Verification Node Consensus Mechanism

Modified on Sat, 18 Feb 2023 at 08:51 PM

Similar to Ethereum, Wanchain adopts the Proof of Stake (POS) consensus algorithm. In this case, there are three types of verification nodes that maintain the Wanchain network and split transaction fees into 3 categories:

1.Cross-chain transaction proof nodes (Vouchers) 

Vouchers receive a security deposit from the transaction fee once a cross-chain transfer request is made. The vouchers then check whether the transaction has been confirmed from the original blockchain and the Wanchain locked account. If the transfer is false, the security deposit is taken from the holding account and the transaction request won’t be authorized.

2.General verification nodes (Validators) 

The validators require a small portion of the transaction fee to record the transactional data on Wanchain’s blockchain. Once the proof of transaction has been confirmed from the vouchers, the validators receive the data then check the asset registry of the original chain. Two actions can follow:

  • If it is a new asset, the asset will be registered and added to the Wanchain registry. To register it, it will deploy a smart contract for the new asset.
  •  If it is a registered asset, the transaction will work directly under the existing smart contract.

3.Locked account management nodes (Storemen)

A storeman is a Wanchain node that holds the key shares of locked accounts, uses the key shares to generate signature shares and combines them into complete signatures, and carries out other operations on locked accounts that transfer value from the original blockchain to the Wanchain locked account. Storemen remain online to maintain their key shares and receive a part of the fee and wait for the notification from validators.

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