Phase 1 of Hypernet Protocol TestNet Has Commenced
This month we are ecstatic to announce that we have reached a major milestone: the first phase of TestNet has begun.
We have officially commenced our private TestNet with core community members. Phase 1 involves initial, invite-only, testing sessions with a small cohort of select users.
Test users are currently able to carry out computing processes in Galileo and pay for their computing power using TestNet tokens and a test version of the Hypernet Protocol.
Since its inception, our goal for Hypernet has been to drive the widespread adoption of blockchain technology within a mainstream community of people willing to buy and sell computing power. Our main objective with the Hypernet Protocol is to create a bridge towards the wider adoption of blockchain technologies by making the purchase of goods and services as seamless as it is with credit card or other digital payment options. At the same time, the Protocol design takes into account the specific requirements of a global marketplace for computing resources as a metered service.
As you may well know, forging a computing marketplace powered by blockchain payments is a technologically complex and challenging undertaking. Many have tried and fallen short of the achievement we’ve reached thus far. In the video below, we demonstrate near seamless integration of collateralized, state channel-based micro-transactions into the Galileo platform and highlight the superior ease of onboarding, even when compared with traditional payment technologies.
In the following video, Dr. Todd Chapman, Co-Founder and CTO of Hypernet Labs, walks you through part of the TestNet flow, involving:
- Enrollment in the Hyperpay payment gateway
- An overview of the early-stage Hypernet Protocol dashboard dApp, and
- The purchase of computing power
Additionally, while we can’t demonstrate it in a short video capture, the developer overhead and integration pattern for adopting Hypernet Protocol into a legacy invoicing system is nearly identical to that of integrating with traditional payment processors. This is a crucial aspect of mainstream acceptance, as there is an overwhelming shortage of developers trained in the requisite areas of blockchain development.
In order to accomplish this, we’ve had to iterate on both the user experience as well as the underlying software technologies. We abstracted core blockchain function calls as well as layer-2 scaling mechanisms to a point where not only can traditional developers can utilize a protocol such as this, but also the end users of our computing marketplace can interact with the platform in ways that are already familiar to them.
With our Protocol, once you fund your Hypernet account, every transaction you do on the Galileo platform is gas-less, yet the user retains full control of all their crypto assets. It is 100% non-custodial. Once a user loads their Hypernet wallet, that user will be able to keep purchasing time on computing hardware and software as if they were paying with credit card, with the same UX — you set your billing info (in this case, automatically set your channel address in a merchant webapp) and walk away.
The first TestNet sessions, which took place this month, have been a great success, and we are learning and making adjustments for the next rounds. We continue to invite additional test users from the waitlist. As we iterate on their feedback, we will be opening it up to more and more of our community until we are in a fully open TestNet environment.
As we progress in our TestNet, we will be gifting select users with TestNet tokens as a promotion to access free computing power. They will be testing and giving feedback on the Protocol while also getting used to the Hypernet Protocol as a payment method.
Once we’re in the fully open TestNet, and once we’ve optimized the entire user experience around funding, withdrawal, and transaction visibility on layer-2, and robustly addressed transfer-error recovery scenarios, we anticipate being in a position to launch on Ethereum MainNet.
To drive adoption once the Protocol is live, we plan to incentivize both buyers and sellers who use the Protocol for payments, thus creating a bridge towards establishing the Protocol as the main payment method while taking comfort levels into account.
Sign up for the TestNet waitlist here.