Glitch Finance
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Glitch Finance

Glitch Finance completes its Phase II launch

Glitch, a new L1 blockchain for building decentralized applications (dApps), has completed the internal launch of Phase II and has moved into the next stage of its evolution.

Another milestone, Glitchers! The journey continues.

Today, Glitch is thrilled to announce another critical developmental milestone: the launch of Phase II Von Mises. Developers and users can review GLITCH validator node requirements, run validator nodes on GLITCH testnet v.2, and access the latest upgraded network products, such as a new explorer, faucet, and the alpha version of the browser-extension wallet.

Phase II got its name ‘Von Mises’ from Ludwig Von Mises, an Austrian School Economist that argued for free markets and against socialism, interventionism, and government manipulation of money. Von Mises made influential contributions to monetary theory and political economy, and he is best known for his development of the Austrian Business Cycle Theory. Just as Phase II is an iteration towards the foundational creation of the GLITCH blockchain, Von Mises’s work created the foundation for macroeconomics.

Benefits that Phase II: Von Mises brings to GLITCH:

  • Allows developers to set up validator nodes on testnet and view validators, nominators, block data, and transaction details via the Explorer v.2.
  • Allows the Glitch team to review data and resolve potential vulnerabilities
  • Allows a developer to get used to the GLITCH network and its upgraded products without causing harm to the mainnet.
  • Pre-requisite to begin automated stress testing with Kurtosis and transition into public mainnet v.1.1 in Phase III.

Resources to get involved:

Download and set up ALPHA GLITCH browser-extension wallet

Note: Reminder that the browser-extension wallet is currently exclusively for the testnet v.2.

  1. Download the Glitch Wallet extension zip file and extract it.
  2. Open Google Chrome, and go to chrome://extensions/. Turn on Developer mode in the top right corner.

3. Click on Load Unpack and select the Glitch Wallet extension file from your computer.

Note: The wallet may show an error button, but this is just a default warning from the Chrome extension for any developer mode file uploaded; please ignore it. The Glitch extension wallet is still well functioning.

5. Click the Extension icon to open Glitch Wallet.

6. Pin the Glitch wallet so that you can use it quickly all the time. Please create a new wallet and do not restore your old one. Soon, you can download it via the Chome store directly. Now the alpha version of the Glitch browser-extension wallet is ready to use. Congratulations!

7. Use the Glitch Faucet v.2 to transfer funds to the browser-extension wallet v.1, and verify the transaction and its block using the Glitch Explorer v.2.

Set up & run GLITCH validator node on testnet v.2 from prebuilt binary

Running a validator on a live network is a lot of responsibility! You will be accountable for your stake and the stake of your current nominators. Running a validator is very rewarding, knowing that you contribute to the security of a decentralized network.

Currently, developers can set up a validator node on the GLITCH Testnet v.2. Public node deployment on the GLITCH Mainnet v.1.1 will be available for Phase III.

1. Requirements

The most common way for a beginner to run a validator is on a cloud server running Linux. For this guide, we will be using Ubuntu 18.04, but the instructions should be similar for other platforms.

The transactions weights in Glitch were benchmarked on standard hardware. It is recommended that validators run at least the standard hardware in order to ensure they are able to process all blocks in time. The following are not minimum requirements but if you decide to run with less than this beware that you might have a performance issue.

Standard hardware

  • CPU: Intel(R) Core(TM) i7–7700K CPU @ 4.20GHz.
  • Storage: A NVMe solid-state drive should be reasonably sized to deal with blockchain growth. Starting around 80GB — 160GB will be okay for the first six months of Glitch but will need to be re-evaluated every six months.
  • Memory: 64GB.

The specs posted above are by no means the minimum specs you could use when running a validator; however, you should be aware that if you are using less, you may need to toggle some extra optimizations to be equal to other validators that are running the standard.

2. Download binary file

3. Synchronize chain data

Note: By default, Validator nodes are in archive mode. If you’ve already synced the chain, not in archive mode, you must first remove the database with ./glitch-node purge-chain and then ensure that you run Glitch with the — pruning=archive option.You may run a validator node in non-archive mode by adding the following flags: --unsafe-pruning --pruning <NUM OF BLOCKS>, a reasonable value being 1000. Note that an archive node and non-archive node’s databases are not compatible with each other, and to switch you will need to purge the chain data.

You can begin syncing your node by running the following command:

./target/release/polkadot --pruning=archive

The — pruning=archive flag is implied by the — validator flag, so is only required explicitly if you start your node without one of these two options. If you do not set your pruning to archive node, even when not running in validator mode, you will need to re-sync your database when you switch.

Depending on the size of the chain when you do this, this step may take anywhere from a few minutes to a few hours. If you are interested in determining how much longer you have to go, your server logs (printed to STDOUT from the glitch process) will tell you the latest block your node has processed and verified. You can then compare that to the current highest block via Explorer v2.

Once your node is fully synced, stop the process by pressing Ctrl-C. At your terminal prompt, you will now start running the node:

./glitch-node --validator --name "validator name"

You can give your validator any name that you like, but note that others will be able to see it, and it will be included in the list of all servers using the same telemetry server. Since numerous people are using telemetry, it is recommended that you choose something likely to be unique.

4. Generate session keys and bond GLCH

Generate session key:

curl -H "Content-Type: application/json" -d '{"id":1, "jsonrpc":"2.0", "method": "author_rotateKeys"}' http://localhost:9933/
  • Staking account. Use Web App.
  • Go to “Network/Staking/Account action”, choose “Validator”.
  • Bond some amount and click “Next”.
  • Add session Key and commission
  • Wait for 1 era. If you pass all conditions, your node will become a validator.

Current testnet public RPC

View your GLITCH testnet v.2 validator node

Congratulations! You’ve successfully set up a validator node on the GLITCH testnet v.2. Now that your node is live, you may view it here. All active nominators are viewable here.

What’s Next?

At Glitch, the team is putting their heads down and delivering what we’ve been promising — an established alternative decentralized finance ecosystem that rewards all participants. With Phase II now in the books, we move onto Phase III: Von Hayek, the public launch of the mainnet network!

We’re excited to formally announce that June 6, 2022, is the official launch date for the Phase III GLITCH public mainnet launch!

Mainnet v.1.1 — Start Exploring GLITCH

The Glitch team has begun developing Phase III: Von Hayek and is at a 7.5% completion. To find out what Phase III is all about and to check out its current development progress, click here, and it can also be seen below:

Phase III: Von Hayek progress — roadmap breakdown

For the remainder of the month, the team will monitor both the public testnet and internal mainnet networks, continue to build out the Glitch Explorer for the mainnet, and submit the browser-extension wallet to the Chrome store. In terms of mainnet development, the team plans to deploy an additional four to six internal nodes over the next four weeks, though this is not the final amount as it will depend on how the GLITCH network evolves.

The roadmap breakdown for all phases is now live on the official website, minus the Phase IV breakdown, which will launch in the coming weeks.

Overall, we know that Glitch has a very bright future in front of it. We’re quickly scaling our headcount to meet the objectives at hand, and we’re increasing communication and delivering on our promises. And with Phase III coming next quarter, we couldn’t be more excited about decentralizing the network with active participants on it.

We’re very proud of our accomplishments, and we can’t wait for you to see what we have in store next.

Let’s keep building the future together!

— 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.

Website | Twitter | Telegram | Whitepaper

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