DEIP testnet goes live on Octopus Network

DEIP launches a testnet in order to create a safe testing environment for development teams and the community

A testnet is an important milestone and tool for any blockchain protocol. As with any software product, blockchain, as well as protocol implemented on top of it, needs to be thoroughly tested before launching the main network. A testnet provides development teams and communities the possibility to test and experiment without risking real funds and affecting the operation of the main network.

Testnet operates tokens (coins) that hold no real value and can be reset anytime. Testnet serves the following main functions:

  • Testing new features and new versions of blockchain and protocol
  • Developing and testing applications and integrations without risking real funds
  • Gathering and analyzing on-chain data and performance
  • Providing early access to a blockchain before the mainnet launch

How to create a DEIP wallet

DEIP chose the Octopus Network for deployment because it is one of the most cost-effective interoperable chains out there. Not only is it less expensive on a per-transaction basis, but it is also cheaper to acquire a slot on the network. Moreover, Octopus offers a fairer model for slot distribution, meaning greater equality across the network.

DEIP testnet launch is a multi-step process that involves an in-depth audit of both blockchain and protocol implementation and functionality. The audit was performed by the Octopus Network team and community and proceeding with booting up the DEIP testnet indicates a high level of readiness and functional capabilities.

The features of the testnet include DEIP’s Event Proxy module: a Web3 innovation for tracking events happening in the DEIP network and notify external subscribers about them. It can be thought of as an API to subscribe to events in a blockchain network. One of the main aspects of Event Proxy is that it separates read and write models. This enables boosting network throughput by lowering the volume of transaction logs and shifting the focus of the blockchain protocol to validating business processes only.

Events coming from the DEIP network open a wide range of possibilities for developers and third-party services. For example, they could be used by:

  • Indexers to optimize search
  • ML/AI modules for creating different types of analytical models
  • Web servers for providing third-party services
  • Other apps which can read events flow from the Apache Kafka channel

In addition to the Event Proxy, DEIP’s testnet implements a DAO and token functionality for asset management of fungible asset classes with a fixed supply. In fact, DEIP implements DAOs in almost every aspect of the the protocol: from network governance to collective asset ownership and operating portals in a decentralized manner.

“The launch of our testnet on Octopus Network is a very important milestone for DEIP Protocol. The tesnet is operational and running as expected and in the coming days we will finalize all the checks and proceed with the main network setup,” noted Alex Shkor, DEIP CEO.

“We are very delighted to welcome DEIP to the Octopus ecosystem as appchain, as we believe that DEIP is a solid project and plays a critical part in the creator economy in Web 3.0. Octopus and the Near ecosystem will continue to support DEIP and more appchains to help make Web 3 happen faster,” said Louis Liu, co-founder of Octopus Network.

Inspect the testnet

About the Octopus Network

The Octopus Network acts as a decentralized, two-sided platform for Web 3.0 investors and Web 3.0 application teams. Appchain candidates for the Octopus Network pass through stages in the candidate queue, including registration, audit, voting, staging, and booting. In addition, Octopus Network token holders have the right to select the best appchain projects by upvoting or downvoting in the on-chain candidate queue.

About DEIP

DEIP is a tech company that creates Web 3.0 protocol, tools, and applications for the creator economy. As a producer of knowledge-based assets, creative industries will become the major drivers of economic growth in the world. DEIP is on a mission to facilitate the global market shift from a “value capture” economy to a “value creation” by creating a new set of rules which democratize access to resources for creators and unlock the full potential of creators around the world.

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