e-Money.com launches second testnet
Friday saw the launch of our second, internal testnet. Validators are now chugging along across the globe, producing blocks for lilmermaid-2.
We have set up a block explorer at e-money.network for anyone wanting to get a glimpse. People wanting a more detailed look can build emcli from source and query the chain. Public RPC endpoints are available at validator.network.
Reward distribution
The testnet’s primary goal is to test the new inflation mechanism, which ensures that the token supply is continually inflated to reach the annual target inflation specified in the genesis file. The mechanism is described in detail in our whitepaper, which is available at e-money.com.
The tokens generated by the inflation are distributed as rewards to the holders of staked NGM tokens. The screenshot below shows commissions in currency-backed tokens received by a validator.
The currency denomination format is work in progress and is described in detail here. Validators and delegators earn commissions and rewards in currency-backed tokens, rather than the NGM staking token. The inflation mechanism does not touch the NGM tokens, which have a fixed supply.
Current features
- Long block times with on-demand block generation for quick transaction finalization
- Time based inflation of currency-backed tokens
- Distribution and withdrawal of staking rewards
- Block explorer running at e-money.network
Shout out and thanks to our friends at Forbole for creating Big Dipper and making it available to the eco-system!
Anyone familiar with running Cosmos-based chains should be able to get a full node up and running in a very short time. If you are a validator interested in playing along, please get in touch and receive some delegations.
Coming up
The current roadmap for our future testnets is
- lilmermaid-3 : Issuance module to enable listing of new tokens, management of inflation rate, liquidity pool size etc.
- lilmermaid-4 : Authority module that controls creation of Issuance accounts
- lilmermaid-5 : Slashing and jailing of validators
The lilmermaid-5 testnet is expected to be close to launch, and will most likely be the point at which our validator community will be invited to participate.
Please join the conversation at t.me/emoney_com and follow us on Twitter at @emoney_com.
