When prices are difficult to predict, the mainnet in cryptocurrency gives an easy means of measuring the success of a blockchain project. It is a key technological element that everyone interested in investing in an Initial Coin Offering should understand before putting any money at risk.
Mainnets are important because they demonstrate the true worth of a cryptocurrency in a real-world deployment. Let’s have a look at what it is and how it works.
What Is Mainnet?
A mainnet is a blockchain that facilitates the transfer of digital currency from a sender to a receiver. Mainnet is simply the main network on which actual transactions are recorded on a distributed ledger. A Tesnet, on the other hand, is a network where Decentralized Applications(DApps) and EDCCs are tested and created.
Before investing in an Initial Coin Offering, an investor must guarantee that the blockchain project has a mainnet. The presence of a mainnet or a testnet indicates the seriousness of a project, as both aspects affect the price of a cryptocurrency in some way.
In cryptocurrency, the mainnet is the final output of blockchain projects that allows users to transmit and receive digital currencies. Mainnets do change from time to time as project teams determine the necessity for upgrades or changes. Furthermore, crypto-based mainnet deployments will be required to feature a wallet system.
How Mainnet Affects Prices in Cryptocurrencies
Continuous upgrades and modifications to the mainnet function are required if a cryptocurrency project is to achieve widespread success in terms of increasing pricing. Bitcoin is one project that has had tremendous success in the sector, thanks in part to Mainnet enhancements.
After initially falling from highs of $10,600, the mainnet upgrade helped increase the cryptocurrency’s price from below $7000 to highs of $9,500 in the following weeks.
In March, the largest cryptocurrency by market capitalization debuted Lightning Network, a cryptocurrency mainnet feature that adds a second layer to the blockchain. The Off-chain solution was a major improvement designed to make Bitcoin more scalable, allowing the blockchain to handle more transactions per second. Furthermore, crypto-based mainnet launches will need to integrate a wallet system to facilitate trading.
Mainnet in Cryptocurrencies to Watch Out For
EOS Mainnet Launch
EOS was one of the most eagerly anticipated blockchain projects, positioned as a faster, scalable, more efficient version of Ethereum. EOS is a blockchain platform for creating decentralized applications. It has been labeled an Ethereum killer. This is due to the fact that its underlying software provides accounts, authentication, cloud storage, databases, and server hosting. In addition, the platform can handle millions of transactions per second.
Nuls Mainnet
Nuls is a blockchain project that has long been referred to as a sleeping giant. The project’s goal is to create a seamless experience. Customers and businesses will also be able to engage across several blockchains. They can also communicate with programming languages and smart contracts. In April, the project’s mainnet in cryptocurrency began testing.
VeChain Mainnet
VeChain project seeks to ensure seamless integration between the Internet of Things and blockchain. It’s in the race to build a trust-free and distributed ecosystem for the transparent flow of information. The VeChain Mainnet in cryptocurrency is slated for release on June 30th, 2018. After following the launch of a testnet on May 1st, 2018.
Ontology Mainnet
Ontology is a large-scale blockchain initiative that aims to make blockchains available to businesses and consumers. The network is actively developing a verified mechanism via which customers and organizations can interact with data while avoiding the issues of Sharding, Oracles, and Lightning.
After only three months, the project hopes to have a cryptocurrency mainnet.
Ethereum Mainnet
Ethereum Mainnet is to provide a platform to assist developers in developing decentralized applications. As a result, developers can use the platform to create various types of dApps. In truth, it will hasten blockchain adoption. They also provide a cryptocurrency known as Ether. At the moment, numerous decentralized applications are built on Ethereum, and it has one of the best mainnets on the market.
Conclusion
The mainnet in bitcoin is a dependable and effective technique for measuring the performance of any new blockchain project. Such characteristics demonstrate that a blockchain project is being implemented and that the developer’s team is working to improve its efficiency and effectiveness. Mainnet has an impact on cryptocurrency pricing in both the short and long term.
