GGX Unveils the Sydney TestNet Validator Program: A Step Forward in Interchain Infrastructure
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
Highly revered as a novel interchain infrastructure protocol, GGX connects various cutting-edge fields within the Web3 technology ecosystem. These fields include interoperability, programmability, and (ZK) zero-knowledge verification. GGX is strategically positioned to bring cross-chain availability, helping solve the interchain communication and liquidity transfer challenges that plague other smart contract layers across the Web3 industry. By delivering protocol-agnostic communications, GGX paves the way for seamless interaction across IBC, XCMP, and LayerZero, among others. GGX Hybrid Virtual Machine is designed explicitly for cross-chain applications, supporting both the EVM, WASM and all their supported tooling. Utilization of a Hybrid Virtual Machine is critical not only to unlocking native cross-chain applications but also for novel zero-knowledge-based applications and cross-chain DeFi. GGX’s custom Incentivized Message Delivery Protocol (IMDP) harnesses the power of a network of couriers running light clients to facilitate efficient cross-chain communication at scale.
GGX is now starting to open up what’s happening under its hood to the broader developer community by offering an incentivized validator program. Using GGX, developers can avoid the risks that have emerged with the current vulnerable and fragile cross-chain infrastructure existing in the market today. GGX solves critical cross-chain pain points by allowing developers to build cross-chain applications using its Multi-Party Computation, Embedded Hybrid VM, and Decentralized Oracle capabilities.
The GGX Sydney TestNet Validator Program
To date, several projects operating in stealth are building Novel DeFi using GGX technology attributes to their advantage, powered by GGX’s cross-chain support and programmability. The Sydney TestNet Validator Program is meant to attract and incentivize participation in Sydney TestNet, a significant milestone on the roadmap towards mainnet and subsequently transforming the interoperability landscape as we know it. Sydney TestNet is a proof of stake network based on the GGX protocol, which replicates the conditions of mainnet. The design of GGX’s testnet simulates network behavior and activity. Validator operators and blockchain enthusiasts are invited to participate in the Sydney TestNet Validator program.
Within GGX’s optimized Hybrid VM are EVM based precompiles for zero-knowledge proof systems. Specifically, precompiles for Groth16 and Plonk proofs systems, two of the most widely used and tested ZK proof primitives, are included within the virtual machine. First-class support means that zero-knowledge programs can be deployed with native and efficient on-chain support, with estimated reduced gas costs associated with their use of up to 1000X.
GGXT (GGX TestNet) tokens will have an initial supply of 1 billion, with APY rewards starting at 14.93%. They will decrease 6.7 percentage points annually, asymptotically approaching 2% over a 30-year period, where it will stabilize indefinitely. Again, this is done to simulate mainnet behavior and will be informative in GGX’s finalized token economics design. Please refer to the table below for an outline of expectations.
Two periods are relevant for staking rewards: Epochs and sessions. Epochs are 24-hour periods that consist of six 4-hour sessions. Staking rewards are distributed to stakers each 4-hour session, and for every nomination, the validator receives 5% of the reward, while the remaining 95% is split between the validator and the nominators.
Sydney TestNet incorporates a democratic voting system. Any validator can propose a network upgrade or tokenomics parameter changes. The proposal will be the subject of voting by all Validators with the minimum amount of tokens (1000 GGXT). The proposal is accepted/rejected by a simple majority rule.
Limitations and Constraints
As a failsafe, the GGX team will hold privileged access to the network having the authority to upgrade and configure the network solely. The failsafe is in place in case of an emergency, but GGX intends for it to be a purely temporary configuration. Privileged access will end as the GGX network matures and is thus self-sufficient without requiring the failsafe mechanism. In the event of an intervention, the GGX team is committed to complete transparency and will communicate any actions taken clearly to the community and network participants.
ABOUT GOLDEN GATE
Golden Gate (GGX) is interchain infrastructure that delivers protocol agnostic cross-chain communications and liquidity routing, featuring comprehensive security architecture. Golden Gate is delivering a next-generation programmable layer 0, with an embedded hybrid virtual machine, and advanced DeFi orchestration capabilities that contributes critical infrastructure for Web3’s emerging “Internet of Blockchains.” Golden Gate is developed by a team that collectively helped build key components of our industry’s first generation fragmented infrastructure, now with the mission to bring frictionless composability and enhanced security standards to Web3.
Contact Details Golden Gate, Lisa Loi, [email protected]