Taraxa Network’s Phased Rollout
As Taraxa nears its mainnet launch, we the development team would like to explain in more detail on how the Taraxa plans to roll out our network. Rollout of the network is phased because we need to ensure that different features of the network are thoroughly and carefully tested, all without placing any real assets in jeopardy.
Let’s look at each phase in detail.
Phase 1: Pre-Staking
Pre-Staking goals:
Pre-Staking is designed to test the stake locking mechanism, node consensus operations, as well as stress test the network to improve security and stability.
How to participate:
- Stakers can stake TARA ERC-20 on the ETH network
- Node runners can set up a Taraxa consensus node and earn periodic rewards if they are one of the top block producers
Rewards:
- Staking has a flat yield and even a bonus to pay for your transaction fees
- Node operation is incentivized, read the step by step guide
Phase 2: Mirrored Staking
Mirror Staking goals:
Mirror Staking builds on top of Pre-Staking by connecting the staked tokens on ETH into the testnet by “mirroring” that stake onto the testnet through delegation of that stake to consensus nodes.
How to participate:
In the Mirror Staking phase, stakers that have locked their TARA on the ETH network can delegate their stake to consensus nodes running on the Taraxa testnet, and enables the testing of the the ledger’s economics (e.g., transaction fees, block rewards), delegation, and a ETH-TARA bridge.
Rewards:
Staking yields and other bonus rewards are shared by the stakers and node operators.
Phase 3: Mainnet Candidate
Mainnet Candidate goals:
Mainnet Candidate takes another step forward after Mirrored Staking. It is the same setup as Mirror Staking, but the testing focus will now shift to achieving a guaranteed zero data loss on the network, performance (e.g., TPS, latency) and hardware resource optimization.
How to participate:
In addition to staking and node operation, the community will have a chance to participate in a variety of stress testing activities to help harden the network to handle real assets.
Rewards:
Staking and node operation yields in addition to the many stress testing bounties accessible to everyone!
Phase 4: Native Token Conversion
Native Token Conversion goals:
To migrate all ERC-20 TARA onto the Taraxa mainnet into native tokens.
How to participate:
We’ll be engaging token holders and exchanges to ensure a smooth conversion. It’s likely that there will be minimal to no effort required from token holders.
Rewards:
Be on the lookout for more rewards & bounties to help spread the word and pre-migrate ahead of the systematic migration!
A major driver of our public, open, and phased rollout is that one can never be sure how a decentralized network will behave or perform unless the community at large is engaged to operate and run the network. This fact has been proven over and over again during our pre-launch testing, during which many enthusiastic and knowledgeable community members helped us to test the testnet in a highly heterogenous environment, helping us to discover and fix many problems that would have been extremely difficult to discover had the development team tested the network on its own.
Thanks to all the Taraxa community members who have made our current progress possible!
Stay tuned.
