Wanchain Announces Successful “Saturn” Hard Fork Setting Deflationary Path Forward

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Press Release: Wanchain has activated its fifth and latest hard fork upgrade, moving WAN closer to becoming a deflationary digital asset. 

 

5th July 2022, London –  Wanchain has successfully launched its new Saturn hard fork, which introduced several network improvements and completely overhauled the network’s fee market. The Saturn hard fork was activated at Block 21,454,700 at 06:47 am UTC on July 5th. 

 

The Saturn Hard Fork 

With the Saturn hard fork upgrade, each transaction on Wanchain will involve burning a base fee, which automatically decreases the WAN circulating supply – in a process similar to that of Ethereum’s EIP-1559. Additionally, the Saturn hard fork upgrades Wanchain’s EVM, making it fully compatible with the Ethereum London EVM.

 

EIP-1559 Protocol to Increase Deflation

The introduction of the EIP-1559 protocol makes major adjustments to the network’s fee market and serves as a sustainable WAN burning mechanism. Now, every transaction includes a base fee that is burned, thereby reducing WAN circulating supply and adding deflationary pressure on WAN. The Saturn hard fork also introduces the concept of a “tip,” or priority fee, that users can choose to pay if they want their transactions to be prioritized by the network.

 

EVM Opcodes and SHA-3

Saturn also upgrades Wanchain’s EVM to be fully compatible with Ethereum’s London EVM by supporting the latest EVM opcodes. This increased interoperability enables Solidity developers to more easily migrate their applications to Wanchain. For instance, as a result of Saturn, Ethereum-based tools such as MetaMask, Remix and Truffle are now fully compatible with Wanchain.

 

Saturn further adds support for new cryptographic hash functions, including SHA-3. Adding native support for SHA-3 offers performance and versatility benefits, and increases interoperability with projects using SHA-3. 

 

Gas Limit Adjustment

Saturn additionally adjusts the Wanchain gas limit per block to 50 million, which influences the number of transactions that can fit in a block. Wanchain’s gas limit per block is now higher than Ethereum’s, which is set to 30 million. As a sustainable PoS network, Wanchain achieves this without sacrificing the network’s high transaction speed and low transaction fees. 

 

The Saturn hard fork represents the biggest technological leap forward for Wanchain with numerous advancements in the protocol, with improved functionality, performance, and cost, as the company sets off on a deflationary path forward. 

 

About Wanchain

We are all connected — Wanchain, the Wide Area Network chain, is the world’s premier decentralized blockchain interoperability solution. The company’s mission is to drive blockchain adoption through interoperability by building fully decentralized bridges that connect the world’s many siloed blockchain networks. This cross-chain infrastructure empowers developers to build truly decentralized cross-chain applications to power the future of Web3. 

 

Media Contact

Contact Name: Temujin Louie

Contact Email: temujin@wanchain.org

 

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Wanchain is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 

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State Grid Corporation of China Selects Wanchain’s Blockchain Technology to Upgrade National Data Management System

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Bitcoin Press Release: The State Grid Corporation of China will be adopting blockchain interoperability platform Wanchain’s technology for their national data management system.

 

30th March, 2021, Beijing, ChinaWanglu Tech Ltd. (“Wanchain”) is pleased to announce that the State Grid Corporation of China (“State Grid”) has approved the results of its contracted feasibility study. 

 

The study systematically analyzed the impact of integrating blockchain technology into State Grid’s national data management system and concluded that Wanchain’s blockchain technology is ideal to upgrade the world’s largest utility company’s national data management system. 

 

Study Highlights

The feasibility study results highlight the unique requirements of State Grid’s national data management system and outlines the specific consensus mechanisms and encryption algorithms best suited to integrate with existing systems. 

 

On the basis of these results, State Grid selected Wanchain’s interoperable blockchain technology to build a company-wide, inter-departmental, cross-regional data management system. This upgraded system will leverage Wanchain’s T-Bridge framework, enabling interoperability between private and public blockchains.

 

Jack Lu, Founder and CEO of Wanglu Tech notes: 

 

“We are extremely proud to be working with State Grid to modernize their data management system. Large enterprises present an important avenue for the widespread adoption of blockchain technology. Enterprise blockchain solutions highlight the need for truly interoperable solutions. This collaboration reinforces Wanchain’s interoperable blockchain technology as the best in the industry.”

 

Smart Contracts and 5G

State Grid will also use smart contracts to automate and streamline data management systems. Combined with other emerging technologies, such as 5G, State Grid is designing a new, integrated data management system using Wanchain’s blockchain technology.

