Insolar to Launch MainNet on February 3, 2020 – Debuts Insolar’s New XNS Token

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Following two years of testnet enterprise, blockchain firm Insolar is launching the commercial version of its project – its MainNet – today, on February 3, 2020. With a separate late 2019 announcement of deals with Microsoft, Oracle, and a group of national innovation agencies, including Innosuisse, UK Energy Innovation Centre, and the German Energy Agency, Dena, the company is poised to enter and compete in the enterprise blockchain market.

“The launch of Insolar MainNet is a major milestone for business and technology leaders tasked with adopting blockchain in the enterprise world,” says Insolar CEO Andrey Zhulin. “Data exchange is the backbone of every business process. We are excited that for the first time, companies have tools for trusted data exchange based on enterprise-grade distributed ledger technology with cloud-based nodes and unprecedented transaction throughput.”

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The company claims that the Insolar Blockchain Platform, the technology underlying the MainNet, can offer enterprise firms many unique benefits:

  • Participants can join their network without running a node. This means that a company can add tens of thousands of its clients or vendors to its network without requiring them to contribute infrastructure or technical know-how. 
  • Linear scalability. Unlike other protocols, where the amount of computing resources increases exponentially for a given increase in transaction throughput, Insolar requires resources that are linearly proportional to the desired throughput of the network. Therefore, it is economically viable to achieve hundreds of thousands of transactions per second, enough to handle even the most demanding use cases;
  • Insolar is easy to use. Engineers don’t need to learn a new programming language to work with the platform; the platform runs on Java. Insolar can also run on existing hardware and is designed to be compatible with other blockchains as well as enterprise legacy systems, including EPRs like SAP and Oracle.

Key components of the Insolar MainNet include the launch of its native XNS coin, Insolar Wallet, Insolar Explorer, and a secure, third-party audited architecture with the storage and speed necessary for real-world enterprise application deployment. 

The Insolar MainNet debuts Insolar’s native coin, XNS, which will replace its longstanding ERC20 token, INS, and power the company’s burgeoning ecosystem economy. On the first day of the MainNet launch, holders of INS will be able to swap their tokens for XNS and store them on Insolar’s new native Wallet, with transactions viewable on the redesigned Insolar Explorer. Details on the INS-to-XNS migration process can be found on Insolar’s website and details on how XNS will function in the Insolar ecosystem can be found in the Insolar Economic Paper.

To ensure a secure and stable MainNet rollout, which is mission-critical for enterprise, Insolar engineers partnered with global cybersecurity powerhouse Kaspersky Lab for an exhaustive code audit that successfully concluded at the end of October. Having more than 20 years’ experience battling and pre-empting sophisticated digital threats, Kaspersky Lab was the ideal choice to penetration test Insolar’s network and validate its readiness for enterprise onboarding.

Additionally, in keeping with industry best practices, Insolar will be offering bounties through cybersecurity platform HackerOne to improve the network’s security. The Bug Bounty will become available first to a select group of high-level specialists and then later to the public at large.

Data exchange is the backbone of every business process. Insolar develops the platform and solutions to power trusted data exchange between businesses. Insolar technology ensures data consistency, transparency and security. Control access and retain ownership of shared data. 

Insolar works with Microsoft, Oracle, UC Berkeley and Fortune Global 500. Our team is made up of over 80 people, including 50 engineers, across Europe and North America.

For more information, visit: www.insolar.io

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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