Republic Protocol, a ‘decentralized dark pool exchange protocol’ has announced that a prototype version of its mainnet, the mainnet beta is speeding towards its eventual launch as the company smart contracts are being audited along with keeping a check over the best industry practices. The Republic Protocol mainnet is set to be a dark pool exchange entity, that is different as compared to a stock exchange in terms of transparency.
Development preparations for Mainnet Beta launch are ramping up with our smart contracts currently being audited in line with industry best practices. $REN #mainnet #darkpool #cryptocurrency pic.twitter.com/IecCEqPedh
— Republic Protocol (@republicorg) August 26, 2018
Republic Protocol exchange developers released a testnet previously, on 18th of Jun, 2018 compiling commits above the 3,500 mark within a duration of a 6 months. The tesnet release was followed by diligent marketing tactics of the eventual packaged product which included educating the masses about an exchange protocol that allows other existing exchanges to operate over the very protocol. The exchange protocol would provide a decentralized route for the exchanges and other financial entities
Republic Protocol Testnet
The Republic Protocol testnet was effectively tested over the very first exchange to reside over the Republic Protocol, the RenEx which operated over Ethereum Kovan’s network. The related authorities describe the exchange their only testnet premises in return of speculations that there might be other playgrounds for this exchange habitat. A scam was in the circle that asked for REN/ETH/ERC20 token over the mainnet but the company disapproved the users to keep away from the potential threat.
The Republic Protocol developers have listed the measures to join their network which state that the the users who do not have the Ethereum Kovan network’s Kovan ETH can acquire some from a ‘public faucet’ that the developers have jotted with the testnet release details. The network needs to be actively connected with the browser to initiate the initial exchange login process. The later part of the development would see the public faucet to be incorporated into the Republic Protocol to be eventually able to trade the ERC20 tokens on the testnet exchange, RenEx.
What to expect
The Republic Protocol developers have crafted a well organized framework that can carry multiple exchanges over it whenever the mainnet is released. Till then the testing phases are in full swings as the related folks reach newer exchanges to incorporate in for the users to benefit from. The people behind the technology have elaborated their product bit by bit hinting to the complexity of the basic skeleton in the works. The developers intend to continue improving and ‘prototyping’ the product after the mainnet beta version surfaces.
Republic Protocol will be moving into the next phase of development on our testnet over the next few weeks as we prepare for operations and prototyping post mainnet beta launch. Read timeline plans here: https://t.co/KSOpIJwcaC pic.twitter.com/4gnNbQtvO0
— Republic Protocol (@republicorg) August 28, 2018
A single, efficient way to reach other benches where crypto dealings take place can save the user from much hassle, along with setting safe standards for the exchanges to operate over still benefitting the user.