Every of the levels beneath will comply with one another in a steady step for your complete month of June to make sure the smoothest and most secure transition.
Stage 1 — Mainnet Deployment with Genesis Validators
BandChain may have a Genesis Ceremony with our set of 17 genesis validators that comprise high blockchain infrastructure DevOps/safety companies and enterprise-grade validators. Our preliminary set of validators have been taking part in Wenchang’s Testnet #2 for the previous 47 days to provide over ~2,000,000 blocks with zero downtime at a median block time of 1.9 seconds.
That is vital to make sure the steadiness and decentralization of the BandChain community from deployment with a particular set of validators.
Timeline: 10 June 2020
Stage 2 — Onboarding Ecosystem Companions & Enabling Staking
Shortly after the primary stage, BandChain ecosystem companions akin to wallets, exchanges and staking swimming pools will likely be onboarded to make sure that all Band Protocol stakeholders have accessibility and alternative to make the most of ecosystem help instruments.
Throughout this stage, token transactions and staking will likely be enabled for BAND token holders to safe BandChain and contribute to sourcing and aggregating information for decentralized purposes in return for block rewards. We are going to slowly onboard our group nodes which were operating our testnet#2 efficiently in a batch of three–5 nodes.
Timeline: After the profitable rollout of Stage 1
Stage 3 — Onboarding Public Validators
The third stage will enable basic validators to take part by following a information that will likely be printed shortly after the mainnet launch. Please notice that that is an ongoing part the place validators will likely be onboarded regularly to lift the diploma of decentralization whereas with the ability to mitigate any unexpected points. Anybody in most people is welcome to stake their tokens and be a part of our open community.
Within the meantime, we encourage all group validators to start out by operating a node alongside 45+ different validators on Wenchang Testnet #2 (
Observe the directions right here:
We even have devoted help and incentives for validators who be a part of pre-mainnet. Don’t miss out and enroll utilizing this kind beneath!
Timeline: After the profitable rollout of Stage 2
After a profitable rollout of all levels and cautious community monitoring, we are going to flip our focus and power into formalizing our part 1 Guan Yu with full-fledged oracle performance.
- BandChain is up and operating with excessive throughput and constant block productions.
- BAND token holders can easily migrate tokens from the Ethereum community to BandChain native tokens.
- BAND token holders can stake and delegate to respected validators with easy-to-use instruments and supported wallets.
- Onboard high-quality validators to function BandChain to the best diploma of decentralization in preparation for launching Part 1, codenamed Guan Yu, with the oracle functionalities.
- Malicious actors who double-sign and underperforming validator with excessive downtime get token slashed.
- Every node has skin-in-the-game. Whereas there isn’t any direct penalty slashing for unhealthy information but, every node must stake BAND tokens to turn into a validator. This implies in the event that they coordinate to assault the community or act maliciously, they danger driving down the worth of their holding.
- At a protocol stage, there’s a crypto-economic assure to stop unhealthy actors as there may be actual financial price related to being a foul actor.
Whether or not you’re a developer, validator, token holder or group member — the mainnet launch is a significant milestone and may have helpful implications for all stakeholders.
Shortly after our Genesis Ceremony and onboarding of ecosystem companions, chosen group validators will likely be regularly onboarded to run nodes (Stage 2–3) on the BandChain oracle community to contribute to the sourcing and aggregation of information.
Validators will have the ability to earn block rewards based mostly on the token economics of Band Protocol.
All BAND token holders will have the ability to stake and delegate tokens to the preliminary set of validators at 2:00 PM June 10 2020.
Whereas our genesis validators are all industry-leading respected and established blockchain infrastructure companies, it’s suggested that each one delegators carry out due diligence earlier than selecting a validator as misbehavior or node downtime on BandChain will lead to a portion of validator stake and delegated stake being slashed.
We now have introduced the vast majority of our genesis validators on Medium to assist with the due diligence course of via transparency and visibility.
Whereas the Part zero mainnet is targeted on the steadiness of the decentralized community, builders are capable of monitor and observe the efficiency of BandChain via CosmoScan.
In doing so, a holistic and clear understanding of Band Protocol may be achieved whereas oracle performance can already be built-in with decentralized purposes on the Part 1 devnet. Builders can make the most of built-in oracle scripts, create new customized script themselves or attain out to the Band Protocol crew to create a custom-made one with any particular information supply and aggregation methodology.
Band Protocol will all the time retain community-first focus and make the most of suggestions to repeatedly enhance the protocol, group outreach and crew efforts.
Assist us by sharing the phrase of our developments, suggestions for enchancment — for those who ever have any questions you may attain out to us on Telegram.
With our newly launched block explorer, web site, and technical specification that’s totally up-to-date with Band Protocol v2 — let the two-week countdown to official Wenchang mainnet start!
We will likely be releasing extra particulars on token migration and staking directions within the subsequent few days. Keep tuned!