We're excited to share the incredible progress we've made with the Tangle Network testnet. As we approach our mainnet launch on April 10, 2024, we want to highlight the milestones we've achieved and the strength of our growing community.
The Tangle Network testnet has been a great success, processing over 900,000 blocks and demonstrating the robustness and reliability of our Substrate-based platform. There has been a tremendous response from validators, with the testnet reaching a peak of 800 validators, making Tangle the 5th largest Substrate-based chain by validator nodes according to Polkadot Telemetry.
The unique leaderboard campaign attracted 1,126 participants as of mid-March 2024, fostering early participation and rewarding dedicated validators. Over half of these participants earned above the median points, showcasing the long-term commitment and enthusiasm of our community. These points are converted in the genesis script into proportional allocations of $TNT tokens at mainnet launch.
Tangle Network empowers developers and innovators to forge the future of decentralization and privacy through its robust multi-party computation (MPC) solutions. Our platform provides the infrastructure and tools to rapidly build cutting-edge, privacy-preserving decentralized applications (dApps) powered by MPC. By making MPC services accessible for cross-chain and zero-knowledge capabilities, Tangle secures a truly private decentralized ecosystem. Comprehensive documentation coupled with Substrate's standardized framework accelerates developer adoption, attracting the ecosystem's top talent to unlock the full potential of MPC-driven blockchain solutions.
Our upcoming mainnet launch marks a significant milestone for Tangle Network transitioning from our successful testnet phase to a fully operational blockchain platform. The mainnet will introduce our native $TNT token, which serves multiple functions within our ecosystem. $TNT will be used for gas metering, ensuring efficient allocation of network resources, and as a means of participating in our protocol's security through staking.
Furthermore, $TNT will grant holders the ability to engage in on-chain governance, shaping the future direction of the Tangle Network. The token allocation strategy designates 36.36% to our Treasury, establishing a solid foundation to foster ongoing development, attract top talent, and drive the adoption of privacy-focused and cross-chain solutions.
After the launch, Threshold Signature Scheme (TSS)-as-a-service will be launched, and restaking mechanisms activated, connecting validators to MPC services and providing additional revenue streams. In the following phases, cross-chain transfers, initialize Proof Generation (ZKSaaS) as a service, and an ETH2 Light Client will follow. Over time, MPC services will expand in offerings and Tangle Network will aim to integrate with EigenLayer to further enhance our platform's capabilities.
The Tangle Network community is thrilled by the support, enthusiasm and growth shown throughout the testnet phase, and this is just the beginning of our journey together. With MPC cutting-edge technology, our commitment to interoperability, and focus on privacy, Tangle Network is poised to shape the future of decentralized applications and privacy-preserving solutions.
To learn more about Tangle Network, visit our website at https://tangle.tools and follow our social media channels for the latest updates as we approach mainnet launch. Thank you for being a part of our community, and we look forward to sharing this exciting next chapter with you.
