t3rn Direct – a summary of our first live show
As t3rn approaches major technical milestones (our Polkadot parachain, mainnet, token, etc), we're seeing increased engagement on our channels, with the community excited about our upcoming releases. As a result, we're creating several community events to share all the news with you, listen to your comments and questions, and work together to build the future of t3rn!
One of these new activities is t3rn Direct, our official AMA (Ask Me Anything). We had our first session on DATE, and we're planning to host these events regularly.
With one or more team members, during t3rn Direct we answer questions from the audience live. We take questions both live or the ones asked previously on Telegram, Discord and Twitter. Down below, we present an overview of the main questions and answers from the first t3rn Direct.
Is there any plan to share details of t3rn's tokenomics, as well as release dates for the token?
Yes, actually we will release t3rn's tokenomics very soon – we're working very hard on it atm. The same is true for the token, but before we release it, we want to fine tune the technical implementation of our product. Building the right product is our utmost priority. There are a few steps we want to take as a project before offering the token, so that it is useful and valuable for the community.
Alex is working on a detailed docs page for our new website that will be launched soon. This documentation will have all the necessary information, such as great code examples of how to write cross-chain contracts. We will also have detailed illustrations of how the t3rn protocol works and useful information about our tokenomics.
How does t3rn position itself in the crypto space?
t3rn empowers any blockchain to become a fail-safe cross-chain hub, ensuring that funds are not at risk of being lost or stolen should any steps fail, as transactions are reversible. And unlike bridges, t3rn enables multi-step transactions to be composed across different chains under a single call. We are the new generation of cross-chain composability.
Users can port existing contracts to t3rn and make them cross-chain with just a few changes, making it easy for existing developers to use our protocol. We see the cross-chain ecosystem panning out similarly to the L1 space, meaning there will be a few market-leading protocols, each offering unique benefits.
Will t3rn have an incentive testnet?
For now we have our testnet on Rococo. Currently people can interact with the parachain using faucets, but soon the testnet will be incentivized. We are also planning on incentivizing other actors like our executors and have a competition where those actors can earn incentives by joining our testnet early. In general, our testnet will get more active very soon, since we have a lot in the pipeline and we will have several interesting incentives coming up.
Will the t3rn Conductors program be open again in the future?
Yes, actually really soon. We hope to publish the applications in late October and get the program up and running in November. Our team learned with the last batch and this one will be focused on education.
Will t3rn release an NFT collection or maybe a separate collection for Conductors?
We are considering releasing NFT collections related to events, Conductors, and partnerships. For now we don't have concrete plans, but if we release a collection, it will be a really nice one, or we'd rather not do it at all.
In simple words, how do reversible executions work?
If you have already worked with Ethereum, you are familiar with reversibility, as blockchain needs that for many reasons. Our reversibility is different because it includes multiple chains. We track the current state of every chain, if one of the transactions along the way doesn't work, we just don’t continue with the other transactions. So if the transaction works fine, we unlock the funds, and if it doesn't, we return them via escrow. This provides extra safety for your funds, which we believe will promote multichain transactions to a very large extent.
How does t3rn differentiate itself from other chains?
Our approach to reversible execution is something that we believe sets us firmly apart from other chains; being able to offer this is not only a complex technological feat but is also rooted in building a network of trusted and competent participants to make this possible. As such, it is a competitive advantage that isn’t the easiest to recreate and one that creates unique benefits for blockchains seeking to become multichain hubs.
Our architecture offers a distinct level of security that addresses what we have long seen as one of the most poignant issues in the space, namely the security of cross-chain solutions. Our developer-first approach, whether through developer incentives in our tokenomics or our model that facilitates developer remuneration all set us apart from other chains as well.
It was awesome to spend time live with the t3rn community, understanding your needs and main questions. Lots of questions surrounding tokenomics, the token sale and our ambassador programme. Stay tuned on our channels as we will keep updating everyone on these topics and many more!
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