Enterprise-grade DLT Platform Insolar Launches Mainnet, Introduces Native Insolar Coin (XNS)

Enterprise-grade distributed ledger tech (DLT) platform Insolar is launching its own main network (mainnet), while introducing its native Insolar Coin (XNS), in order to replace its previously used Ethereum-based digital token INS.

Following the successful trial period of its testnet last year, Insolar has introduced its commercial mainnet (on February 3, 2020).

According to a press release, the holders of the ERC-20 compliant INS token had the option to exchange their tokens for XNS during the first day of Insolar’s mainnet release. The platform’s users can deposit their XNS tokens on Insolar’s newly developed native digital currency wallet, Insolar Wallet.

Several digital asset exchanges confirmed that they’d be temporarily suspending INS deposits and withdrawals, in order to support Insolar’s token swap.

As mentioned in the Insolar Economic Paper, published in June of last year, the XNS token acts as both a store of value and a medium of exchange. It may be used to conduct payments and engage in staking (when users earn rewards in digital tokens for locking up their digital assets for an extended period of time). Powered by the XNS token, the Insolar mainnet is the main public distributed network launched on the Insolar blockchain platform that has been developed specifically to create a DLT-driven application marketplace.

Established in 2017 as the INS Ecosystem, the project first began as simply an Ethereum-powered app linking clients and consumer goods. By June of last year, Insolar had managed to become a  “company building a horizontally scalable hybrid blockchain platform with interoperability between public and private networks.”

The recent introduction of the Insolar mainnet has notably come after the firm managed to  successfully deploy its testnet in 2019. In March of last year, Insolar launched an upgraded version of the testnet that had a throughput of more than 19,000 transactions per second. To ensure a stable mainnet release, Insolar teamed up with Kaspersky Labs, a leading  cybersecurity firm, for thorough testing and source code audit.

Insolar has also been working cooperatively with giant tech firms like Oracle and Microsoft. Additionally, the Insolar team has worked with Switzerland-based Innovation Promotion Agency, Innosuisse, the United Kingdom Energy Innovation Centre and the German Energy Agency.

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