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Thursday, June 27, 2019
Wanchain Beta Testnet Goes Live, What’s Next?
Wanchain – a blockchain project that aims to build the future of digital finance, has just launched its much anticipated Galaxy Proof of Stake Beta TestNet. Through the platform’s cross-chain communication protocol, the Wanchain beta launch takes yet another step towards solving the blockchain arena’s interoperability woes.
In a nutshell, this centers on an inability for blockchain assets to communicate with blockchain networks outside of their own isolated infrastructure. Not only does the Wanchain protocol apply to the blockchain industry per-say, but the technology also has the potential to unlock opportunities for the traditional financial institution space.
Making the transition from PoW to PoS
The June 26th Beta launch features a number of new developments. First and foremost, the Wanchain blockchain is making good headway in its impending transition from permissioned proof-of-work (PPoW) to the more sustainable proof-of-stake (PoS) consensus mechanism created by its research and development team.
Not only will this spearhead a more efficient block validation process, but more importantly, the PoS upgrade will facilitate greater scalability levels. Although the PoS transition is still in Beta, the team at Wanchain have reported that their transactional throughput has doubled, with lab and private network results representing outputs of 3,000 and 1,000 transactions per second, respectively.
These increased scaling capacity levels are important, especially when one considers the project’s aim of providing a financial marketplace for digital assets.
Lightweight wallet and a birds-eye view of the entire blockchain
The Wanchain Beta launch has also unveiled a new light desktop wallet, the Wan Wallet. It is designed to alleviate the need for users to go through the cumbersome process of syncing the blockchain’s full node via desktop devices. Instead, the Wan Wallet is focused on speed, efficiency, and user-friendliness, while still enabling users to engage in PoS delegation.
Wan Wallet. Source: Wanchain
Recognizing that the Wanchain blockchain explorer was lacking certain features, the team have also made some notable improvements. This places a strong focus on increased statistical access, such as information pertaining to delegation fees, staking amounts and validator nodes. For those that require even deeper analysis of the blockchain, the Beta release showcases the WAN Stats platform. This will give users a birds-eye view of the Wanchain network in its entirety.
Wanchain searching for node operators
With the project aiming to conclude the PoS upgrade in Q4 2019, the Wanchain team is now in the process of recruiting node operators for the eventual MainNet launch.
In order to attract top-notch blockchain talent, the node operator TestNet phase comes with an incentivization program. TestNet operators can earn WAN tokens for completing tasks (such as setting up a validator node for 10 days), reporting network bugs and vulnerabilities, and generating security reports pertaining to potential network defects.
With up to 400 WAN tokens on offer for critical bug discovery, the TestNet node operator reward program is well worth considering. If you are interested in getting involved, you’ll need to download the WAN Wallet, and then create a wallet address for your TestNet reward tokens.
Cross-chain enterprise blockchain
Q4 2019 is set to be an exciting period for Wanchain, with the team also aiming to launch its cross-chain enterprise blockchain. In layman terms, this will allow the blockchain to take a digital asset from any blockchain infrastructure, and subsequently convert it into a proxy asset on the Wanchain blockchain. Not only will this alleviate the need for centralized third parties, but the enterprise launch will also be capable of facilitating cross-chain dApps.
By opening up the doors to cross-chain interoperability, the possibilities are endless. For example, those running Ethereum-based dApps will eventually be able to access Bitcoin – something that has long frustrated developers operating in the blockchain space.
The Verdict?
In summary, although the Wanchain project still has a long way to go to achieve its dream of building the future of financial infrastructure, the recently announced Beta TestNet launch brings with it exciting prospects. Notably, this centers on the eventual transition from PoW to PoS. Based on early lab and private testing results, the Wanchain MainNet will soon be capable of handling significant throughput levels. As such, the future is bright for those involved in the project.
Will Wanchain redefine the future of finance? Share your thoughts in the comments below.
Images courtesy of Shutterstock, Wanchain
The post Wanchain Beta Testnet Goes Live, What’s Next? appeared first on Bitcoinist.com.
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Ethereum Price Analysis: ETH Stabilizes After 60% Spike
Ethereum has seen a brief correction towards the current uptrend parabola. Analysis suggests this trend has not broken yet, and could accommodate for further upwards momentum as we progress towards the month of July.
Ethereum Daily Chart
On the 1D ETH/USD chart we can see current price levels are still trading within the uptrend parabola, despite bears gaining control over the majority of the market over the last 24 hours, as noted in an earlier analysis. Price levels reached a high of $360 before a much needed short-term correction back to around the $300 support region.
Both the 200EMA and 50MA has clearly begun respecting the most recent bullish trend as they appear to start curling to the upside. Sporadic volume continues as does the volatility with the daily RSI clearly overbought. Visible range POC (Point of Control) currently sits around $135 with the most volume traded around December of 2018 shown by the extremely high volume spikes.
Overall, the current consensus for ETH both short and medium term, is still overtly bullish. We shouldn’t the expect price action to fall below the moving averages mentioned above, unless market sentiment takes a dramatic turn. It is however, likely the parabola will be broken at some stage. When it does break, we should expect to see the price action drop to support levels extremely quickly, and most likely result in brief panic across the market.
Ethereum Hourly Chart
On the 1H ETH/USD we can clearly see the most recent brief correction that has played out over the last 24 hours. This appears to be a much-needed breather following on from the 60% move to the upside over the last 18 days.
The steep decline in short-term price action has created a clear descending channel with current market price trading alongside the Hourly POC (Point of Control). Current market price action is also sandwiched between the Hourly 50MA and Hourly 200EMA. Considering ETH is clearly in a bullish trend right now, market price sitting between moving averages is a good buy signal.
A breakout to the upside through overhead resistance forming the descending channel is the most likely outcome here which would likely propel ETH’s price to new yearly highs above $360.
Current rising uptrend towards the bottom of the descending channel sits around $283, this also co-incidentally the parabola support mentioned on the Daily chart analysis above.
There’s been a significant amount of selling over the last 24 hours during this brief correction. Despite the large selling pressure no real bearish momentum has come to life. Price levels are holding reasonably well. This is another factor leading many to believe the most likely short-term outcome is a breakout of the current descending channel to the upside.
Do you think the current bullish parabola will sustain throughout Summer? Please share your thoughts in the comments below!
[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice. For disclosure, the writer holds Ethereum at the time of writing.]
Images courtesy of Shutterstock, Tradingview
The post Ethereum Price Analysis: ETH Stabilizes After 60% Spike appeared first on Bitcoinist.com.
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