Enterprise Blockchain Firm Insolar to Launch MainNet on February 3, 2020
Ranked #1 worldwide in development activity. Major customer announcements forthcoming.
Following two years of extensive research and technology development, which made it the #1 most active blockchain project worldwide, and the release of a record-breaking TestNet deployment, enterprise blockchain firm Insolar is pleased to announce the commercial launch of its MainNet on February 3, 2020.
Enterprise blockchain today is a challenge
Imagine an enterprise firm that wishes to improve its supply chain transparency, introduce new process automation, and avoid costly and lengthy reconciliations with its vendors. They’ll naturally look to distributed ledger technology for the answer, but while most incumbent protocols, like Ethereum, Hyperledger Fabric, and R3 Corda, make for good pilot programs, real-world adoption ends up falling short due to the headaches that network participants face: having to run complex nodes, educating internal stakeholders, escalating costs, slow transaction speeds, questionable security, extensive coordination, and so on. That’s why enterprise blockchain adoption has lagged well behind expectation, and that’s where Insolar comes into play.
Insolar’s MainNet addresses these issues at launch and on its roadmap. Over the last two years the Insolar team has been working with digital transformation and innovation leaders from the Fortune Global 500 and researchers from the world’s leading universities to identify a wish list of essential benefits that are expected of distributed ledger technology in enterprise setting and would help the industry to overcome the existing hurdles.
“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.”
A better outcome with Insolar
What if the same firm we imagined earlier followed its successful blockchain pilot program by seamlessly scaling its program to tens of thousands of vendors and partners across the globe. The vendors would use a simple web interface, or better yet can integrate the solution with their own ERP software like SAP and Oracle, without having to contribute any IT infrastructure or, frankly, even know what blockchain is. Moreover, once the solution gains adoption, it can easily support 20,000 transactions per second and higher, without the traditional redundancy and energy bill that comes with most blockchain solutions. The enterprise and its network of suppliers will then achieve significant savings with a clear ROI and without additional investment in people or infrastructure, and without prohibitively expensive operating costs.
This is what the Insolar Blockchain Platform, which is the technology underlying the MainNet, enables enterprises to achieve.
Introducing XNS, Insolar Wallet, and Insolar Explorer
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.
Tested, vetted, & ready
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.
The road ahead: upcoming features and adoption
The Insolar Blockchain Platform, the technology underlying the MainNet, offers 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 of 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.
Down the line, Insolar customers can look forward to custom contracts that extend the platform to meet new and pressing use cases, domain governance that enables permissioned and permissionless access within one network, and segregated data storage that complies with internal corporate and state regulatory requirements. With the recent announcement of Insolar’s collaborations with Microsoft Azure and the Oracle Cloud, Insolar customers can also look forward to seamless integration with their existing infrastructures.
As a platform built for business, it should come as no surprise that Insolar has an impressive line-up of enterprise firms onboarding onto the MainNet. These firms, which include market leaders in verticals such as financial services, energy, and retail, will be revealed in the months ahead—stay tuned!
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
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