Polkadex Testnet V3.0: Telegram AMA Transcript
We are hosting bi-weekly Ask Me Anything sessions (AMAs) with our community on our Telegram chat channel. This week’s AMA was dedicated to all things Testnet V3.0.
There were some really good questions, so we thought it deserves more attention.
Questions and Answers from This Week’s AMA
How important is Testnet for the project? Many people are from a non-tech background and they don’t understand it.
Testnet in the blockchain is similar to the MVP or beta version of the product in the traditional tech space. It is very important because here users can try out various features that we are building in a test network environment. For the team, it gives time and opportunity to test the platform, reveal possible bugs or areas for improvement. It is essential to run a Testnet first because at the Mainnet launch users will trade with real assets, so we have to make sure that the platform runs smoothly.
What are all of the functionalities that will be available to use during the V3.0 testnet and will they involve test tokens or real coins/tokens?
We tried to gather all the details and provide a full overview of the development roadmap in this article on Medium. The Testnet V3.0 will function with test tokens only, and not using real coins or tokens.
What are the key features V3.0 aims to test?
We want to check several functions:
⚫️ Operation of Bridging mechanism to Ethereum.
⚫️ Operation of One-way migration of ERC-20 tokens (PDEX)
⚫️ Open test trade for a group of beta testers to see how the interface behaves and if the experience is as good as we intend it to be
⚫️ Beta test the mobile app which is crucial for the onboarding experience
⚫️ Test the IDO pallet to see if it works well and if we need to add any extra features
And many other things — the list is endless, we will keep deploying those functionalities tested in the Polkadex Testnet to the Mainnet (provided their security audit is done in time).
How long will the Testnet V3.0 last?
It will be running for 1–1.5 months. You can find specific dates in this article.
What has been Polkadex’s main focus when it comes to a good release of the Testnet? Are there any bugs that might delay the release of the testnet?
We will find if there are any bugs during the Testnet stage. As it’s the main purpose of running a testnet, they will be fixed diligently so that we can move forward with the Mainnet as soon as possible. We will have bounty programs along with it, where hackers in the community can participate. We will try to make it robust together and we need your help 😊
How similar will Testnet be to the final product in terms of functions?
Once all functionalities are launched and tested, it will look exactly like the main product. So users can clearly see what is going to come out in the open version.
Visually (graphics, menus, colour schemes, icons etc) how close is what we see in Testnet V3.0 going to be to the final product?
Graphics may not be fully in line with the main product in the beginning because some of the functionalities are wireframe graphics which our front end developers are putting together without the involvement of our Chief Product Designer. So, it may lack the ‘wow’ factor in the beginning. However, towards the end, the designer will catch up and roll out his releases. Right before we go live on the Mainnet, you can see how the finished frontend looks like.
How Testnet V3.0 will show us possible liquidity in the Orderbook?
We cannot show possible liquidity in the Orderbook, unfortunately. But we can definitely show how a specific liquidity threshold is affecting the speed and experience of the orderbook in real-time. This can be done by simulating trades similar to what we did in the Testnet V2.0.
How to connect to the Testnet? What wallets are supported?
We’ll provide detailed instructions on how to use & test each functionality as part of the release. Most likely Polkadot.js wallet will be the only default wallet integrated with the Testnet V3.0.
How will we be able to contribute and give feedback during testnet?
We’ll also follow up with this info soon, so you’ll be well-prepared to use the Testnet.
Will there be any competitions for people that participate in the Testnet?
We are currently working on some mechanics. The idea is to find bugs and vulnerabilities of the platform, so we’ll definitely need community support and have plans to open up bounty programs to help secure the network.
There are very few DeFi protocols that put an emphasis on customer support, Aave seems to be one of the few. With the fantastically low fees for the exchange is there any plans to add support for users in any capacity?
A role of a centralised entity providing customer support is very limited in decentralized protocols. Most of the support is usually taken over by the community themselves. However, Polkadex Orderbook is different and hence support may be needed for certain users trying to plug in the liquidity through our TEE architecture. In that case, we will consider having a proper customer support desk specifically aimed at institutional traders, retail traders, trading bot companies and market makers who are dependent on our APIs to connect and complete the transaction. On the other hand, in case the user loses access to private keys and in turn, access to funds on the Blockchain, there is a limit to what we can do. In those cases, most likely, users will have to go through governance.
Are you planning to hire many more developers between Testnet V3.0 and Mainnet? If so what types of devs are you looking for and in what locations? I want to get an understanding of the ramp-up of work necessary to bridge from Testnet V3 to our final Mainnet.
