Hongkong, Glitch Finance is happy to announce the launch dates of its long-awaited GLITCH mainnet v.1.0.
Glitch had initially scheduled the launch for the last quarter of 2021 but was forced to reschedule the mainnet to ensure everything was as per the required standards. According to the announcement, the mainnet will be launched in phases based on Glitch’s redevelopment and testing timelines. Notably, launching in stages will ensure that everything functions correctly while allowing the team enough time to complete objectives at the set timeline.
The GLITCH mainnet phases are named after Greek mythology and famous Australian economists that are believed to have founded the idea of finance. The four phases include Menger, Von Mises, Hayek, and Bellerophon, forming the first, second, third, and fourth phases, respectively. Menger will be launched on January 17 and will consist of a public Testnet v.2.0 on the substrate and an internally launched mainnet v.1.0 and GLITCH Genesis block #0.
Commenting on the mainnet launch, the Glitch team explained:
“Glitch is determined to prioritize network security in constructing this blockchain ecosystem. We will ensure that significant vulnerabilities are nonexistent, and we are working with the right people to build GLITCH in the most sustainable way possible.”
The second phase, Von Mises, will be launched on March 14, 2022, consisting of developer documentation, explorer testnet v.2.0, and network participants to run nodes. The third phase, Hayek, will be launched in June 2022, while the fourth phase, Bellerophon, will be launched in September 2022. The first phase will allow users to retest and resend transactions, while Phase 2 will allow users to create test nodes. In addition, during phase 2, developers will begin to review the GLITCH network documentation and update it at frequent intervals.
The last phase will allow users to experience the complete network while earning a passive income from revenue-generated activities. The phase will also provide a revenue-sharing vault, GEX, and live staking on the mainnet. During this time, smart contracts with utilities will go live, and buybacks of $GLITCH, the native token for the protocol to go live on GEX.
Notably, Glitch has partnered up with Kurtosis, a prototyping, and testing environment for blockchain engineers to automate the test environment for the GLITCH mainnet. The mainnet integration testing will reportedly be automated starting with Phase 1 on January 17.
Glitch is a fast and interoperable blockchain agnostic protocol created mainly for decentralized finance (DeFi) applications and trustless money markets. Glitch’s mission is to return individual liberty through decentralization. Glitch unlocks the power of permissionless applications while simultaneously reducing transaction costs and rewarding every participant. The protocol seeks to provide low entry barriers for everyday users and developers looking to extend products and services. By doing so, Glitch hopes to support mass adoption by creating a blockchain built exclusively for DeFi.
What makes Glitch stand out is its many unique features. The Glitch protocol is very scalable, featuring a minimum of 3000 TPS that increase based on network growth. The protocol also offers a low cost of transaction accompanied by a groundbreaking incentive system to support all within its ecosystem. Another unique feature is interoperability allowing swapping assets between the Glitch network and different blockchains through a bridging infrastructure. Lastly, Glitch uses a delegated proof of stake system that ensures democracy in its operations.
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