- Maximum of 1 million FCT to be handed out as rewards to validator participants
[FIRMACHAIN] Blockchain-based global electronic contract platform FirmaChain announced that it will be receiving applications for the company’s Colosseum testnet validator participants.
Colosseum is the penultimate stage of FirmaChain’s proprietary mainnet Augustus hardfork. Upon completion of the Imperium DevNet, the Colosseum stage invites third-party validators to participate in the final testing process.
FirmaChain will be receiving applications from interested parties by November 14. Once the list of participants are finalized and notified, FirmaChain will run a number of stress tests and stabilize its system with the chosen participants.
Once the testing is complete, FirmaChain and the validators will undergo a final confirmation process on the governance proposal for the mainnet hardfork. Upon completion of all of the above, the company will be launching its ‘Augustus’ mainnet.
For the sake of the convenience of those participating, FirmaChain will be distributing a test application written in Firma-JS to the validators. On top of carrying out simple test transactions, the chosen validators must create various test scenarios of their own and conduct stability tests for each case devised.
Through the above process, the validators and FirmaChain can settle a number of mainnet related issues such as ▲the adequacy of the parameter value ▲governance proposals ▲software updates and ▲maintenance policy.
Based on the level of contribution, Colosseum validator participants will be given rewards.
Currently, FirmaChain is planning to hand out a maximum of 1 million FCTs as rewards. However, total reward is subject to change based on the number of participants and the scope of their activities. The ticker of the coin is also subject to change after the mainnet hardfork.
With the release of the Imperium DevNet, FIrmaChain has undergone a total of six updates from FirmaChain ver. 0.2.3 to ver. 0.2.9, which includes the Block Explorer update, Faucet update, Firma Station update, CosmosSDK 0.44 version update.
In the final stage of Imperium, which is ver. 0.3.0, FirmaChain will apply the Cosmos SDK 0.44.3 updates and add a [Token Create] feature that can be used for blockchain games and other DApps to be developed on the Augustus mainnet. FirmaChain will soon conduct a number of tests under the Imperium environment.
More details on FirmaChain’s recent development progress and validator participation can be found on FirmaChain’s official channels such as Medium.
“On top of our electronic contract business, through this hardfork, FirmaChain is currently working on expanding the features of our mainnet so that DApps such as NFT and blockchain games can be created based on Augustus,” said Youngin Yoon, CEO of FirmaChain. “Validator participation can not only contribute to the expansion of the decentralized system but also to the creation of a more transparent ecosystem, one that can be trusted. Since such participation is the most important part in forming the ‘trust’ we expect avid participation of those who are interested in the FirmaChain project.”
