June 2nd, 2020 at 1:46 pm UTC · 3 min read
High speed blockchain network Elrond has today announced a $40,000 prize pool to incentivize use of its testnet ahead of the mainnet launch. “Battle of Nodes: Onchained” will see Elrond’s test network transformed into a virtual battleground, complete with missions to be run and bugs to weed out. Participants will share in the $40,000 pool, awarded in a combination of ERD and mainnet stakes.
The event, which commences on June 4th, 2020 at 12:00 UTC, will mark the culmination of Elrond’s extensive network testing phase. Upon completion, final preparations will be put in place for the full mainnet launch. With the mainnet launch out, Elrond will be the first blockchain to accommodate internet scale performance, ushering a new era for the blockchain usability and adoption.
Battle of Nodes: Onchained will teach participants how to operate the latest version of Elrond nodes and challenge the security of the system. The gamified testnet will also feature several network restarts, hard forks, and two special events to demonstrate performance.
The Elrond mainnet will go live once the test network will run 15 days without interruptions despite heavy load and thorough stress testing.
Elrond CEO Beniamin Mincu said:
“Battle of Nodes: Onchained is the final and most important step before the Elrond mainnet. Through it, we will demonstrate a robust and performant network leading to the launch. This is a remarkable milestone, and once 15 days have passed where the network runs without interruptions in a high TPS environment, we will know Elrond is ready to go live.”
Upon completion of the Onchained event, $20.000 of ERD will be awarded to participants as tokens, with an additional $20,000 in staking rewards assigned to mainnet node operators over the course of the next year. Participants can maximize their rewards by keeping their node online during the testing period, completing missions, and identifying bugs. Battle of Nodes: Onchained will provide the last opportunity for the public to scrutinize Elrond before its mainnet launch.
The previous Battle of Nodes events ran in October and December 2019 and saw $75k awarded in bug bounties and participation. During the events, more than 400 participants from 43 countries operated over 800 community nodes.
Elrond is a new blockchain architecture, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 10,000 transactions per second (TPS), with 5-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.