 

About State Grid

State Grid is a central state-owned enterprise (“SOE”) established on December 29, 2002 under the Company Law of the People’s Republic of China. As a super large-scale SOE crucial to China’s energy security and economic lifeline, State Grid takes the investment, construction and operation of power grids as its core business, with a registered capital of RMB 829.5 billion.

 

State Grid supplies power to over 1.1 billion people in 26 provinces, autonomous regions and municipalities, covering 88% of the national territory. In 2020, the company ranked third on the Fortune Global 500 list. 

 

About Wanglu Tech Ltd.

Wanglu Tech Ltd., established in 2016, is a blockchain company dedicated to providing government and enterprise clients with innovative, interoperable blockchain solutions and applications. Wanglu Tech Ltd. handles the core development of the Wanchain blockchain infrastructure on behalf of the Wanchain Foundation.

 

Media Contact

Contact Name: Temujin Louie

Contact Email: temujin@wanchain.org

 

Learn more about Wanchainhttps://www.wanchain.org/ 

Follow Wanchain on Twitterhttps://twitter.com/wanchain_org

Find Wanchain on Facebookhttps://www.facebook.com/wanchainfoundation/

Join the official Wanchain Telegram grouphttps://t.me/WanchainCHAT 

 

Wanglu Tech Ltd. is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 

Source

The post State Grid Corporation of China Selects Wanchain’s Blockchain Technology to Upgrade National Data Management System appeared first on Bitcoin PR Buzz.

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State Grid Corporation of China Selects Wanchain’s Blockchain Technology to Upgrade National Data Management System

Wanchain Blockchain

Bitcoin Press Release: The State Grid Corporation of China will be adopting blockchain interoperability platform Wanchain’s technology for their national data management system.

 

30th March, 2021, Beijing, ChinaWanglu Tech Ltd. (“Wanchain”) is pleased to announce that the State Grid Corporation of China (“State Grid”) has approved the results of its contracted feasibility study. 

 

The study systematically analyzed the impact of integrating blockchain technology into State Grid’s national data management system and concluded that Wanchain’s blockchain technology is ideal to upgrade the world’s largest utility company’s national data management system. 

 

Study Highlights

The feasibility study results highlight the unique requirements of State Grid’s national data management system and outlines the specific consensus mechanisms and encryption algorithms best suited to integrate with existing systems. 

 

On the basis of these results, State Grid selected Wanchain’s interoperable blockchain technology to build a company-wide, inter-departmental, cross-regional data management system. This upgraded system will leverage Wanchain’s T-Bridge framework, enabling interoperability between private and public blockchains.

 

Jack Lu, Founder and CEO of Wanglu Tech notes: 

 

“We are extremely proud to be working with State Grid to modernize their data management system. Large enterprises present an important avenue for the widespread adoption of blockchain technology. Enterprise blockchain solutions highlight the need for truly interoperable solutions. This collaboration reinforces Wanchain’s interoperable blockchain technology as the best in the industry.”

 

Smart Contracts and 5G

State Grid will also use smart contracts to automate and streamline data management systems. Combined with other emerging technologies, such as 5G, State Grid is designing a new, integrated data management system using Wanchain’s blockchain technology.

 

About State Grid

State Grid is a central state-owned enterprise (“SOE”) established on December 29, 2002 under the Company Law of the People’s Republic of China. As a super large-scale SOE crucial to China’s energy security and economic lifeline, State Grid takes the investment, construction and operation of power grids as its core business, with a registered capital of RMB 829.5 billion.

 

State Grid supplies power to over 1.1 billion people in 26 provinces, autonomous regions and municipalities, covering 88% of the national territory. In 2020, the company ranked third on the Fortune Global 500 list. 

 

About Wanglu Tech Ltd.

Wanglu Tech Ltd., established in 2016, is a blockchain company dedicated to providing government and enterprise clients with innovative, interoperable blockchain solutions and applications. Wanglu Tech Ltd. handles the core development of the Wanchain blockchain infrastructure on behalf of the Wanchain Foundation.

 

Media Contact

Contact Name: Temujin Louie

Contact Email: temujin@wanchain.org

 

Learn more about Wanchainhttps://www.wanchain.org/ 

Follow Wanchain on Twitterhttps://twitter.com/wanchain_org

Find Wanchain on Facebookhttps://www.facebook.com/wanchainfoundation/

Join the official Wanchain Telegram grouphttps://t.me/WanchainCHAT 

 

Wanglu Tech Ltd. is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. 

Source

The post State Grid Corporation of China Selects Wanchain’s Blockchain Technology to Upgrade National Data Management System appeared first on Bitcoin PR Buzz.

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