NEW: FREE Web3 Resume Cheat Sheet DOWNLOAD NOW

Fuse Network releases the Consensus Contract on its Flash Testnet 

In this post:

  • The Fuse Network announced the release of the Consensus Contract on its new Flash Testnet network.
  • The network also upgraded its consensus mechanism, capping its token supply and embracing a deflationary model.
  • The updates will improve Fuse Network’s capacity, structure, reliability, security, stability, and efficiency.

The Fuse Network announced on July 29 that it successfully released the Consensus Contract on its new Flash Testnet network. Fuse mentioned that the Consensus Contract was now available for Fuse users. The network explained that the upgrades would improve the network’s stability, decentralization, and capabilities.

The network also introduced several updates to prepare for transitioning from testnet to mainnet. Fuse is upgrading from Open Ethereum to Nethermind to improve the network’s performance and security. 

According to Fuse, the upgrade will stabilize the network’s transaction fees, reducing volatility and costs. Fuse stated that Nethermind would introduce new and essential EIPs, protecting users from vulnerabilities. 

The Fuse Network confirmed the upgrades will lay the groundwork for an efficient, user-friendly ecosystem. The network encouraged its community’s engagement and feedback. Fuse also thanked the community for its continued support and promised to provide a solid foundation for the network’s growth. 

Fuse Network changes its consensus mechanism

The Fuse Network changed its consensus mechanism, capping the maximum FUSE token supply. The cap will introduce the network to a deflationary token model. The network commented that the new model would improve its token’s desirability.

See also  Lingo, the RWA-based reward ecosystem, announces its rewards going live

Fuse mentioned that the changes would enhance the token’s price stability and offer community members long-term value. The network reiterated that the model would further support the ecosystem’s improvements and the foundation for its migration to Layer 2.

The blockchain also introduced a new maximum stake requirement for validators, reducing the number of validator nodes. The network explained that fewer nodes would simplify the validation process as validators run fewer nodes to verify transactions.

The Fuse Network stated that the simplified validation process would increase staking options for the community. The network promised its community more inclusion and participation as a result. 

Fuse explained that its ecosystem required a stable medium to meet the changing needs of consumers accessing finance in web3.  

Fuse launches a zkEVM Layer 2 network

Fuse announced its transition to a zkEVM Layer 2 using the Polygon Chain Development Kit (CDK). The network commented that the transition to the zkEVM architecture influenced its decision to move its mainnet launch to Q4 2024. Fuse said it would shift to an Ethereum-based Zero Knowledge network as its native network post-launch, created by the Polygon CDK.

Users can expect phased testnet adjustments, including the ZK rollup deployment, L1 <> L2 integration, and ZK Validium migration. The network also promised to announce changes to the testnet across its official social media channels. 

See also  Blaze AI shifts from Snowflake to Space and Time for database operations

Fuse confirmed that the Flash Testnet implementing Polygon CDK would be the first step in deploying the new zkVM-powered network. The network will then update key infrastructure providers to support the Layer 2 structure. The Fuse Network also confirmed that developers can test their end-user dApps on the updated network ‘without a new fork.’

The transition aims to improve the network’s scalability, interoperability, and security while supporting the new financial model. Fuse also expects increased transactions per second, decentralized validation, and web3 support. The FUSE token will act as the gas fee token. 

Share link:

Disclaimer. The information provided does not, and is not intended to, constitute financial advice; instead, all information, content, and materials are for general informational purposes only. Information may not constitute the most up-to-date information and readers must do their own due diligence and assume responsibility for their own actions. Links to other third-party websites are only for the convenience of the reader, user or browser; Cryptopolitan and its members do not recommend or endorse contents of the third-party sites.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Editor's choice

Loading Editor's Choice articles...
Subscribe to CryptoPolitan