Insolar Launches Mainnet, Swaps Ethereum-Based Tokens For Native Ones

Insolar, a business-oriented blockchain platform, implemented its own mainnet, introducing Insolar Coin (XNS) which will take the place of INS, the Ethereum-based token used previously.

Insolar’s 2019 testnet pilot was a success, and now the company rolled out its Insolar MainNet on February 3.

INS/XNS token swap is available immediately

The company said that those who hold the Ethereum-based ERC-20 token INS would be able to exchange it for XNS on the first day of the mainnet launch. XNS tokens may be stored on Insolar’s new native crypto wallet, Insolar Wallet, the company added.

In order to support the token swap, some cryptocurrency exchanges stated that they will temporarily close INS deposit and withdrawal services.

According to Insolar Economic Paper, published in June 2019, the XNS token is a medium of exchange and a store of value and can be used for payments and staking. Powered by XNS token, the Insolar MainNet is the main public network built on the Insolar Blockchain Platform, which is created to develop a blockchain-driven application marketplace.

Insolar mainnet claims to allow 19,000 transactions per second

Established in 2017 as INS Ecosystem, the project initially was an Ethereum-based app which connected consumer goods and customers. In June 2019 Insolar described itself as “company building a horizontally scalable hybrid blockchain platform with interoperability between public and private networks.”

Insolar MainNet was launched after the company successfully implemented its testnet in 2019. In March last year, Insolar published a report demonstrating the throughput of the testnet, which reached more than 19,000 transactions per second. In order to enhance a stable mainnet launch, Insolar collaborated with major global cybersecurity company Kaspersky Lab for a thorough testing and code audit.

In addition, Insolar has established partnership with global tech companies, such as tech behemoth Microsoft, and computer technology corporation Oracle. Other partners are the Swiss Innovation Promotion Agency, Innosuisse, as well as the United Kingdom Energy Innovation Centre and the German Energy Agency.

Together with the mainnet launch, Insolar also stated that it will introduce a bug bounty on HackerOne platform in order to improve network’s security. The bug bounty program will initially be open only to a specified group of specialists before getting public.