Wanchain’s (WAN) price increased by over 50% over the past two days, after a major announcement from the team behind the project.
The company announced that they will begin earning rewards for securing the network when the Proof-of-Stake consensus algorithm replaces the previous Permissioned Proof-of-Work (PPoW) algorithm on September 3. Following last month’s partnership with the Malaysian digital giant PUC Berhard, Wanchain’s token received a boost.
“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’s CEO Jack Lu, said to CryptoPotato in an exclusive interview upon WAN’s beta launch.
A day before the launch of Wanchain’s Validator nodes on the Mainnet, the company announced the release of several new products. Prior to the mainnet’s official launch, an Android mobile wallet, desktop light wallet, and new website were introduced to the public.
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:http://t.co/dEB21qZ0qa
— Wanchain (@wanchain_org) August 20, 2019
The statement from the company also shared that over 140 validators had joined the beta test network, playing a key role and providing valuable feedback. All users were also encouraged to stake their coins before the activation of the new Proof-of-Stake consensus algorithm in September.
Wanchain’s Price Reacts
Wanchain’s mission is to connect the decentralized financial world, and its price reacted immediately to the news. WAN has appreciated significantly in the last 24 hours, up almost 55% against the US dollar and 49% against Bitcoin. WAN currently possesses a market cap of just over $34 million and a price of $0.336 per coin. It’s still down 96.8% from its all-time high of $9.84, however.