As Concordium gears up for the launch of its mainnet, it has introduced a fresh testnet—the third of its kind—packed with innovative features and a rewards program to attract adopters.
With a focus on delivering scalable, privacy-centered decentralized ledger technologies (DLT), Concordium aims to fulfill the blockchain demands of enterprises globally. Businesses are exploring and even implementing this cutting-edge tech, which is transitioning from a mere buzzword to a major foundational pillar in global business processes.
The launch of Concordium’s Incentivized Testnet is here.
Based on details in a press release shared with Blockonomi, Concordium has rolled out its third testnet, setting the stage for the imminent launch of the mainnet. The third testnet comes on the heels of two successful versions that went live in April and June 2020. enterprise blockchain network In this latest testnet debut, Concordium is upping the rewards as they urge adoption. By joining the network, testers, developers, and users have a shot at a handsome reward pool of up to 10 million GTU tokens.
The bounty of GTU tokens will reach the hands of the victors once the mainnet officially launches later in 2020. The rewards are set for those who provide computational power to fortify the network from October 15 to November 26.
Reflecting on the reward initiative, Concordium's CEO Lone Fønss Schrøder stated:
Tremendous effort has been poured into this third testnet, and we have structured incentives to energize community involvement right from the start. I expect remarkable contributions from our adept testers over the course of these six weeks. The appealing rewards will prompt them to give their utmost to rigorously test the Concordium network, making it more robust collectively.
As per the press release, potential contributors must engage with a series of challenges and submit their solutions via Github. Only formally registered testers and developers will qualify for the rewards. Registering requires creating a Concordium ID and undergoing a straightforward KYC process on the platform. Concordium asserts that testers are encouraged to hunt for system bugs using fictitious IDs to evaluate the sturdiness of the network's security framework.
Introducing New Features with the Third Testnet
Concordium's newest testnet brings a host of performance enhancements, significantly surpassing what the last two trial networks offered. Among the upgrades are built-in zero-knowledge (ZK) proof capabilities and encrypted transactions.
Thanks to ZK proofs, transactions can be verified without revealing the transferred amount. This feature, combined with encrypted transactions, ensures increased privacy on the Concordium network.
Yet, Concordium's developers have also included a tool for anonymity revocation in the event of a judicial directive. With increasing regulatory focus on the crypto and blockchain segments, such processes could be crucial for staying in line with regulations.
Besides testnet 3 going live on October 6, Concordium has also rolled out updates for its iOS and Android applications. The enhanced mobile version now supports the import of previously exported files, which simplifies the process for users to transfer their accounts and digital identities across different devices.
Osato, a dedicated Bitcoin enthusiast, often shares insights on the latest developments in the Bitcoin world. When not keeping a close eye on industry happenings, you might find him trying to outperform his high score in scrabble or wrestling with philosophical puzzles. Reach him at [email protected]
