Blockchain based electronic contract platform FirmaChain announced the launch of its new mainnet ‘Colosseum 1.0’ on January 27. Last year, FirmaChain decided to upgrade its mainnet network in order to enhance the stability of its proprietary mainnet based on Cosmos SDK and to expand the application of its network along with the Cosmos SDK v0.43 upgrade. The team aggressively invested in hard forking its mainnet, updating and expanding the features and functionality offered by the network which include IBC (Inter-Blockchain Communication), smart contract, NFT creation and token swap.
Conducting two rounds of testing before the launch of Colosseum, the FirmaChain team focused all of its efforts on fine tuning their mainnet operation policy and strengthening the security and stability of the overall network. Through operating the first stage devnet, Imperium and the second stage validator-participating testnet, Colosseum, the team’s goal was set on enhancing the network.
In Particular, a total of 450 teams from all over the world expressed their intent to participate in the Colosseum testnet, drawing the attention of the blockchain industry. After intensive review of the 450 portfolios of the applicants, the FirmaChain team selected 26 teams as testnet validators, laying the foundation for a global project.
In order to succeed the results of the one-month long Colosseum testnet, the team decided to change the original mainnet brand ‘Augustus’ to ‘Colosseum’. Despite the tight testing schedule, the Colosseum testnet was considered a huge success with 472,629 blocks being created and 144,462 transactions happening at the end of the Colosseum testnet.
As Genesis Validators, 31 external teams will join and operate nodes on Colosseum while the FirmaChain team will operate 6 nodes. In sum, a total of 37 teams will be operating nodes as validators on the Colosseum mainnet with the mission of stabilizing and developing the network.
External genesis validators consist of most of the teams that have participated in the testnet, forming a multinational validator pool. Teams from the Republic of Korea, Russia, France, Germany, Ukraine, Singapore, Philippines, Indonesia, United Kingdom, Poland, Belarus, Latvia form FirmaChain’s mainnet genesis validator pool.
After launching its mainnet, the FirmaChain team will focus on expanding its ecosystem and enhancing the utility of ‘Firma Station’.
Users will be able to participate in the FirmaChain ecosystem by staking their tokens, managing their wallet and participating in on-chain governance through Firma Station.
By staking tokens, users can receive rewards and can also transfer tokens from one wallet to another from Firma Station at a relatively low transaction fee. Users will also be given voting power proportional to the supply staked on the network, which can be used when voting on future on-chain governance proposals.
Since users who have a major stake in the network can also act as validators, token holders can formulate their own reward strategy within the FirmaChain ecosystem.
When participating in the FirmaChain ecosystem, users must be aware of the fact that there is a 21-day unbonding period when unstaking their tokens from the network. Additionally, once users swap the original ERC20 based FCT into the Colosseum mainnet based tokens, the swapped tokens cannot be withdrawn to exchange wallets until the respective exchange supports FirmaChain’s mainnet.
“This year, based on FirmaChain’s enhanced mainnet, we will not only continue to develop our electronic contract business but also will expand our portfolio to other business areas,” said FirmaChain CEO Youngin Yoon. “Token swap, hardware wallet release and so much more are prepared to be offered this year and we expect our holders to be able to securely and conveniently participate in the FirmaChain ecosystem using Firma Station.”
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