Adopting any bleeding-edge technology can be tracked by the amount of difficulty required in the implementation, both in the existing knowledge base and the number of resources dedicated to adoption.
Our mission at Hypernet Protocol has been to create a people-centric model for the widespread adoption of blockchain technology. While blockchain technology has made infinite possibilities for Web 3.0 and future application/sector adoption, we believe that this cannot be gated to only those with the technical skills and understanding of the blockchain space. This mission has guided our design choices through our current TestNet phase.
The Protocol TestNet is currently working closely with a small number of select participants to run computing work on resources accessed via Galileo and paying with TestNet tokens. Significantly, in this reporting period, we’ve also added support for multi-chain Layer 2 payments. This required refactoring various components of our protocol UI library, yet ultimately did not affect the streamlined nature of the user experience.
This will showcase:
- Beyond selecting Hypernet as your payment method, using Galileo with the Protocol is as easy as paying with a credit card.
- Crypto payments can coexist with other methods in a traditional payment system.
- Software and hardware usage and time can be purchased with crypto.
- Marketplace vendors of both hardware and software can be paid out in crypto.
We are striving to create an environment where our users unfamiliar with blockchain technology can easily migrate to the Hypernet Protocol ecosystem. As you are aware, the computing market alone represents $250B, but progressive blockchain adoption has the potential to augment this opportunity substantially. We are now only on the cusp of early adoption, and, as members of the blockchain community, we are working to find the islands of users that can merge into an early majority.
The marketplace will have a mix of traditional users with no exposure to blockchain technology alongside those who are merely crypto-curious. To bring more users into the ecosystem, Hypernet is taking a hybrid approach. We plan to allow early users to purchase computing power in their choice of USD and supported crypto. Similarly, users listing their hardware and software for sale should be able to choose between USD and supported crypto for their payouts. We plan to provide ample incentives at the protocol level, in the form of discounts and perks, to shift users towards a preference for the Protocol over traditional forms of payment. We will continue to hone these incentive structures during the TestNet.
We are driving full steam ahead to realize the marketplace we envisioned when we began our work on Hypernet. Galileo is designed to be the first product to consume the Protocol, and it is meant to show others how they can build on the network. Computing marketplaces are just one of the many applications that stand to benefit from the Protocol, and we aim to enable others to power their applications with Hypernet. Stay tuned for more details coming out about the base-level mechanics of the Protocol and how to actively engage as a token purchaser.
We will be releasing more information on the mechanics and inner workings of the Protocol as we progress through the phases of TestNet.
Sign up for the TestNet waitlist here.