, staking community organizing, and more.
HashQuark is the staking platform of the Hong Kong fintech company HashKeyGroup. They are focused public chains using PoS, DPoS and other staking based consensus mechanisms. Their team is composed of blockchain and traditional industry professionals with years of experience in their respective fields. In order to stake with HashQuark, users don’t need to worry about any expensive hardware or complex software setups — they need only deposit their tokens to a platform account to take advantage of the full range of the safe, transparent, and efficient staking services offered by HashQuark. Learn more at their website.
Validators.Online is Committed to Operating a Wanchain Galaxy Consensus Node and Offering WAN Delegation Services
Validators.Online, the staking services platform of G1, a leading Southeast Asian community of blockchain enthusiasts and investors, officially announced today their intention to join Wanchain Galaxy Consensus as a PoS node operator. They are currently taking part in Galaxy Consensus alpha testing.
Validators.Online has plans to expand their reach to the global community and provide WAN delegation services worldwide. Validators.Online is committed to working together with Wanchain for the long term, and is looking forward to deeper involvement in the Wanchain community to come. In addition to delegation services, Validators.Online and Wanchain have plans to cooperate on online governance, PoS education, local community development and other endeavors.
Validators.Online is founded and driven by a South East Asian community of blockchain enthusiasts, technologists and investors. They run regular meetups and other community events within the region in the spirit of building a bridge between today’s capabilities and tomorrow’s potential. Drawing from the broad skills and network of their community base, they operate and fund the deployment of secure, consistent and reliable nodes for decentralized proof-of-stake protocols. To protocols, they represent security, scalability and decentralization. To delegates, they provide thoughtful and meaningful participation in governance. Follow them on Twitter here!
Enterprise crypto-asset services provider Keystore set to join Wanchain Galaxy Consensus as a node operator and offer WAN delegation services
Keystore, the global enterprise-class crypto-asset service provider, announced that they will be joining Wanchain’s Galaxy Consensus as a node operator and will offer delegation services, becoming the sixth enterprise partner to offer such services after Staked, Wetez, Block.tech, Matpool and Bitrue. At present, Galaxy Consensus is in the alpha testing stage, and the beta version will be launched in the June/July timeframe. Wanchain is currently developing a light wallet for PoS including an easy delegation interface which will be launched in the near future.
- Keystore is a global cryptoasset enterprise service provider with support for multiple cryptoassets. Keystore takes security seriously and has adopted military-grade PSIM and encryption technology, and integrated staff and data SOP (Standard Operating Process) to reduce management risks.
- Furthermore, to meet the requirements of different business scenarios and lower the threshold for modern enterprises to access cryptoassets, Keystore has developed a smart finance system including financial visualizations, online banking services, customized ledger systems, etc. Premium services such as custody and brokerage are also available through Keystore’s system. Through their API, clients can easily make use of cryptoassets for their business needs.
Keystore was established in 2018 to help enterprises employ blockchain technology and reduce the risk of cryptoasset management. Keystore is committed to providing secure, efficient and professional crypto asset management solutions enterprise clients.
The founding team of Keystore consists of elite individuals with backgrounds in finance, blockchain, and IT industries. The core members, some of whom have high value asset management experience, are from world leading financial institutions and enterprises such as Fenbushi Capital, CITIC Bank, Qihoo 360, and AVIC Group. To learn more or get in touch, navigate to their website.
Major Chinese blockchain media outlet 8BTC’s mining platform MatPool will soon offer WAN delegation services to its users
8BTC’s staking and mining services platform MatPool has reached a strategic partnership with Wanchain and announced its intention to operate a Galaxy Consensus PoS Node. In accordance with Wanchain’s 2019 roadmap, the alpha version of the new Galaxy Consensus mechanism is scheduled to go online by the end of the month. MatPool will participate as one of the initial testers of the alpha version when it launches on the testnet. The new consensus mechanism is scheduled to go live on the mainnet by the end of the year. After the mainnet launch, MatPool will begin offering delegation services to both individual and institutional users.
MatPool is 8BTC’s mining and staking services platform. MatPool is dedicated to creating, discovering, and sharing value in the new blockchain economy by providing a safe, stable, and reliable operating environment for participation in a wide array of consensus protocols. MatPool provides technical services for a variety of public chains, while also working to popularize blockchain and promote its adoption.
Singapore based platform will provide a powerful and convenient environment for developing Wanchain based DApps
Singapore based DApp development platform Morpheus Labs is set to integrate Wanchain, offering developers convenient and powerful tools for building their Wanchain-based DApps. Morpheus Labs and Wanchain will work together on the technical integration of Wanchain into their platform, and will also cooperate on a number of other areas including the development of Wanchain based DApps and blockchain education.
By using the Morpheus Labs platform, Wanchain developers will gain access to tools which speed up and simplify the process of developing Wanchain based DApps. The platform will include a complete, cloud based development environment, along with a comprehensive library of Wanchain smart contracts, and many other tools to make development easier.
Morpheus Labs comes with significant experience in the DApp development and blockchain education space, having already on-boarded NEM, Ethereum, MultiChain, Hyperledger and VeChain onto their Platform, and with QuarkChain, TomoChain and CPChain, NULS, Neurochain Tech as their blockchain Partners.
- Transfer your assets with privacy protection
- Wanchain Wallet helps you manage different digital assets including WAN, BTC, ETH and other cryptocurrencies on Wanchain
- You can transfer your WAN assets either the traditional way (public transactions) or in private (stealth transactions)
- Wanchain Wallet now supports cross-chain transactions with Bitcoin, Ethereum, ERC-20 tokens and will support more cryptocurrencies in future versions
- With support of hardware wallets (Trezor™, LedgerWallet™), Wanchain transactions are more secure than ever
- Scalability for disparate blockchains like ETH/BTC
- Dapps are able to take advantage of interoperability
- Real-world scenarios based on cross-chain technology:
- Multi-asset investment and financing
- Decentralized loans
- Multi-coin payments and settlements
- Decentralized cryptocurrency exchanges
WAN SMART CONTRACTS
- You can deploy smart contracts on Wanchain just as with Ethereum
- One of Wanchain’s unique features is the ability to issue a new token with privacy protection in mind.
Social media metrics
Since this is the second biweekly overview, there are only two periods and there is no social dynamics graph. Anyway, we can mark the decrease in the number of followers.
The graph above shows the dynamics of changes in the number of Wanchain Reddit subscribers, Twitter followers and Facebook likes. The information is taken from Coingecko.com.