Figment Networks joins Coda as a Genesis Founding Member

Clayton Menzel
Mar 26 · 3 min read

Figment Networks is proud to announce that we have been invited to join Coda as a Genesis Founding Member, based on our performance across 7 months of active participation in their Testnet Beta, where we ranked #1 on the leaderboard for phase 2. Genesis Founding Members are given the opportunity to be the first to strengthen and harden the protocol, create tooling and documentation, and build the community on Coda. Figment Networks is part of Genesis Cohort 1 along with 39 other Founders, and 960 of 1000 total spots still remain open for professional and hobbyist node operators to join.

About the Genesis Program

Coda’s Genesis Program is designed to prepare participants to become the network’s first block producers. Upon mainnet launch, Coda plans to evenly distribute 6.6% of the protocol to all Genesis Founding Members, equalling 66,000 Coda tokens to each Founder.

Genesis Founding Members must stake their tokens and participate as block producers for at least a year on Coda or they will forfeit their tokens. After a year, a quarter of the tokens will be unlocked and the rest will become unlocked on a monthly basis over the following three years.

Figment Networks and Coda

Coda has been on our radar for quite some time now, and we have developed quality relationships with the core team behind Coda, while being actively involved in their incentivized testnet and building our analytics tool, Hubble, for the network.

Current blockchains like Bitcoin and Ethereum have no block size limit and only continue to grow in size. This leads to a scalability problem that is unsustainable at its current rate, and ultimately inaccessible to most end users. Coda plans to solve this problem with a “fixed” blockchain size of around 20 kilobytes through the use of recursive computation and zk-SNARKs. This revolutionary technology could potentially solve the blockchain scalability problem, while also creating a more accessible and sustainable network.

“We’re excited to be part of Coda by providing both infrastructure as a block producer and analytics with Hubble. We see Coda as a bold exploration of blockchain frontiers and we look forward to participating in this groundbreaking new protocol.”

- Andrew Cronk, Co-founder & Head of Product at Figment Networks


“We’re happy and honored to have Figment Networks, one of the highest performing block producers on Coda’s testnet and the winner of our testnet phase 2, join the Genesis token program. The involvement of top validators like Figment ensures a robust, decentralized network as Coda gets ready for mainnet launch.”

- Evan Shapiro, CEO at O(1) Labs, the team behind Coda Protocol

For more information on Coda, check out our Staking Hub AMA recap, our first look article, and Coda’s technical and economics whitepaper.

Additional information about staking Coda with Figment Networks can be found on our Coda landing page. This page will be updated after mainnet launch.

If you would like to learn more about staking opportunities with Figment Networks, then please email us at contact@figment.network.


Originally published at https://figment.network.

Clayton Menzel

Written by

Community Analyst @ Figment Networks

Figment Networks

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