Glitch Finance completes its Phase III launch

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Glitch Finance

6 min readSep 24, 2022

Glitch, a new layer-one blockchain for building decentralized applications (dApps), has completed Phase III and moved into the next stage of its evolution.

“Sometimes in the wave of change we find our true direction”.

Glitch Finance is delighted to announce the completion of Phase III: Von Hayek. Sixteen mainnet validators from the team’s side are now producing blocks and the functionality to allow external nodes on the mainnet is available.

We’re thrilled by the prospect of creating a universally accessible network backed by an innovative revenue-sharing model. It’s a great feeling to have completed this critical stage, and we’re ready to share everything about Phase IV with you all. Before we do, let’s set the stage and dive deeply into the accomplishments over the last several months and look into the next several.

Von Hayek Roadmap Completed Deliverables

Glitch validator documentation for testnet and mainnet from prebuilt binary
GRC-20 support & token contracts on testnet
Explorer mainnet
Browser-extension wallet mainnet
Mainnet public launch: Allow the public to run a node
Mainnet validator program

Summary: What Is Now Available

Testnet Blockchain Protocol: Support standard token contracts on the testnet. Find the guide to running an EVM contract on the testnet here.
Mainnet Blockchain Protocol: The decentralization journey begins. Users can launch a validator on the mainnet to produce blocks alongside the team. Sixteen team validators, and some community ones, are now live and verifiable via the explorer. More nodes will be onboarded over a long period. Want to run a node on the mainnet? Get involved in the Validator Incentives Program.
Browser-Extension Wallet: On testnet, users can send and receive nGLCH using the faucet and connect to dApp. On mainnet, users can switch between the testnet and mainnet networks, and validators can send and receive nGLCH and view mainnet wallet transaction history. Fun fact: If a validator no longer wishes to validate, community members can complete an OTC detail with that person to receive mainnet nGLCH.
Explorer: Verify mainnet blockchain data, accounts, and logs.
Documentation: Run a mainnet validator node from prebuilt binary

Benefits that Von Hayek brings to Glitch

Allows approved mainnet node applicants to verify transaction blocks while getting rewarded for participation.
Permits the team’s flexibility to solve existing unknown vulnerabilities.
Secures the network via agile iterations rather than releasing everything at once, potentially risking an exploit. These are commonplace in this industry, so we’re doing all we can to prevent them.

Resources

Download the Glitch browser-extension wallet & launch a token contract on testnet using Remix IDE

With the upgraded version of testnet, users can now download the browser-extension wallet and create a simple token contract that is both easy and GRC-20 compliant. View the complete guide here and follow the steps to begin your journey of testing out different functionalities on the native blockchain.

Launch a GLITCH Mainnet Validator

The standard document to run a mainnet validator from prebuilt binary is now available for use for the participants who are accepted to run a node. The guide contains step-by-step instructions to extract and synchronize node chain data successfully.

Above we had shared the guide, and below, we outline the technical requirements to participate:

Standard Requirements:

Hardware:

CPU — Intel(R) Core(TM) i7–7700K CPU @ 4.20GHz Storage.
Storage — An 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 — 32GB to 64GB RAM.

Operating System:

Ubuntu 20.04.

Command Line:

Knowledge of how to interact/execute command line commands on LINUX.

SSH:

Access the target operating system as root (ensure you have ROOT access).

nGLCH tokens:

88.88K GLCH + network fees. At least 90K nGLCH (native MAINNET tokens) stored in a JSON file you have access to or in your browser local storage.
The ‘wallet password’ for you to unlock the 90K tokens above.

We are actively interacting with serious, long-term participants who meet the technical requirements and knowledge to launch and monitor a node without too much of the team’s help. Reminder there are risks and considerations when validating; for example, token slashing and maintenance on a node should be considered.

The team will allow more nodes to launch once all the nodes are confirmed stable and secure. This extension process will last a few months.

Mainnet Validator Incentive program

Last month, the team announced the validator program to expand and secure the mainnet. As a reward for early validation, participants will get rewarded in nGLCH tokens.

Applications will remain open indefinitely as the team expands functionality to allow more users to launch a node. Apply today if you’d like to run a node. We are eager to review your application.

What’s Next? Phase IV: Bellerophon

The time has finally arrived! Glitch Finance is excited to announce Phase IV: Bellerophon. The upcoming deliverables support critical development milestones for the GLITCH mainnet.

‘Bellerophon’ is the Corinthian hero of Greek mythology who famously battled and killed the Chimera monster, a fearsome fire-breathing mix of lion, goat, and snake. Bellerophon was the son of Poseidon, and he is also noted for taming the winged horse Pegasus, a gift from his father. Just as Bellerophon defeated “the final boss” and “ascended to heaven”, by the end of this phase, the network will ascend into a new chapter allowing developers to launch basic dApps on the native chain.

Bellerophon is the main extension of the GLITCH mainnet focusing on delivering EVM developer documentation, Substrate (GRC) contracts, Revenue Sharing MVP, GEX MVP, nGLCH token migration to GRC, and more. This one’s the one to get excited about as we work towards allowing builders to take part in a new alternative decentralized ecosystem.

View the Phase IV roadmap breakdown now.

Glitch’s development team has started performance testing to ensure all is smooth, compiling the EVM documentation and developing the revenue sharing model. As progress continues, the marketing team will work alongside the tech team to push out new information about the mainnet network and release the GitHub.

We’re thrilled with the goals achieved and confident in this network’s future success. And with that in mind, thank you to our passionate supporters that have stuck with us since the beginning.

Onwards and upwards, Glitchers!

We’re Hiring

We’re hiring qualified candidates for FT roles across marketing, operations, and engineering. If you’re a talented DeFi enthusiast, help us take Glitch to the next level. We’re looking to fill these positions very quickly. Search our open jobs and apply today! Follow us on social media to stay up to date on all things Glitch, and thank you for your continuous support!

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 through a unique revenue-sharing model. 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 blockchain infrastructure.

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