Alpha Testing of the ACENT Testnet: Your Portal to a Powerful Blockchain Algorithm Network
People are frequently driven off the blockchain due to a perceived lack of security, complexity, and hefty transaction fees. ACENT aims to resolve these concerns by building its own network that is fast, seamless, and secure with various applications that would accelerate blockchain adoption. And we are so excited to announce that the ACENT Testnet version is now ready for public simulation testing!
The ACENT Testnet serves as a staging environment before the ACENT mainnet is released.
ACENT will bring user-centric blockchain services to the world, combining technology, decentralized finance, and life-enhancing applications that will benefit both businesses and consumers.
This public simulation test for the ACENT main network would ensure that we provide our users with the highest quality blockchain network experience possible. This is an excellent opportunity for us to collect potential bugs, missing features, or technical glitches in our mainnet.
Users who take part in this test will get firsthand experience of a unique blockchain algorithm network. They will be able to do the following in particular:
1) Add the ACENT Testnet in their cryptocurrency wallet and use it for sending or receiving crypto;
2) Accept and receive ACENT tokens into their cryptocurrency wallet through the ACENT Faucet; and
3) Use the ACENT Test Scan to validate crypto transactions.
What is ACENT Testnet and how does it improve the main network?
Defining the ACENT Testnet
A testnet is a prototype of the real blockchain network that is used to test the protocol and the smart contract deployments. This serves as a staging environment before the Mainnet is released.
Testnets were developed to test the blockchain without disrupting the main architecture of the network. It will also allow the participants to send and receive ACE tokens in their crypto wallets and provide feedback on the efficiency of the process.
The ACENT Testnet employs Proof of Authority (POA) as a consensus algorithm. POA requires only a few validators that would sign off or approve a transaction in the block.
POA was chosen as the basis of its consensus algorithm as it has been proven to be efficient, requiring very minimal energy and storage. ACENT’s POA was developed using the Rust programming language known for its zero-cost abstraction, fast and efficient memory, hence, suited for blockchains with large data requirements.
Various aspects of the ACENT Testnet will be tested including the number of validators that will achieve the highest throughput. All testnet outcomes that will benefit the mainnet will be implemented before the ACENT mainnet is launched.
The ACE token that will be used to test the network will be obtained from the ACENT Faucet.
Faucet is a term that refers to modest payouts that are transferred to the user’s wallet for simple tasks such as seeing ads, watching product videos, testing a product, and so on. The idea was inspired by the dripping water from the faucet.
However, the tokens that will be distributed in the testnet will have no real-world value yet.
Components of the ACENT Ecosystem
1) ACENT Mainnet
The ACENT Mainnet is the clearinghouse of all transactions made inside the ACENT ecosystem.
With the launching of the ACENT Mainnet this year, it is expected to handle thousands of transactions generated from all the products and services inside the ACENT’s token economy.
To speed up the transaction, the ACENT network is being built on the Proof of Staked Authority (POSA) consensus mechanism. This requires validators to secure and maintain transactions in specific nodes along with the ability to distribute rewards generated from network transactions among the ACENT pledgers in the soon to be released ASAP (ACENT Substance Accumulation Pool) smart contract. The POA usually involves only a few validators, which makes it faster than the usual Proof of Work (POW) which uses a competitive validation method.
Validators in the ACENT network will be rewarded based on their stake, hence, this POA variation is called Proof of Stake Authority (POSA).
The ACENT Mainnet is unique in that it leverages the validators’ stake in their reputation and identification rather than using cryptocurrency as a stake. This offers more accountability and transaction security compared to other consensus algorithms.
The validators are rewarded by aggregating the validators’ fees in the ACENT Substance Accumulation Pool (ASAP) which is distributed via the ACENT Rewards Smart Contract (ARSC).
2) ACENT Pledging
Generally this system aims to incentivize ACE holders by allowing them to pledge their tokens. Their tokens are pooled in the ACENT’s decentralized exchange (DEX) fund which earns from the nitro fees from cryptocurrency conversion. These nitro fees will eventually be pooled and distributed among the participants via a smart contract.
Users can withdraw their pledged ACE funds without incurring any penalty if they do so within the time frame specified.
More details about ACENT pledging will be eventually released to the public.
3) DAPPX
DAPPX is an existing platform that hosts a variety of play-to-earn apps. It would also have its own NFT marketplace where users can create or mint their own NFTs and even buy or sell digital assets.
Nitro fees for minting and uploading NFTs in the DAPPX would likewise be pooled to support various activities and reward systems in the entire ACENT ecosystem.
DAPPX as a platform will also host all blockchain-based applications of businesses (B2B) or individuals (B2P) that would use the ACENT network As a launchpad, it will serve as an announcement platform for new projects and incentives such as airdrops and others.
Your Earth metaverse is the first life business platform project of ACENT to be launched in DAPPX.
4) Your Earth metaverse
The ACENT technology will power an open source, decentralized, and high resolution metaverse known as Your Earth that can provide pseudo-real metaverse experience.
Your Earth metaverse is one of the most anticipated projects of ACENT that will surely drive thousands of transactions in the ACENT network.
Your Earth will offer NFT metaverse lands with open and interoperable spaces allowing users to move and communicate with one another while exponentially expanding their ACE tokens.
Users would also be able to use ACE tokens to create their own buildings, services, and other digital assets, which they could then deploy in their Your Earth metaverse area for a minimal nitro fee.
Furthermore, these ingenious creations of digital assets can be purchased or sold on Your Earth’s NFT marketplace, which will surely drive up various transactions in the ACENT’s decentralized exchange.
Overall ACENT Tokenomics
ACENT offers a solid and robust business model that would ensure the purpose and function of its token economy. In turn, the ACENT Mainnet will be the center stage of all its transactions, such as:
- Cryptocurrency exchange
- Reward system
- Payment for services (i.e. nitro fees)
- Crypto earnings
- Decision-making (i.e. governance)
ACE as an in-house currency provides a value exchange to all transactions in the ecosystem. Through it, consumers can participate in the buying, selling, decision-making, and access to ACENT’s life-enriching applications.
ACENT also guarantees high utility of the ACE tokens in its token economy. Higher utility means more nitro fees that would be pooled in the ASAP to be distributed as a rewards system or crypto earnings among the participants who will join the pledging system or other play-to-earn applications within its ecosystem.
ACENT would also occasionally implement its Buy-back and Burn mechanisms to ensure that the supply and demand ratio of the ACE token in the market is at an optimal level to drive the price up.
Final Words
Various features will be added to the testnet in stages and additional functionalities will be added. Following the successful testnet launches, we would inform our community of the details of the succeeding mainnet launch which will include all of the improvements and upgrades gained from the simulation tests.
You will find a more detailed procedure to test the ACENT Test Network on the following Github links:
- Users’ Manual on How to Add the ACENT Test Network
- Users’ Manual for Testing the ACENT Network Faucet
- Users’ Manual to Verify the Received and Sent Transaction from the ACENT Scan
Your participation in this initiative will aid in the refinement of our testnet and, eventually, the launch of the highest quality mainnet.
Share this with any other developers or users you know as we look forward to improving our system with your participation!
News about the event/airdrop/project will be released first on our Twitter account.
Follow our channel and set up notifications to keep up to date with the latest news!
ACENT
Twitter | Telegram Channel| Telegram Group|
Website|Medium |Facebook | Instagram
