Colosseum Testnet Results & Next Steps
Hello. This is FirmaChain.
We are happy to announce that as of the 29th of December, our one month journey of the Colosseum testnet has come to an end. We hereby express our deepest gratitude to the 26 validator participants. (1 team was added after our initial announcement of 25 teams participating as validators on our testnet.)
Thanks to the active participation of our validators, not only were we able to upgrade the overall stability of the chain but also were able to successfully accomplish tasks such as Firma Station usability improvement, chain upgrade, token swap and so much more in such a short time.
Currently we are conducting an after action review of the Colosseum testnet as well as evaluating our validator’s overall participation. Shortly, we will be distributing rewards to our validators based on the respective participant’s level of contribution to the testnet.
In this posting, we will share the results of the Colosseum testnet and provide additional information on the nexts steps of FirmaChain.
▶ Colosseum Testnet Results(calculated at of the end of the Testnet)
In order to test all of the items that we have initially planned, the testnet was operated on an extremely tight timeframe. Having said the above however, most of the testing processes were seamless.
Especially, the 4th token swap test was a huge success, showing a swap rate of 99.6% from the initial FCT(ERC-20 based)s issued.
- Total Block Creation: 472,629
- Total Transaction: 144,462
- Number of Validators: 38(FirmaChain Validator: 10 teams, Initial Validator: 26 teams, Validators who joined after the launch of the testnet: 2 teams)
- Token swap process tested (ERC 20 Token -> FirmaChain Colosseum Token)
- Voting → Full chain upgrade process tested
- Electronic contract DApp tested
- NFT MINT, TRANSFER, BURN related logic tested
- Firma Station desktop app distribution & features/usability improvement
- Hardware wallet (Ledger) support
As can be inferred from our previous testnet progress update postings and from the aforementioned results of the testnet, Colosseum was a huge success. The overall progress and the results of the testnet are shared through our Github page where all the valuable results achieved, despite such a short testing period, can be seen transparently.
▶ Announcement on Next Steps
- Mainnet launch postponed
Earlier this year, the FirmaChain team received a legal memo from our advisors, which stated that the operations of the Augustus mainnet might put FirmaChain’s token at the risk of being interpreted/categorized as a capital market product. In order to avoid such an event from happening and also to prevent FirmaChain from conducting any business or operational activities outside the boundaries of the relevant legislations, statues and regulations, we had no choice but to overhaul our mainnet governance policy from an extremely conservative standpoint. Such was the rationale behind FirmaChain’s decision to hard fork our mainnet. As we have emphasized in a number of our previous postings, ever since, we have been working our very best to revise, review and polish our governance policy as well as remain circumspect in selecting our validators.
In the process of coming up with a more refined governance policy, multiple times, we have sought the advice of our legal advisors in both the Republic of Korea and Singapore. Although we have received positive feedback on our newly formulated mainnet policy from our Korean legal partner, the mid term review of our legal advisors in Singapore were a little different. The review of our Singapore advisors was that if need be, FirmaChain might be required to obtain a license in order to continue its operations as a Virtual Asset Service Provider.
After an additional round of policy revision we have sent additional supplementary documents to our global legal advisors and are currently waiting on their final review. As a result, the FirmaChain team had a heated debate on whether to launch our mainnet this year at all costs or to choose a safer and more conservative approach of postponing the launch until we receive final legal opinion on the matter. Considering the current market condition and a number of other factors, we have reached the conclusion that the launch of our mainnet this year would entail more risk than benefit.
Despite our best efforts to expedite the review process, the end of year festivities and a number of other outside factors are inadvertently causing a delay. The exact date of the launch of our mainnet can only be determined upon us receiving the legal opinion from our global advisors and hence, at the moment we have no choice but to wait on the results.
The FirmaChain team asks for the understanding of all our holders and investors. We have come to the said conclusion only because we prioritize ‘investor protection’ and ‘long term successful operation of a working project’ over a risky and impractical launch. As such we will continue to do our very best to present results that would satisfy all our holders and investors.
Again, we ask for your understanding on our decision to postpone the launch of our mainnet. We’ve determined that our investors and holders, more than anyone, deserve a detailed explanation on the reasons for such postponement and hence the lengthy posting. If the final legal opinion, which we expect to be more than positive, gives us the greenlight we are expecting the launch of our mainnet to take place on January 26, 2022 (UTC+8 22:00).
Until then, we promise to put in our best efforts.
- Mainnet Enhancement
In the interim, in order to make good use of our time, the FirmaChain team is focusing on enhancing and improving our mainnet.
Currently, we are doing our best to present a more stable and secure mainnet. Part of such efforts include evaluating the track records of our existing pool of genesis validator candidates and contacting a number of other renowned potential genesis validator candidates. Based on the results and the respective participation level of the validators on our testnet, we are rigorously evaluating our existing genesis validators. Additionally, with our validators, we are discussing all possible ways in which we can improve our chain to the next level. One such method being discussed is connecting FirmaChain with other blockchain projects. In order to accomplish the said interconnectivity we are working on providing technical support for IBC as well as formulating other related technical tests required for IBC.
Once we complete the genesis validator selection process, we will be collecting gentx(genesis validator transaction) from our genesis validators and will be able to even further enhance our mainnet policy by cooperating with our genesis validators.
- New mainnet to be named ‘Colosseum’
In order to align with the refined policy, we’ve decided to rename our new mainnet as ‘Colosseum’ instead of retaining its original name, ‘Augustus.’ We have reached the conclusion that renaming our mainnet to Colosseum would better reflect the successful values and results that we’ve accrued and accomplished with our Colosseum testnet.
We promise a brighter and more innovative future with Colosseum.
The progress of FirmaChain can be found in github or in the FirmaChain docs.
A blockchain based e-contract platform. FirmaChain has 42 repositories available. Follow their code on GitHub.
If, for any other reason, a change in schedule occurs regarding the aforementioned issues, we will be announcing them through our communication channels.
Once again, we ask for your understanding and promise to deliver a satisfying result soon.
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.
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