What is Mainnet in Cryptocurrency: Mainnets to Watch in 2023

HomeEducation

What is Mainnet in Cryptocurrency: Mainnets to Watch in 2023

While cryptocurrencies have gained widespread familiarity, those with expertise in this field were once beginners. Understanding the functioning of cryptocurrencies requires knowledge of blockchain technology and the distinction between Main and Test networks.

By broadening their understanding, individuals can appreciate the significance of Main networks, as they determine the real-world value and practicality of cryptocurrencies. In this article, we will elaborate on these concepts and their workings.

The Mainnet’s significance lies in its ability to offer a straightforward means of evaluating the success of a blockchain project in times of unpredictable prices.

Advertisement

thegreensafe banner

What is Mainnet?

The definition of a Mainnet or Main Network is the space where the Main cryptocurrency network is implemented and operates. Thanks to this network, we can connect with various nodes that are part of the network and are responsible for storing all the blockchain information.

Significance of Mainnet for cryptocurrencies:

  • The Mainnet or Testnet designation shows how serious a project is since these two functions influence the price of the cryptocurrency.
  • The Mainnet enables the sending and receiving of digital currencies. Continuous updating and reviewing of Mainnet functions are essential for the cryptocurrency project to achieve significant success in times of price growth.
  • Mainnet shows that a project is ready for public use and live transactions.

Mainnets to watch in 2023:

1. WB Network (Launch date: August 3, 2023)

WB Network is the blockchain by the WhiteBIT exchange, which opens up numerous opportunities not only for the exchange but also for the community. Thanks to this innovation, users have gained a range of innovative solutions within a transparent infrastructure.

Almost a year ago, the exchange introduced its roadmap and its cryptocurrency — WhiteBIT Token (WBT). Users had the opportunity to participate in the WB Network Testnet and were rewarded for completing tasks in celebration of the mainnet launch. 100,000 WBT tokens were distributed among 17,500 activity participants.

Project Goal: To implement the active use of blockchain technology in the real economy sector.

Key Features of WB Network

1) Operates on the Proof-of-Authority (PoA) consensus algorithm.
2) The infrastructure is supported by trusted nodes that act as validators.
3) The native coin of the blockchain is WhiteBIT Coin (WBT), which was an upgrade from the well-known WhiteBIT Token (WBT).
4) Through WB Network, WhiteBIT users can enjoy several advantages within the WB Soul Ecosystem.

Related Reading: Bitget Wallet vs WhiteBIT Wallet: Web3 Technologies in Crypto

Advertisement

thegreensafe large horizontal banner

2. Base Network (Coinbase L2) – Launch date: August 9, 2023

Base Network is a crucial step towards integrating Coinbase’s products, users, and assets into the decentralized crypto economy. It is also an Ethereum Layer 2 (L2) chain that offers a secure, cost-effective, and developer-friendly way to build networks. The project incubates Base within Coinbase, leveraging their experience in creating crypto products, and plans to gradually decentralize the network over time.

The team also plans to launch a new network token. ETH will serve as the native gas token, providing secure transfers for Coinbase users.

Project Goal: To gradually decentralize the Base network and launch a new network token.

Key Features of Base Network

1) Base is an L2 built on the OP stack in collaboration with Optimism.
2) Base enhances scalability and efficiency.
3) Increased transaction speed.
4) Reduced gas fees.
5) Sequential security measures and decentralization as the Mainnet (Layer 1).

3. Zetachain – Launch date 2023 (without specifying a specific date)

Zetachain is a fundamental public blockchain that provides omnichain, shared smart contracts, and messaging across any blockchain. It connects everything, allowing the creation of interoperable decentralized applications covering any chain, including Bitcoin, with access to all chains from a single place.

ZETA is one of the first multichain coins, originally launched across multiple chains and layers. The ZETA coin is used to pay gas fees for ZetaChain smart contracts and is additionally used for securing the ZetaChain PoS blockchain. Users can also pay ZETA for interchain services provided by ZetaChain and gas in the destination network per step/package.

Project Goal: To solve the problem of “cross-chain” and “multichain,” and to open cryptocurrency and global financial ecosystem access to all.

Key Features of ZetaChain

1) ZetaChain presents a flexible crypto ecosystem where users and developers can move between any blockchains and appreciate their advantages.
2) ZetaChain is built on the Cosmos SDK and Tendermint Consensus.
3) ZetaChain is a Proof-of-Stake blockchain, where all transactions and actions on the platform are fully transparent.
4) The architecture of the ZetaChain TSS network can sign and verify transactions in each connected chain, much like a wallet does.

Read Also: Centralized vs Decentralized Cryptocurrency Exchanges

Conclusion

As the world becomes more acquainted with cryptocurrencies, understanding the underlying technology becomes crucial. The concept of Mainnets and their significance in the cryptocurrency ecosystem cannot be overlooked. Mainnets act as the backbone of blockchain projects. It provides a clear value to cryptocurrencies and serves as a yardstick for their success.

The evolution of these Mainnets has demonstrated their impact on the price and growth of cryptocurrencies, making them a focal point for investors and enthusiasts. The projects highlighted in this article represent some of the promising Mainnets to watch in 2023.

As these Mainnets continue to evolve and expand, they will shape the future of cryptocurrencies, bringing us closer to a world where blockchain technology and decentralized finance become an integral part of our daily lives. The journey from being newcomers to becoming knowledgeable participants in this fascinating field continues, and the possibilities that lie ahead are truly exciting. Embracing these advancements and staying informed will empower us to navigate the ever-changing landscape of cryptocurrencies with confidence and awareness.

Special Offer (SPONSORED)

Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).

"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.

I am a Copywriter, Crypto Writer, and Crypto Enthusiast