Participate as Validator for FirmaChain’s Colosseum Testnet!
Hi. This is FirmaChain.
In our recent posting, we’ve announced the successful testing of our Imperium testnet ver. 0.2.9 and we are now facing the final stage of upgrade to ver. 0.3.0.
In the final stage of Imperium, which is ver. 0.3.0, we will apply the Cosmos SDK 0.44.3 updates and add a [Token Create] feature that can be used for blockchain games and other DApps to be developed on our mainnet. As a result, soon we will be conducting a number of tests under the Imperium environment.
Once we’ve completed the tests under the Imperium environment, we will launch our incentivized testnet, Colosseum.
<Details on the Progress of Colosseum >
Colosseum is the penultimate stage in FirmaChain’s mainnet Augustus hardfork and requires the participation of a number of validators.
Number of participants we expect in the Colosseum process are 30 to 40, which when excluding the 15 nodes that FirmaChain provides, consists of 15 to 20 third party validators.
The following is a brief outline of the Colosseum testnet process.
- Gather and select applications of potential validators for 2 weeks (14 days)
- Conduct a number of stress tests and participate in the stabilization process for a period of 4~6 weeks
- Validators’ final confirmation of governance proposal for mainnet hardfork
For this Colosseum process, FirmaChain will distribute a test application written in Firma-JS to the validators. On top of carrying out simple test transactions, the chosen validators must create various test scenarios of their own and conduct stability tests for each case devised.
Through this process, the validators and FirmaChain can settle a number of mainnet related issues such as ▲the adequacy of the parameter value ▲governance proposals ▲software updates and ▲maintenance policy.
<Why do we need Validators?>
FirmaChain seeks to replace all written contract governing social and legal issues by using a transparent electronic contract platform based on FirmaChain’s data blockchain. Furthermore, with this mainnet hardfork, we are preparing to expand the features of Augustus to allow the writing of NFT and game DApps on our mainnet.
On top of the obvious benefit of expanding our decentralized ecosystem, validator participation can contribute to the creation of a more transparent ecosystem, one that can be trusted.
The role of these validators is the key to the so-called ‘trust.’
Instead of a centrally controlled system, FirmaChain is a Public Blockchain system which is managed by different nodes reaching a consensus on a proposal or an issue. In order to participate, validators must stake his/her coin in order to obtain voting power and verify the integrity of the data. In return for such participation (or the creation of blocks), the validator receives rewards.
Data verified by these validators are free from the risk of forgery or tampering and those sharing data through the Augustus mainnet are guaranteed integrity of the data they share.
Once the mainnet hardfork is complete, participants need not obtain the status of a validator in order to participate in the above verification process. Instead, through what we’ve named Firma Station, participations can delegate to existing validators to participate in the network. More details on Firma Station will be announced after the mainnet hardfork.
<How do I become a Validator?>
You can participate as validators for the Colosseum testnet through the following link.
After the mainnet hardfork, participants are rewarded FCT based on the number of FCTs (coin ticker TBD) they have earned at the end of the Colosseum process and according to the reward policy.
Individuals or teams wishing to participate must submit their intent to participate no later than the 14th of November.
Participation Link> Closed
All forms submitted will be reviewed by the FirmaChain team and we will personally contact those who are selected as validators.
Please note that participation may be limited for individuals or teams residing in areas placed under trade sanctions or embargos or if such individuals or teams are subject to any other reasons that might deem their participation ineligible under relevant law and regulation.
<Colosseum testnet Reward Policy>
FirmaChain is planning to distribute a maximum of 1 million FCTs as rewards for the Colosseum testnet participation. Please note that the size of the reward are subject to change depending on the number of participants and the scope of their activities.
More details on the reward policy will be announced before the inception of the Colosseum testnet.
We expect your participation.
Thank you.
About FirmaChain
FirmaChain seeks to replace all written contracts governing social and legal issues by using an electronic contract platform based on FirmaChain’s data blockchain. Since traditional written and electronic documents are easy to forge, and the verification procedures are complicated, blockchain’s decentralization is used to solve the problem. FirmaChain can check the contract’s validity through its hash function, which can be verified in an independent node. This verification process can be used as a means to resolve legal disputes. Blockchain is an effective technology that eliminates the risk of forgery of such documents, and it is applied to the first DApp (decentralized application) of FirmaChain — DONUE.
For more information about FirmaChain, or partnership inquiries, please contact us at contact@firmachain.org.
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