We are delighted to announce that the Essentia testnet release is officially set for the 4th of May, and we are inviting everyone to participate!
While it is, in fact, a testnet, we have made measures to ensure it is fully functional. The main goal of the test network is to allow, us — the developers, and you — users, to see how the operates when it is sufficiently stable and secure. On the other hand, it also permits us to see how the network responds to new features, as well as to discover the most efficient means to introduce them into the mainnet chain.
What is the Essentia testnet?
The Essentia testnet is a fully functioning with Proof of Stake consensus mechanism running in a test mode. It is fueled by test ESS coins which are created freely, with no value. In order to check how the network operates, developers will request ESS coins from a special faucet. A detailed guide on how to receive the coins and participate in the network will be released on May 4.
For now, let’s take a look at the functionality that will be available in the first testnet release.
Blockexplorer
Blockexplorer is a useful tool allowing users to browse blocks, view addresses, network hashrate, transaction data and other key information on the . The functionality of each blockexplorer does vary from one project to another, but you get the idea.
Within the Essentia Blockexplorer you will be able to find:
Block Feed — information about the specific blocks. Here you will be able to find:
- Number of transactions on the block
- Estimated transaction volume
- Transaction fees
- Total coins transacted
- Block reward, weight, size, version
- Nonce, Merkle Root
- Hash of the current block
- Hash of previous block and hash of next block
In this section, you will also find the quantity of ESS transferred, which address received it and from which address it was sent.
Transaction Feed (details of every transaction conducted on the ) and Transaction History of A Given Address — using the Essentia blockexplorer you will be able to see the history of any Essentia address: the number of transactions, the balance and more.
Connections, height, Essentia Node Info, and Status
Masternodes
When the testnet is out you will have your chance to set up a masternode.
Masternodes are computers which perform utility functions for the network. While constantly remaining in contact with other nodes in the network, they verify and process transactions, increasing the security of the Essentia .
In order to set up a supernode and participate in the Essentia network you will need:
- To stake coins: you need to lock in a certain specified amount of coins in your . The coins then cannot be spent or moved.
- Computer Equipment: you can dedicate a separate computer just for the masternode (though it is not a must). If that’s the case, you will have to leave it on for 24/7. Keep in mind, that it will have to be repaired once in a while, just like any other electronic device.
- Internet: make sure that your Internet connection is fast enough to run a masternode, meaning keeping your copy of the blockchain constantly updated and being in contact with your peer nodes.
Essentia provides two tiers of masternodes:
- Mercury masternode (needs to allocate 100,000 coins)
- Mars masternode (needs to allocate 300,000 coins) — also known as a Supernode.
Other general information
Coin specs:
- algorithm: Quark
- block time: 60 seconds
- Coin supply (PoW): –
- Coin supply (PoS): infinite
- block size: 2MB
In order to install a node to your device, there are some basic requirements you need to meet. Those are:
That’s it for now — more information about the testnet will follow in due time! If you have any questions regarding the shared data, feel free to reach us out any time!
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Published at Wed, 10 Apr 2019 12:04:01 +0000
