10 Million GTU Tokens up for Grabs as Concordium Launches Third Testnet
Enterprise blockchain platform Concordium has released another testnet in preparation for its mainnet rollout. This new testnet is the third iteration and it comes with new features and an incentive program for adopters.
Concordium plans to offer scalable and privacy-focused decentralized ledger technology (DLT) solutions to meet enterprise blockchain needs. Businesses across the world continue to experiment and even deploy the novel tech with blockchain looking to move from buzzword to a fully realized base tech in the global business process.
Concordium Launches Incentivized Testnet
According to a press release shared with Blockonomi, Concordium has launched its third testnet as the enterprise blockchain network nears its mainnet release. The rollout of the third testnet follows two previous successful trial network implementations deployed back in April and June 2020.
For its third testnet launch, Concordium says it is upping the ante with incentives to encourage adoption. Testers, developers, and other users who join the network will stand the chance to win up to 10 million GTU tokens.
Winners of the GTU bounty will receive their tokens once the mainnet goes live later in 2020. The rewards will be for users who contribute computing power to secure the network between October 15 and November 26.
Commenting on the reward scheme, Concordium CEO Lone Fønss Schrøder remarked:
A great deal of work has gone into our third testnet, and we wanted to incentivize the community to participate right out of the gate. Over the six-week period, I am sure that we will receive some fascinating contributions from talented testers. Thanks to the generous rewards on offer, these participants will be committed to contribute their best and stress-test the Concordium network, so we can make it stronger together.
According to the press release, interested participants will have to complete a series of challenges and submit their solutions via Github. Rewards will only be sent out to duly registered testers and developers. Registration involves the creation of a Concordium ID and a simple KYC check on the platform. Concordium says testers are encouraged to search for bugs in the system using fake IDs to determine the robustness of the network’s security architecture.
Third Testnet Comes with New Features
Concordium’s third testnet offers significantly greater performance functionalities than the previous two test networks. These upgrades include an in-built zero-knowledge (ZK) proof mechanism and encrypted transactions.
With ZK proofs, users will be able to validate transactions without knowing the actual value being transferred. This feature in addition to encrypted transactions means greater privacy on the Concordium network.
However, the Concordium devs have also baked in an anonymity revocation tool in the case of a court order. With regulators exercising greater scrutiny over the crypto and blockchain space, such protocols might be necessary for maintaining regulatory compliance.
Apart from the testnet 3 which went live on Oct. 6, Concordium also announced upgrades to its iOS and Android apps. The new mobile version comes with the ability to import previously exported files which means users can easily port their accounts and digital identities across devices.
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