Glitch Finance completes its Phase I launch
Glitch, a new L1 blockchain for building decentralized applications (dApps), has completed the internal launch of Phase I and has moved into the next stage of its evolution.
Glitch is working towards a new, impactful layer-one blockchain that enables users and an ecosystem of revenue-generating decentralized finance (DeFi) applications to thrive. Today, Glitch has achieved a critical milestone that officially marks the birth of the network: the GLITCH Genesis Block.
We are thrilled to announce the smooth transition from Tendermint to Substrate and the successful internal launch of Menger Phase I, consisting of Testnet v.2.0, Mainnet v.1.0, and the GLITCH Genesis Block.
The journey begins, Glitchers!
Thirteen years ago, on January 3, 2009, the Bitcoin network officially came into existence with Satoshi Nakamoto mining the Genesis block. The string embedded in that block reads, “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, a piece of history that we will never forget. Today on January 17, 2022, the GLITCH Genesis block has been mined, marking the network’s official launch. A milestone worth celebrating together as a community!
GENESIS BLOCK IS LIVE! “The World 17/Jan/2022: Any sufficiently advanced technology is indistinguishable from magic. (Arthur C. Clarke.) Magic exists…Glitch Finance is born.”
What is a Genesis Block, otherwise known as block 0? It is the first block ever mined that is processed and validated to form a new blockchain. It does not reference a predecessor block and often contains a hidden string documenting the historical event, like the one shown above.
Phase I got its name ‘Menger’ from Carl Menger, the Austrian School of Economics founder. Menger was a man of thought and action who developed the marginal utility theory and a subjective theory of value. Just as the Genesis block is the foundation of the GLITCH blockchain, Menger’s work created the foundation for modern economics.
Initially, the network will begin centralized with Glitch Finance controlling all network nodes. This measure is temporary and is critical to complete internal UAT, core chain development, and stress testing to resolve vulnerabilities. As we tick each box and deliver on each Phase, the blockchain will become more and more decentralized.
So far, we have internally deployed three validator servers and one full node to confirm blocks on the mainnet network. As the weeks progress, we will gradually increase the number of active nodes. There will be four nodes by the first week of February and will increase to six to eight by the end of next month. More nodes will be created over time. One step at a time, GLITCH is coming to life.
The following video shows one of our technical developers showing off the Genesis Block of the GLITCH mainnet v.1.0. Watch us check the details and stability of the GLITCH Genesis Block.
Block 0 hash: 0x348bfd19e1982d7c3131e140d64013213049976032065ac2a12b8edce62fbffe.
Block 1 hash: 0x37979373ae2410f30df23c3f1c77f3382ee1172b9d7a1d982cdaeaa25ca8c238.
The GLITCH Testnet v.1.0 is the current live testnet version. It will remain available until we open the GLITCH Testnet v.2.0. to the public, which we launched internally today. The new test version will open to the public within two to four weeks since the technical team needs to monitor the mainnet and begin stress testing v.1.0 with Kurtosis.
What’s Next?
Additional content of mainnet v.1.0 will be made as announcements and shared with the community on our social channels after the deployment of Phase I. As mentioned above, we will add more nodes as the weeks progress and share relevant data with the community.
At Glitch, we’re working as hard and as fast as we can to deliver each mainnet Phase without compromising the quality of the network. GLITCH is being built to support a high volume of financial applications in a production environment, so network security is one of our highest priorities. We have enlisted Kurtosis, a market-leading testing infrastructure provider, to assist us with automated stress testing in defined isolated testnets. Stress testing ensures we can address any known (and unknown) critical vulnerabilities before allowing public use. Kurtosis has helped some of the biggest names in blockchain, including Ava Labs, Chainlink, NEAR, and Solana, with test orchestration, and we’re excited to be joining those ranks. Stress testing of the mainnet v.1.0 will begin today, January 17, and is ongoing throughout all four phases.
Now that Phase I is complete, our team has already begun working to deliver the next Phase: Phase II, Von Mises. Stress testing and development on mainnet v.1.0 will continue, and the Testnet v.2.0 products will be made available to the public. Glitchers will have the option to create test nodes on the Testnet v.2.0 and review the GLITCH developer documentation. The official launch date for Phase II is March 14, 2022. Phase III is scheduled for June 2022 and is the public launch of mainnet v.1.1, where users and developers can finally get involved! To see the release schedule of all four phases, click here.
Later this week, we’re helping Genesis Pool, known as GPool, launch their staking platform that we co-developed as part of the first Glitch Grant. On January 20, there will be an AMA session between our teams on the Glitch Protocol Telegram channel, so we’ll see you there.
“Today is a great day. All of our hard work has led us to this moment. We’re one step closer to realizing our vision of a fair and accessible financial system for all. I want to personally thank my team for their hard work and dedication to accomplish this milestone. I’m glad to be celebrating with everyone, and we wouldn’t be where we are at today without the support of our community — so thank you to every Glitcher. We’re more committed to our mission now more than ever. And I’m more confident than I’ve ever been since launching this organization. On to the next milestone!” — Sean Ryan, CEO, Glitch Finance.
“I’m feeling amazing, I feel like Satoshi today. It’s the GLITCH Genesis Block… I can look at it all day… ‘The World 17/Jan/2022: Any sufficiently advanced technology is indistinguishable from magic. (Arthur C. Clarke.) Magic exists…Glitch Finance is born.’ ” — Diego Cruces, CTO, Glitch Finance.
In all, much progress is happening at Glitch Finance, and we couldn’t be more proud of our accomplishments. From a tech, marketing, and overall growth perspective, things are shaping into an explosive 2022 year.
#LetsKeepBuilding!
— Team Glitch
About Glitch
GLITCH is a blockchain-agnostic super protocol explicitly designed for trustless money markets and decentralized financial applications (dApps).
Glitch solves the expensive fee structure of other blockchain platforms while simultaneously rewarding all ecosystem participants and guaranteeing low network fees. Glitch plans to incorporate token wrapping bridges, where dApps can run more efficiently, all in service of Glitch’s ultimate goal: to become a cornerstone of DeFi infrastructure.
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