Today marks the launch of our MVP on the Goerli testnet, the final phase of testing prior to its official launch. It’s been a busy time for our dev team as nothing in crypto is plain sailing and they’ve done an amazing job of bringing us to this point. (Testnet link located at the bottom of this article)
A few weeks ago we launched our MVP to a limited selection of our community on the Rinkeby testnet. However, due to some limitations with Rinkeby, we decided to switch to Goerli and open the testnet up to everyone.
Simon, our CTO explains this in more detail, “With the Ethereum Foundation’s decision to stop support of the Rinkeby testnet by 2023, we made the choice to transition our public testnet to the Goerli testnet. We felt this was the best decision as the infrastructure of Rinkeby has become less reliable. Goerli is a fully operational testnet that has all the functionality we need. Everything from access to test tokens and loading times will be better for the testnet participants now.”
Testnets are common in blockchain development as they allow the deployment of platforms in a realistic and controlled environment to enable people to test all aspects of their functioning. In crypto they’re commonly referred to as testnets, whereas in other aspects of computer science they may be called sandboxes, or staging environments.
Essentially the testnet is a fully functioning copy of a blockchain that allows protocols to be deployed in a real-world environment without posing any risk to users’ funds. They do this by utilizing test tokens which are identical to normal tokens but have no intrinsic value.
For example, when using the Paribus MVP on our public testnet, users need a wallet such as MetaMask connected to the Goerli testnet. They can then pull test tokens from a faucet on Goerli to borrow, lend and trade with them as if they were regular tokens.
Although this may seem new and a little confusing for some readers you’ll be surprised to learn that you’ve probably already used a testnet in one form or another. Some trading platforms have simulator modes where you can practice trading tokens. They do this by using a testnet and in a similar way, our MVP will be in simulator mode while it’s on the testnet.
Due to the fact that Goerli is easier to utilize than Rinkeby, especially when it comes to obtaining test tokens, we decided to open up the new deployment to everyone. It may still be a little unfamiliar for some, but we hope everyone will take the opportunity to dive in and learn a bit more about crypto, in particular how borrowing and lending platforms work.
Our dev team plays an amazing role in the evolution of Paribus, as do our community by providing us with invaluable feedback and support. As Deniz, our CEO explains, “After our first initial closed-access testnet, we received a lot of positive feedback and found some areas that needed improvement. It was great to have these insights in a controlled environment. We are now looking forward to the full testnet release to hear feedback from our entire community.”
As we’ve mentioned in previous articles, the current bear market has turned into the perfect opportunity for us to refine and prepare our MVP prior to its launch. In the midst of a bull run, there’s always tremendous pressure to get to market as quickly as possible. This inevitably leads to the launching of sub-optimal products that can later break with disastrous consequences.
With less haste, we’ve been able to progress our testing and development at a steady, thoughtful pace. This has allowed us to build a solid foundation for our MVP so that future iterations can concentrate on additional functionality rather than repairing faulty underpinnings.
Testing is a crucial part of our development and with the additional time the market conditions have given us we’ve been able to create a highly accurate representation of our MVP. For those already acquainted with our staking platform, they’ll notice the familiar Paribus look and feel of our MVP. For those unfamiliar with borrowing and lending platforms, it will give them an opportunity to explore this aspect of DeFi.
As Wilson, our COO explains, “The testnet will be using the same oracles and data feeds as our MVP. This testnet will really give our community an accurate representation of how our platform will work. We are still stress testing some systems and testnets are a fundamental aspect of creating a safe and secure platform.”
One of the central pillars of Paribus is our community. We’re blessed to have a broad and engaged family that constantly amazes us with the wealth of ideas and feedback they give. As we enter the public testnet phase of our journey we hope this stage is no different.