The blockchain technology provider for digital securities Polymath hasunveiled its incentivized testnet (ITN) for Polymesh, an institutional-grade, permissioned blockchain created specifically for regulated assets. As the next step in Polymesh’s technical roadmap, the ITN allows users and node operators to test the full technical capabilities of the chain, while giving them the opportunity to accrue points for taking specific actions and compete with others for spots on the leaderboard.
“Public launches of other blockchains and blockchain protocols have proven that ITNs are effective when carrying out valuable testing before the mainnet launches, while encouraging community participation once the mainnet goes live,” said Thomas Borrel, Polymath CPO. “We have been bringing new features to our Alcyone testnet on a regular basis since the first half of 2020 and the ITN marks a significant step as we push the chain to its limits. It serves as a further proof point in demonstrating our confidence – and the confidence of our community – in Polymesh.”
An ITN is a competition between users that rewards them for completing specific tasks. It further contributes to the security of the chain before it goes live, as the tasks are designed to test the performance of the network and find bugs or flaws in its operations.
Polymath’s ITN for Polymesh offers a chance for stakers and operators to interact with real rewards in play. It also provides an opportunity for third-party developers or white labelers to vet their solutions prior to mainnet launch. Solutions can be built and deployed on the ITN, exactly as they would on mainnet. However, unlike on mainnet, users will be actively incentivized to complete tasks within these applications.
Points earned on the ITN will be converted to POLYX once mainnet goes live. A total of 10 million POLYX will be rewarded to participants on the ITN, with 75 per cent going to general users and 25 per cent going to node operators. The reward size and structure are recommendations provided by Polymath to the Governing Council (GC) for its consideration. The GC may choose to, accept, alter or reject the recommendation once in session.
The Polymesh ITN genesis block will go live by March 30 but the chain will not be accessible until April 13, when key user interfaces – including Token Studio, Governance, Staking, and Onboarding – are turned on. Points will also begin accruing on April 13 when the leaderboard opens.
Users need to have their identity verified during the onboarding process, before they can access the chain. Unlike many other blockchains, Polymesh requires all actors, including node operators, to verify their real-world identity in order to interact with the chain.
The Polymesh blockchain is purpose-built for security token issuance, transfer, and management. It streamlines antiquated processes and opens the door to new financial instruments by solving challenges around identity, compliance, confidentiality and governance through key design principles built into the base layer of the chain. To date, more than 10 capital markets participants have signed up to serve as node operators on Polymesh.
