Aug 06 2020 - TBCT News

With our successful TBCT Tradex Development complete, we are ready to start our March to Mainnet. This is an exciting period as all the hard work put in by the TBCT team and community is coming together.

We are breaking the mainnet launch into two phases. This is a whole new chain with a new chain ID. The reason for a soft mainnet is we want a smooth transition to the newest version of the TBCT Tradex Wallet. As you recall, we worked with the Community team earlier this month on a major bug we discovered.

Phase 1 is the ability to stake TBCT and start earning rewards. Shareholders and Community Team who join will earn real tokens for helping us secure the network during this transition to Phase 2. Phase 2 will launch on August 8.

Phase 1: Soft Mainnet — 8 Aug

The objectives of Phase 1 are:

  • Ensure everything works for production mainnet
  • Smooth out the on-boarding process for shareholders and community team
  • Give the community an early opportunity to start earning tokens in a mainnet environment.

During this phase, the team will be focusing on bringing on shareholders groups and partners. Product-wise, in addition to securing the mainnet, we will be focusing on final testing of the Ethereum Bridge Layer in a simulated live environment. This is an important piece as it opens up TBCT Token to bringing any ERC-20 + ETH itself to TBCT Token and all other blockchain chains.

On August 8, the soft mainnet will be live. Staking will be available for the public from this phase. You will be able to:

  • Become a shareholder node in soft mainnet
  • Swap TBC to TBCT to participate in staking
  • Earn staking rewards in form of BTC, ETH
  • Delegate BTC to any shareholder, redelegate and unbound your tokens
  • Manage to stake and see reward status through the TBCT Staking Dashboard Build dApp on TBCT Wallet using JS Client Library
  • However, during this phase, you will not be able to swap back from TBCT to Kringles. This will only be available at the end of Phase 1.

All shareholders will need to have their TBCT addresses and stake their TBCT. Every 24 hours, BTC, ETH rewards will be distributed to everyone.

Please also note that even though the public is welcome to become a shareholder, the TBCT team will still hold most of the staking power. We will reduce our stake gradually when we see the network runs healthily.

phase 2: Production Mainnet (TBCT Tradex 1.0) — 8 Sep
Production mainnet will be a relaunch (hard fork) that will be very similar to the soft mainnet, but with some of the “safeties” removed. Some of the additional features on top of soft mainnet will be:

The Ethereum bridge relayer will be run autonomously, meaning TBCT<=>BTC swaps will happen constantly 24/7 instead of only with human intervention (which is the case for Phase 1)

More polished versions of our mobile wallet app in place
Updated and tested versions of our other client libraries ready for public consumption (vs our Phase 1 which will only have official JS support).
Another important overall goal of Phase 2 is true decentralization — we hope for wide public support (from shareholders and community team) where TBCT Token will slowly and systematically “loosen” the reigns of power (in the form of staking power) where the community will hold the majority, rather than TBCT Token itself. We will reserve the right, for the near term at least, to make decisions on new updates, network forks, etc.

Coming Next

Token Economics

TBCT Token’s staking program is designed so that those that stake early, earn the most. The system will reward participants up to 25% per year. More details of the staking schedule and how rewards are distributed will be released next week.

Staking Guide for Shareholders & Community

Next week, we will also release the full guide for Shareholders and Community to participate in phase 1 soft mainnet staking.
Please stay tuned!

Category: TBCT News , Community News