Insolar to launch Testnet 1:1 next week Monday
Insolar, the blockchain-as-a-service platform used to build distributed networks for companies and organizations, will launch its’ Testnet, 1:1, on Monday next week. The platform testnet will allow external participants to deploy their nodes to the network with the number of parties limited and with strict CPU requirements. It will launch the new testnet with external nodes participating on the network and these include the Swiss Technical University ETH Zurich and Toronto’s York University, as well as many bluechip companies which have already reserved their nodes.
The platform also has a token known as INS coin that is set to launch its Economic Paper in June, which will outline the role of the coin including its different use cases and benefits to the community.
Insolar successfully launched its Testnet 1.0 last month, which showed a throughput of 10,000 transactions per second on 20 nodes. During Test 1.0, all participating nodes were hosted internally by Insolar.
Following the improvements, the new testnet now can manage a transaction throughput of 16,000 or over 16,000 transactions per second on just 20 nodes, making it the most scalable blockchain platform for enterprises worldwide so far. In fact, their website indicates that it has a maximum throughput of 19,163 transactions per second.
Running a node on the new testnet will be free and network participants can create accounts, generate transactions, and observe network capacity and throughput.
The Insolar platform focuses on blockchain business-to-business applications and therefore, aims to extend blockchain mass adoption in the enterprise sphere. As a scalable platform that offers endless possibilities for vast networks that host several nodes, it is one of the best blockchain-as-a-service platforms for organizations so far.
That's because it allows the network to scale and to add nodes without compromising the network’s value and speed, with each node added resulting in an increase in the platform’s speed. The platform already manages over 16,000 transactions per second as tested on just 20 nodes, which is way a lot compared to PayPal's 193 transactions per second.
With many legacy companies and businesses already launching operations on the blockchain or migrating fully to it, it is expected that 20% of global economic infrastructure will be running on blockchain-based systems. This will add colossal U.S. business value by $3.2 million annually.
Mainnet and wallet
The mainnet is expected to launch in September this year alongside the Enterprise Platform 1.0 package to allow enterprise-ready applications and creation of working Proofs-of-Concept (PoCs). The mainnet will host multiple products and will initially be deployed on Insolar’s nodes with external nodes being included as part of the network.
Alongside the mainnet launch will be the launch of a native Insolar Wallet that will also support the conversion of ERC-20 tokens to native coins on the Insolar blockchain.
Multiple use cases
Insolar's blockchain platform helps companies to reduce the costs and complexity of certain processes, launch distributed and trusted record keeping and management, and increase the shared nature and the trust in all of the above. It is applicable in different use cases such as in transport and logistics for real-time performance monitoring and supply chain management while reducing fraud and theft; healthcare for management of health records and communities all with privacy and reduced payment fraud; in agriculture for managing supply chains and real-time product quality monitoring; in retail for streamlining customer data, launching and managing efficient advertising tools and for diversifying consumer incentives; and in manufacturing for companies that want to establish direct customer relationships and launch versatile rewards and loyalty programs.
Other use cases include in automotive, mining, telecom, transport and logistics, insurance, and many others.
Smart contracts and domains
It uses smart contracts that can be decentralized applications, oracles that provide access to off-chain data sources, aggregators or other systems entirely. The platform also uses cloud services to structure and apply business logic. A cloud on the platform is a set of nodes that are represented by the computing power and storage providers. Each has rules defined for it and it is possible to assign different roles to individual servers in order to provide different resources such as bandwidth, storage or computing power.
It also works on the principle in which the root domain hosts several domains that can be used separately to define procedures, data formats, work rules, standards or processes to implement changes. For instance, one domain on a root domain can be used to separately define smart contracts for use on a public node while a separate domain on the same root domain can be used separately to define separate smart contracts for use on private nodes. Each domain is separate from the rest and can be used in the initiation and management of data sets as well as for the provisioning and management of personal and protected data.