Wanchain Saturn Update Is Now Live

Wanchain hard fork

The Saturn update, the fifth major update by the Wanchain blockchain is now live. The hard fork which took place at block height, 21,454,700, brought several improvements to the Wanchain blockchain.

According to a July 4 release by the Wanchain team, the blockchain has come a long way since prioritizing the development of an EVM compatible blockchain for Wanchain. This was accomplished through the 2021 Jupiter hard fork. This made the platform compatible with the Ethereum Byzantine virtual machine. The latest update makes the Wanchain blockchain compatible with the Ethereum London hard fork EVM.

The need to become EVM compatible is borne out by the demand for the rich developer tools available on Ethereum as a leading virtual machine.

The latest update is in accordance with the Wanchain vision to introduce several improvements that ensure lower network fees as well as make the Wanchain network deflationary.

A Summary of The Saturn Update

The Wanchain Saturn hard fork brought several improvements to the blockchain. The EIP-1559 protocol introduced an effective burning mechanism on the network. This adjustment has an immense impact on the Wanchain fee market. The Saturn hard fork changed the calculation formula for Wanchain fees. It also introduced the concept of a tip.

According to a Medium post by the Wanchain team,

“Users can set a Max Priority Fee if they want their transactions to be prioritized by the Wanchain network. This tip is given to the PoS Validator Nodes as a reward”

It added that the implementation of the EIP-1559 imposes a deflationary pressure on the Wanchain token through its burning mechanism. In essence, every new transaction is accompanied with a burn that reduces the circulating supply of the WAN.

“Additionally, since the $WAN is nearing max supply, the deflationary rate of $WAN will only increase.”

The release said that EIP-1559 also doubles as a security layer for the Wanchain network since the base fee can be dynamically adjusted.

You can get details of the Wanchain Saturn hard fork here.

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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