The watchword for this week is Volcanoes. For those who missed it, El Salvador has now approved Bitcoin to become legal tender and the President of El Salvador has pledged a thermal electric company based in a volcano to start Bitcoin mining operations.
Not only this, the Chinese government has started shutting down all the coal dependent mining operations in China, but so far leaving the ones using renewable energy. The use of Bitcoin mining to use waste electricity at renewable energy sites globally is shaping up to be an interesting case study in whether Proof of Work really can be made green.
On the subject of green security - Radix staking is shortly going live on the betanet. Unlike Bitcoin and (currently) Ethereum, Radix uses Proof of Stake to secure the network, which has super low energy usage compared to Bitcoin and Ethereum and is one of the greenest ways to secure a decentralized public network. We will be energy efficient from day 1 - how else can you create a network for the global financial system to run on?!
If you are not yet using the Radix Betanet, please do get ready to download the new wallet and try out our staking ready for mainnet - this is where the fun really kicks off with 300m XRD annually being available to earn for staking on the Radix Mainnet. At current prices ($0.10 per eXRD) that is likely to be over $30m worth of XRD being earned every year by people staking.
If you would like to earn a piece of that, it will be super simple. All you need to do is stake at least 100 XRD from your Radix Desktop Wallet when mainnet goes live. That’s it.
If you want to go all in, you could even run a node on the mainnet - more details of how to do that will be released very soon!
It’s always a joy when we can finally talk about the exciting things we have been working on and the potential they hold for Radix. So, let’s kick off with the big news.
While many of you may have been expecting it, the confirmation of the Radix Olympia Mainnet coming on June 30th officially kicked off the ramp-up in activity ready for mainnet. There is a lot more coming in terms of details and updates for mainnet, so make sure to stay tuned to the official Radix channels.
The other major news is the announcement of Instapass and Instabridge. While initially these will be one of the routes available for converting eXRD to XRD (and back again), there is a world of opportunity presented by these products. Instapass especially will give the Radix ecosystem a huge advantage by enabling developers to integrate with this single sign-on solution for compliance - opening up a whole new realm of compliant DeFi applications.
Alongside the big news, here are a few other highlights of the last two weeks:
The heads-down, nose-to-the-grindstone, brass-tacks, and various other forms of hard work continue as we wake up each morning with mainnet on our minds.
Probably the most exciting update is the new betanet Desktop Wallet that we will be releasing very shortly – now with staking and unstaking enabled for your testing pleasure! To complement, we are also putting up a new version of the betanet Explorer that includes a list of current validators for you to use. Go crazy staking as much or as little to any validators you want; let’s make sure we test this thoroughly! We hope it gives you a good idea how easy staking will be on the mainnet. Keep in mind that on betanet, the unstaking delay is set to be zero to speed up testing, but this will change on mainnet.
Other than that, some more behind-the-scenes items from the team:
Another 2 weeks in the media/community have passed.
We have been very active behind the scenes to line up some strategic moves for the Radix mainnet and beyond. Publicly it was a bit of a quiet period after the big GoodFi and Radix announcement, and before we ramp up the activity for the long-awaited Radix Mainnet launch at the end of June. Here are some of the highlights of the last 2 weeks: