Running with the Bulls on the Polymesh Incentivized Testnet

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The Polymesh Incentivized Testnet (ITN) will give users and node operators the opportunity to accrue points for taking specific actions on the chain and to compete with others for spots on the leaderboard. 

ITNs have proven to be one of the best ways to fully test functionality and encourage community participation once mainnet goes live—just look at Cosmos, Polkadot, Cardano, and The Graph. 

The Polymesh ITN is modelled in much the same fashion. Here’s what you need to know to get in on the action. 

Important Dates 

The Polymesh ITN genesis block will be live by March 30, 2021, but the chain will not be accessible until April 13, 2021 when we turn on key user interfaces, including Token Studio, Governance, Staking, and notably, Onboarding. Unlike many other blockchains, Polymesh requires all actors to verify their real-world identity during the onboarding process in order to interact with the chain. 

Points will also begin accruing on April 13 and the Running with the Bulls leaderboard will officially turn on. 

Leaderboard_ITNRewards Pool

Much like how a Proof-of-Stake blockchain divides rewards between users and operators, the Running with the Bulls reward pool will also be divided. 

Polymath is recommending that once mainnet is live, the Polymesh Governing Council (GC) distribute 10,000,000 POLYX from the Network Treasury to the following groups:

 

GROUP POLYX REWARD TOTAL %
Users 7,500,000 75
Operators 2,500,000 25

 

Once mainnet is live, a Polymesh Improvement Proposal (PIP) will be created asking the GC to reward ITN Users and Operators. The community can show their support for this proposal through the Polymesh Governance App. Should the proposal pass, the Polymesh GC will reward POLYX based on each Users and Operators proportional points accrued over the course of the event. Polymath further recommends that any POLYX rewarded by the GC be done in bonded form, such that the POLYX is non-transferable and can only be used to secure the network via staking. Should a user wish to transact the POLYX, they will need to send an unbonding transaction in accordance with the protocol rules.

Please be aware that the reward size and structure is a recommendation provided by Polymath to the GC for its consideration. The GC may choose to, accept, alter or reject the recommendation once in session. 

Operator Participation 

Permissioned node operators are one of the aspects that makes Polymesh different from general-purpose blockchains. As a chain built for regulated assets, Polymesh only allows permissioned capital market participants that meet specific criteria to author blocks.

During the ITN, node operators will need to make themselves identifiable in order for stakers to optimize their staking decisions and for Polymath to provide marketing outreach and support.

Operator nodes will receive rewards proportional to the total number of blocks they produce during the testnet period. This means they need to follow the rules of Polymesh by staying responsive, maintaining uptime, and avoiding equivocation because if they’re offline for periods, or if slashed, they won’t be producing blocks. 

Licensed capital markets intermediaries interested in taking part as an operator should contact us.

User Participation 

In order to get started, every user will be able to receive up to 100,000 ITN POLYX via the bridge.  ITN POLYX has no value and is only used to participate on ITN. 

Instead, users compete for points, which are only for gamification purposes and accrued based on transparent on-chain activity. The points are non-transferable, and have no intrinsic value.

Points are based on specific actions that users can perform on-chain. Users can accrue points everyday by staking, while other actions have caps for how many times they will accrue points for each user. The base actions listed below will be available throughout the Running with the Bulls ITN, but additional monthly and weekly special missions will be dropping on a regular basis—so be sure to pay attention!

Base action points allocation is as follows: 

 

ACTION

POINTS

COMMENTS

Complete onboarding

10,000

One time reward for successful Identity  onboarding.

Stake POLYX

50 per day

50 points per day that the Identity has any amount of POLYX staked.

This gives advantage to early adopters but no special advantage to more technically savvy users.

Attach a secondary key

1,000

This reward is only for the first secondary key attached by the user.

Transfer POLYX to an alternate key

500

This reward is only for the first time the user transfers POLYX to an alternate key.

Other Builder Participation 

Solutions, for testing purposes, can be built and deployed on the ITN, exactly as they would on mainnet and will be able to migrate over smoothly once mainnet is live. However, unlike on mainnet, during the Running with the Bulls ITN, users will be actively incentivized to complete tasks within certain applications through the special weekly and monthly missions. 

Do you have a third party app that you’d like to test and build awareness around? Please contact us directly to discuss further.  

Sign up here to stay up to date with ITN and other important announcements.

 

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Please note all elements of the ITN and its proposed points and rewards structure are subject to change at any time.

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