Yes, we are currently looking for two Rust developers to join our team. Location is not an issue because our team is fully remote and based all over the world. We have a very motivated team with set goals and milestones. As we do not micromanage any of the team members, open source experience is a crucial factor in hiring the right candidate. Regarding the possibility of a delay between Testnet V3.0 and the Mainnet, if it happens, most likely, it will not be related to any technical reason, but since we have to wait for the completion of the security audit before it can be deployed on the Mainnet.
Can other developers use the Testnet in the future while waiting for access to Kusama?
Yes, other developers can use the Testnet while waiting for access. Regarding Kusama or Polkadot question, we will be publishing a detailed parachain strategy in the coming weeks. In general, we are trying to cover different angles of the project in details one after the other.
Can I use third party tolls and API’s in Testnet V3.0? How can V3.0 save time compared with older versions?
We will use CCXT based APIs that are widely used in the market today. So it will be easy to build your side and connect. V3.0 will try and adopt common protocols to save time.
Will the testnet be available to American users?
Testnet will be available to all users but the Mainnet will be a controlled release. It means that American users or IP addresses will be able to use the swap protocol with no restrictions, but the Orderbook interface will not be visible to them.
How will we be able to contribute and give feedback during Testnet?
We’ll follow up with some detailed explanations on how to take part and contribute during the Testnet release soon.
Does internal PDEX migration cost gas?
Yes, balance transfers will have gas fees
Does Testnet V3.0 support iPhone and iPad?
Testnet V3.0 will initially be launched on desktop, mobile will follow later on. The primary goal is to test functionalities before making them work across devices
Will ADA vs BNB be supported?
The Mainnet will have the capacity to support all token versions.
How does Polkadex guarantee parachain forever?
Polkadex will guarantee parachain with its part of the revenue/validator rewards going to the Treasury.
How does TEE work? Is it fully secure?
TEE has never been hacked in a production environment in the last 6 years. The only handful of times a security compromise has been demonstrated in a lab environment is using side-channel attacks where full physical presence to the hardware was required and even then, it took almost 10 days to completely get through its security. It is close to impossible for this to happen in a real-time production scenario. Even then we have the additional layer of emergency shut down using IPFs and blockchain off-chain workers which will intervene in case any foul play is detected. It will be safer than the safest centralized exchange in the market today.
Can you please explain more about these lines you have written in the Medium article: “we add guaranteed funds recovery in case tampering happens or the exchange becomes a bad actor”? On a scale of 1–10 what are the chances here & how you’ll handle this situation. What do you mean when you say Exchange becomes a bad actor?
The exchange becomes a bad actor if its private key is compromised or the owners themselves collude. This is the case with any centralized exchange in the market today. With Polkadex it’s not the case because hackers cannot tamper with the funds, unlike on a centralized exchange. The best they can do is try and place some rogue orders but the funds remain with the user. They cannot cause any issues to balance transfers. Once this feature is implemented Polkadex will be the first in terms of fund’s security, even above the T1 exchanges in the market today. They do it via regulation, we will achieve it via protocol-level security.
Most of the questions people had during the AMA asked about the strengths of the project. Can we talk about your difficulties and challenges? What difficulties did you face developing Polkadex project and how did you overcome them?
Of course, we had difficulties because we are building a very complex product with some features and parts that are completely unique for the market. Whenever we faced any difficulties, investment in R&D has always paid off. It is the case with the new TEE architecture and also in interoperability features that we are currently working on. Get ready for a surprise announcement at the last phase of testnet 😊
What are the additional security benefits of using Polkadex that are not seen in other DEXes?
I’m pretty sure that the mathematical guarantee that your funds are safe is the best security benefit you can get 😉
Are you going to show how the fiat on-ramp works on the Testnet V3.0? Or that is reserved for the Mainnet?
Fiat on-ramp won’t be available on the Testnet for users yet. However, our institutional providers will be testing it behind the scenes. Users will be able to access this feature after the Mainnet launch.
Can you estimate when the Mainnet will go live?
We will have a finished product in August/September. Only thing is that there is a huge backlog from security audit firms now. Unfortunately, we cannot control their work speed, so if they delay security audit on our code it can slow us down a bit. We want to go through a full security audit before releasing the code to the Mainnet for public users.
And that’s a wrap for the Polkadex Testnet V3.0 AMA. Make sure to join our official social media channels too stay up-to-date with our future events:
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