Monthly Update — October 2022
October is already here. Phase III: Von Hayek is complete, and another month is in the books. Sixteen team and three community validators are churning transaction blocks on the mainnet. The guide to run a mainnet node from a prebuilt binary is released, and developments for Phase IV: Bellerophon is underway, starting with the EVM developer documentation, Revenue Share, and GEX MVP.
Let’s get right into it. There’s a lot to discuss.
September Recap
People Update
It’s been one year since Rebecka joined the team as a Social Media Specialist. We’re pleased to share that she was recently promoted to a Sr. Community Manager to take on more responsibilities around advocate communications and growth hacking in addition to her existing duties around strategy.
The team is hiring new candidates and promoting from within, all positive signs of growth. However, Head of R&D Rohan Barde has chosen a different path. We wish him all the best of luck in his future endeavors and thank him for the work that he has accomplished over the last year and a half. If you want to join the team, visit all the open positions and apply today.
Mainnet Validator Incentives Program
Did you know you can now launch a node on the mainnet? We recently launched the validator program. There is a limitation to five external nodes to begin; however, we plan to expand that on a month-by-month basis to decentralize the network over time. You can help secure the network and earn native GLCH (nGLCH) as a reward by providing early validation. We have recently sent out emails to new and existing applicants concerning acceptance, pre-approval, or rejections.
People must understand the benefits of validating, including securing an up-and-coming layer-one blockchain, receiving rewards for confirming transaction blocks, participating in future on-chain proposals, and providing direct feedback to the development team. Once revenue sharing is live, validators will receive network fees and are in charge of distributing stakes to nominators.
Knowing the benefits is essential though it is equally important to understand the risks associated with validation. While the glitch binary is stable and secure enough to the best of our knowledge, bear in mind that running a node entails for you as the owner and administrator to keep up with the best security and maintenance practices, including security hardening of the O.S., firewall/s configuration and monitoring of security threats, software updates, monitoring of the O.S. for common failures, and monitoring of the glitch binary (to prevent crashing issues, getting penalized and subject to slashing). This list is not exhaustive, so if you need assistance with your node operation, we advise you to contact professional expert help, as Glitch is not responsible nor accountable for the security of your node.
Sign up to become a GLITCH validator. You’ll be able to finish setting up your node using a prebuilt binary once your application is approved.
Technology infrastructure progress
Mainnet: Verifiable on the explorer, there are sixteen team and three community validators verifying blocks on the mainnet at the time of publication. We’re progressing to some performance testing and onboarding more external nodes. Development for Bellerophon has begun, so the roadmap breakdown webpage was updated accordingly.
Browser Extention Wallet: Users can toggle between the testnet and mainnet networks and view their wallet’s transaction history. Validators can send and receive extra unused nGLCH to the wallet. Ensure you only download the official wallet on the website for security purposes.
Fun fact: If a validator no longer wishes to validate or has extra nGLCH that is not in use, community members can contact them to complete an OTC deal to receive mainnet nGLCH before anyone else!
Glitch Bridge: There was a recent exploit in the bridge infrastructure. An attacker executed an SSH brute force to obtain non-authorized super admin access to the servers. We are working on redeploying the bridge this week. We will share a report addressing the recent exploit and the solution(s) we’ve been implementing. We understand it is taking longer than anticipated, so we appreciate your patience and understanding.
Marketing & Community Updates
Last month, the team held a total of five AMAs including one official YouTube AMA and four that were community-run. Check out the recap of the latest Youtube AMA here and read up on the core highlights from the community AMAs here.
Yahoo Finance and Benzinga, alongside 200+ other indie media websites and RSS feed, featured Glitch Finance in an article titled “Glitch Finance Will Hotfix DeFi’s GLITCH,” discussing challenges around layer-one networks today and how Glitch aims to play a role in shaping DeFi’s future. Don’t forget to check out the press coverage that we received.
We’re working on a new process for the advocate program and will expand it to new applicants soon. If you’ve applied but haven’t received a response, please check your email inbox over the coming weeks. We plan to do another email outreach to reactivate older applicants while reviewing new applications. To sign up, click here.
As the development team works on the Phase IV deliverables, the marketing team has begun putting together individual campaigns to support each release, and will be executed accordingly. We aim to bring in new community members and kickstart the growth of this network as the technology and relevant documentation becomes available.
Lastly, we are communicating with the development team and working towards understanding which partnerships and integrations need to be activated to deliver parts of the technology. We will need to start engaging and integrating some of these partnerships, adding to the marketing strategy to ramp up awareness.
Thank you for all of your enthusiasm recently. In the end, all of this is not possible without your support.
October Preview
“It won’t be easy, but it’ll be worth it.”
We’re excited to have begun the development of Phase IV: Bellerophon! Agile methodologies are on the rise, which involves planning, executing, evaluating, and performing continuous improvements to the technology. Glitch Finance practices this methodology to deliver large projects such as its mainnet and core components (i.e., the validators, staking, revenue sharing model, and the GEX). With this in mind, the revenue share and GEX are the heart of the GLITCH blockchain and are two very critical deliverables marked as the highest priority. The tech team is focusing on building it out right now and will be initially released as an MVP in the future.
As far as October goes, we’re preparing to share a couple of community statements around the bridge and team that we know will provide the necessary clarity needed. We are planning to start releasing a deliverable from the breakdown, and we also plan to allow more community members to launch a node, resulting in the need to expand external connections to ten.
We’re staying busy and building. There’s much work happening in the background, so keep your eyes peeled for the updates!
“In under a couple of years, we have undeniably progressed well in building out GLITCH, and I’m personally excited to see where the next several months will take us. Let’s keep pushing each day. I’m ready to prove all the naysayers wrong.” — Sean Ryan, CEO, Glitch Finance
Until next month,
— Team Glitch
We are Hiring!
We’re looking for suitable individuals for full-time positions in marketing, operations, and engineering. Contribute your skills as a DeFi enthusiast to the development of Glitch. Explore our open positions and apply today!
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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