FIRMACHAIN
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FIRMACHAIN

Release of FirmaChain’s New Mainnet ‘Colosseum’

Hello. This is FirmaChain.

The historical launch of FirmaChain’s new mainnet Colosseum 1.0 is now complete.

FirmaChain block explorer address: https://explorer.firmachain.dev

Through our block explorer, you can find additional information on Colosseum’s operation and policy including staking, minting, governance, slashing, distribution etc.

▶ Upgrade to ‘Colosseum’ from ‘Augustus’

In order to enhance the network security of FirmaChain’s proprietary mainnet ‘Augustus’ which is based on Cosmos SDK, a framework utilizing the Tendermint consensus protocol, and also to upgrade the network along with the Cosmos SDK v0.43 release, we’ve decided to upgrade our mainnet.

We aggressively invested in hard forking our mainnet, updating and expanding the features and functionality offered by the network which include IBC(Inter-Blockchain Communication), smart contract, NFT creation and token swap.

In order to succeed the results of the one month long Colosseum testnet, we’ve decided to change the original mainnet brand ‘Augustus’ to ‘Colosseum’. Despite the tight testing schedule, the Colosseum testnet was considered a huge success with 472,629 blocks being created and 144,462 transactions happening at the end of the Colosseum testnet.

Block Explorer post-testnet

Conducting two rounds of testing before the launch of Colosseum, the FirmaChain team focused all of its efforts on fine tuning their mainnet operation policy and strengthening the security and stability of the overall network. Through operating the first stage devnet, Imperium and the second stage validator-participating testnet, Colosseum, the team’s goal was set on enhancing the network.

What is Tendermint Consensus Protocol?

Tendermint consensus algorithm overcomes the shortcomings of PoW (Proof of Work) and PoS (Proof of Stake), which include uncertainties in finality and certain performance issues, by deploying the concept of DPoS (Delegated Proof of Stake) to PBFT (Practical Byzantine Fault Tolerance). Tendermint consensus algorithm supports both public and private blockchains.

▶ Multinational Genesis Validator Pool

A total of 450 teams from all over the world expressed their intent to participate in the Colosseum testnet, drawing the attention of the blockchain industry. After intensive review of the 450 portfolios of the applicants, the FirmaChain team selected 26 teams as testnet validators, laying the foundation for a global project.

As Genesis Validators, 31 external teams will join and operate nodes on Colosseum while the FirmaChain team will operate 6 nodes. In sum, a total of 37 teams will be operating nodes as validators on the Colosseum mainnet with the mission of stabilizing and developing the network.

External genesis validators consist of most of the teams that have participated in the testnet, forming a multinational validator pool.

Teams from the Republic of Korea, Russia, France, Germany, Ukraine, Singapore, Philippines, Indonesia, United Kingdom, Poland, Belarus, Latvia will secure the Colosseum network with us.

▶ Freely Participate in the FirmaChain Ecosystem through ‘Firma Station’

From this point on, we will focus on expanding our ecosystem and enhancing the utility of ‘Firma Station’.

For a detailed explanation on Firma Station please visit our G.E.F chapter 1 posting.

Users will be able to participate in the FirmaChain ecosystem by staking their tokens, managing their wallet and participating in on-chain governance through Firma Station.

Firma Station will be released in accordance with our token swap schedule in order to minimize user risks such as transferring unswapped tokens to Firma Station.

By staking tokens, users can receive rewards and can also transfer tokens from one wallet to another from Firma Station at a relatively low transaction fee.

Users will also be given voting power proportional to the supply staked on the network, which can be used when voting on future on-chain governance proposals

Please note that token holders can formulate their own reward strategy within our ecosystem since users who have a major stake in the network can also act as validators.

▶ Caution!

Following are some points that require extra caution by the users when participating in the FirmaChain ecosystem. We urge you to keep in mind the following information since users must be aware of the following in order to safely operate within the FirmaChain ecosystem.

  • Due to the nature of staking, there is a 21 day unbonding period when users decide to unstake their tokens from the network
  • Once users swap the original ERC20 based FCT into the Colosseum mainnet based tokens, the swapped tokens cannot be withdrawn to exchange wallets until the respective exchange supports FirmaChain’s mainnet

This year, based on FirmaChain’s enhanced mainnet, we will not only continue to develop our electronic contract business but also will expand our portfolio to other business opportunities.

Token swap, hardware wallet release and so much more are waiting to be offered this year so that our holders could securely and conveniently participate in the FirmaChain ecosystem using Firma Station. Therefore, we hope you continue your support of FirmaChain’s project.

Thank you.

For more information about FirmaChain, or partnership inquiries, please contact us at contact@firmachain.org. Those who wish to join the FirmaChain team, please contact us at info@firmachain.org.

About FirmaChain

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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