Insolar Launches MainNet and New Native Token
INS FCAS is up 18.56% over the last two weeks. User Activity climbed 126-points (44.06%) and Developer Behavior ascended 65-points (9.98%). Price is up 18.75% over the same time period.
What is INS?
INS is the native token of the Insolar Blockchain Platform, an enterprise-focused blockchain that can be leveraged for both public and private solutions. The team’s unique approach to network consensus enables transactions to be executed by only one node, and validated by a subset of nodes, thus greatly improving scalability and speed.
It’s also important to note that all objects on the Insolar platform are in essence smart contracts. These smart contracts communicate with each other through messages, which makes the platform inherently interoperable with conventional systems and existing enterprise blockchain solutions such as Hyperledger Fabric.
Goodbye INS; Hello Brave New World
On February 3rd the Insolar team announced the launch of its MainNet, which spiked its User Activity up 126-points (44.06%), driving FCAS up 93-points (18.56%). Developer Behavior also went up 65-points (9.98%) as more code contributions came in. Key components of the Insolar MainNet include the Insolar Wallet, Insolar Explorer, and a secure, third-party audited architecture.
The Insolar MainNet also marks the debut of Insolar’s native coin, XNS, which will replace its longstanding ERC20 token, INS. This explains the drastic increase in User Activity we’re witnessing, which is likely to level-off as less holders of INS swap their tokens for XNS. This new native token will be used for on-chain payments, staking, and eventually decentralized governance of the network.
Our Hot Take
Insolar is actively breaking barriers to blockchain adoption by removing the need for enterprises to even understand what blockchain technology is — they just need to know what it does and the problems it solves. The network’s cloud based storage means business users can join without setting up their own node, buying computing power from providers via a capacity hardware marketplace.
This also reduces the cost of operation for businesses who no longer have to purchase and store expensive IT equipment to participate in the network. The team took two years to test its platform before MainNet launch, now revealing a clean and simple web interface for businesses to seamlessly scale their blockchain pilot programs without investing in people or infrastructure.
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