WHAT YOU NEED TO KNOW ABOUT THE BLUZELLE MAINNET LAUNCH

By cryptoblezin | cryptoblezin | 12 Aug 2020


INTRODUCTION

It is clear that anyone delving into the cryptocurrency world is doing so for his or her gain but one of the major barriers faced in the business is determining the future of a project.

Mainnet, also known as the main network, plays an important role in evaluating the potentials of a cryptocurrency project and every promising blockchain has a mainnet.

Mainnet essentially carries out the functionality of transferring cryptocurrency from one party to another. It is different from testNet. Test network is a test run to determine the functionality of the network but mainnet is the actual "end product", which makes a blockchain available for public use. Mainnets occasionally undergo modifications whenever project teams decide that updates or amendments are needed.

An investor must confirm that a blockchain project has a mainnet or exists in its roadmap before making investment decisions in it as it indicates the seriousness of a project’s team which goes a long way in influencing the price positively.

As mentioned above, it is ultimately important to invest in projects that have launched their mainnet but in some cases, projects accumulate sufficient funds for testnet and mainnet from their initial coin offerings.

In this case, an investor should consider factors like the potential use cases of the project, technical background, team, and partnerships. These factors decide the fate of a project more than the mainnet.

The launch of a blockchain's mainnet signifies that it is ready for public use and Bluzelle recently announced the launch of its mainnet. In this article, we will be reviewing everything you need to know about the launch.

Overview of Bluzelle

Bluzelle is a project that seeks to decentralize data storage by offering an affordable and reliable alternative to decentralized applications (DApps) on the blockchain.

The network offers a decentralized data network that is highly secured and scalable, and also strives to be number one when it comes to data layer for Web 3.0. Bluzelle is powered by Cosmos and manages over ten thousand transactions per second. It also utilizes the delegated proof of stake (DPoS) network model.  

Decentralized applications require a database to store user's information, provide data analysis, monitor price updates, etc and Bluzelle will be able to offer them a suitable network for that.

Bluzelle also creates a dual token model; an external token (BLZ) for investment and an internal token (BNT) for free participation in the network, while also providing an incentive for master node owners to continue operation.

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Bluzelle Mainnet Launch

Bluzelle disclosed on July 30, 2020, that they would be releasing the Phase 1 of their mainnet in August, 2020.

Their mainnet is set to be released in two phases; “Soft Mainnet” and “Production Mainnet”.

Phase 1: Soft Mainnet

With the launch of the soft mainnet, Bluzelle's BLZ token holders would be able to stake their funds and will also receive incentives for engaging in the network's validation process.

The objectives of the Soft Mainnet include:

  • Ensure everything works for production mainnet
  • Smooth out the on-boarding process for delegators and validators
  • Give the community an early opportunity to start earning tokens in a mainnet environment.

Once the soft mainnet goes live, staking will be made available and you can:

  • Become a validator node on the soft mainnet
  • Swap BLZ to BNT to take part in the staking activity  
  • Earn staking rewards in the form of BNT
  • Delegate BNT to any validator, re-delegate, and unbound your tokens.
  • Manage staking and see reward status through the Bluzelle Staking Dashboard
  • Build decentralized applications on Bluzelle using the JS Client Library

Swapping of BNT to BLZ can only be possible after this phase.  This will only be made available at the end of Phase 1.

The BNT staking rewards are distributed every 24 hours and it is expected of every validator and delegator to have their BluzelleNet addresses and stake their BLZ before the distribution.

Phase 2: Production Mainnet

Production mainnet is scheduled to go live on September 8, 2020, and would be a hard fork that is just like the soft mainnet but with some modifications.  The features in Phase 2 include:

  • The Ethereum bridge relayer should be able to run autonomously, ensuring that BLZ<=>BNT swaps is done automatically and continuously without human interference as with the case in Phase 1   
  • Advanced versions of mobile wallet will be in place
  • Updated and tested versions of other client libraries of Bluzelle would be ready for public use as opposed to Phase 1 which will only have official JS support.

One of the major goals of Phase 2 is pure decentralization. This involves the community holding more staking power than the Bluzelle team and this will be made possible when the network is running healthily.

Conclusion

Blockchain has undoubtedly changed the global space for the better and going forward, there will continue to be constant adoption of the technology due to the numerous benefits it provides.

In my opinion, one of the best blockchains around the industry at the moment is Bluzelle as it offers virtually everything blockchain enthusiasts seek and more. A unique thing about this blockchain is that they have an active team that is constantly delivering when and where necessary. It would be a nice idea, if you take your time to research this project and leverage on it.

I hope you find this article useful and I’ll be excited to see what other use cases you can solve by building on top Bluzelle, kindly point it out in the comment section below to let me know. Also, feel free to leave the question(s) you may have concerning this topic.

Useful Links:

Official Website

Telegram Community

LinkedIn

Twitter

BluzelleNet Staking Economics

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cryptoblezin
cryptoblezin

I'm a Blockchain Enthusiast who is passionate about content writing to promote Crypto projects!


cryptoblezin
cryptoblezin

I am a creative writer who is much interested in Blockchain technology!

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