It’s been a while since Essentia’s testnet went live, and we are pleased with the amount of support we’ve received from the Community! Let us use this opportunity to thank you for your patience and involvement in the project’s destiny. Your feedback and participation allowed us to not only improve the existing functionality — that is currently present in the testnet network, but also to implement some exciting suggestions!

The last couple of months have been flaming hot as we were implementing, adding, editing, developing, testing and improving Essentia’s Mainnet chain. While we are confirming the details about the dates and specifics internally, we have decided it is time to go through the main characteristics and everything you need to know about the upcoming mainnet release.

What is the Essentia blockchain?

The Essentia blockchain is a fully functioning blockchain with Proof of Stake consensus mechanism.

Requirements & Characteristics

Masternodes

First of all, let’s outline some basic information regarding the Essentia masternodes. If you have tried installing the testnet, you might be already familiar with it.

Essentia provides two tiers of masternodes:

Mercury masternode (allocation of 100,000 coins and more)

Mars masternode (allocations of 300,000 coins and more) — previously known as a Supernode.

Coin specs:

Algorithm: Quark

Block time: 60 seconds

Coin Supply (PoW): 100 first blocks.

Coin Supply (PoS): starting from block 101.

Block size: 2MB

Proof of Stake

Proof of Stake is a type of protocol that is used to verify transactions using a fraction of the electricity used in PoW. The blockchain keeps track of a set of validators (masternodes), and anyone who holds the blockchain’s cryptocurrency (in our case ESS) can become a validator by sending a special type of transaction that locks up their tokens into a deposit. The process of creating and agreeing to new blocks is then done through a consensus algorithm that all current validators can participate in. PoS is used to create ESS that is distributed to stakers as a reward for validating transactions. The first 100 blocks are created via PoW, all next blocks — PoS.

Token swap

The token swap is another hot topic we constantly hear about from our Community. We can assure you that all the details and guides will be released in due time. For now, we can announce that the swap exchange ratio will be 1:1 (one ESS token for one ESS coin), and the whole process will be done directly through the Essentia Desktop application, to ensure a smooth and easy transfer. All other exchange methods are still under discussion.

Installation

In order to install and run a node on your device, there are some basic requirements you need to meet. Those are:

Unix OS.

RAM 8 GB

80GB hard drive

In order to set up a masternode and participate in the Essentia network you will need:

To stake coins: you need to lock in a certain specified amount of coins in your wallet. The coins then cannot be spent or moved.

Computer Equipment or a Virtual server: you can dedicate a separate computer just for the masternode (though it is not a must) or set up a virtual server instead. One of the benefits of PoS as opposed to PoW is that you’re not forced to operate heavy hardware, but would be able to start earning node rewards with light equipment. Though, keep in mind that you’ll have to be connected to the internet at all times.

Internet: make sure that your Internet connection is fast enough to run a masternode, meaning keeping your copy of the blockchain constantly updated and being in contact with your peer nodes.

As you can see, the next few weeks will be jam-packed with preparations, work, and releases! All the time-frames are already being discussed and will be pretty much set in the nearest future — thank you for your patience and support! You being with us is another reason we’re working towards the goal of total decentralization.

That’s it for now! More information will be released during the next weeks, so keep a close eye on our social media channels to stay updated. If you have any questions regarding the information stated in this article, make sure to leave them in our official Telegram channel!

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