Chaos-MainNet is launching tomorrow, here’s what you need to know
Tomorrow will be a huge day for Swingby. The protocol that we have been building for the last few years will finally launch. If you’re following our updates live, here is a list of steps that we have to perform before we can finally start using the bridge with real crypto funds:
Step 1: Network Rollout
We’ve received many applications from people who want to run metanodes, and every single one of you will have the chance to do so, provided that you meet the requirements.
We have realized that it will be challenging to coordinate the rollout with all 60+ applicants on the day since there is such a varied level of knowledge, experience, and hardware configuration.
For this reason, we have selected 30 partners and private investors who will help us deploy the initial network. Once the bridge is live and tested, we will begin helping other community members “churn in” their metanodes individually.
Please join our Discord group for support during this process if you wish to run your own node. And if you still wish to apply to join the network and earn rewards in BTC, you can apply here.
Step 2: Key Generation
The Skybridge network generates a distributed private key that consists of individual key shares, where a threshold of 32 nodes is required to sign transactions.
Once the private rollout has been completed, and we have at least 32 metanodes online, we will begin key generation. This event will last up to 24 hours. During this period, the 32 nodes will communicate back and forth, re-generating their key shares. This process is a lengthy one and intends to ensure that the key shares are generated as securely as possible, and there is never a ‘trusted dealer’.
Don’t worry! Later on, when your metanode joins the network, it will participate in a similar ‘churning’ event to obtain its own share of the key.
Step 3: Synchronizing Chain Data
Since the WBTC <> BTC Skybridge metanodes require both a Bitcoin node and an Ethereum node, critical syncing is done when the nodes first come online. While it is tough to estimate how long this may take as it depends on many different factors such as network speed and hardware resources, it is expected to take between 3 to 4 days.
Step 4: Live Testing
Once all nodes are synced up and operating smoothly, the Swingby team would like to reserve 24 hours to perform automated tests on the live network to verify that everything is working as expected.
Step 5: Explorer Deployment
Once everything has been tested and verified, the team will begin the next steps to open up the network for use. Our shiny new Skybridge explorer will be deployed to skybridge.info and pointed to our Chaos-MainNet environment. Meanwhile, the current explorer, that is currently pointed to the testnet, will be moved to the subdomain testnet.skybridge.info.
Step 6: Open for Use!
Hurray! You can now pool your liquidity, swap your BTC/WBTC, and view the bridge analytics in real-time.
Step 7: Churn-in Public Metanode Operators
Swingby superheroes, we haven’t forgotten about you. You are the most important part!
Now that everything is running smoothly, the team will begin helping Metanode applicants set up their own nodes and begin churning into the network. Once again, we recommend that you join our Discord group!
Step 8: Happy New Year 🎉
This year has been a demanding yet exciting one for our team, and it has, of course, brought many challenges for all of us. We sincerely hope that 2021 brings us all good fortune, and we are thrilled to have our network become live in the final days of 2020 as Bitcoin reaches new all-time highs.
FAQ
When can I start swapping my BTC to/from WBTC?
Due to the syncing process, key generation, and final testing, we estimate that the bridge will be live for users to start swapping their bitcoins within the next 2–3 days following the launch.
Why is it called “chaos-mainnet”?
The initial launch has been dubbed “chaos”, commonly referred to as “beta”, due to the absence of an official security audit. Obtaining an official security report can typically take between 6–12 months due to the complex nature of the project. The team is working with multiple auditing firms to carry out this task, but until then swap transactions will be capped to a max size of 1 BTC, “stop-world” triggers will be integrated into the core node code and the bridge will be referred to as “chaos”-mainnet.
When can I start swapping my BTC to/from WBTC?
Due to the syncing process, key generation, and final testing, we estimate that the bridge will be live for users to start swapping their bitcoins within the next 2–3 days following the launch.
When can I start running my Metanode?
After step 7, we will begin working with you to help you get up and running.
When will the network go live?
The network will go live tomorrow, and the nodes will start to communicate together. But a few more steps are needed to be done before real funds can start being swapped.
How many confirmations are required before Skybridge processes my swaps?
2 for Bitcoin and 12 for pegged assets on the Ethereum network.
Thanks for reading!
There’s 1 more day to go before we change DeFi forever, and we can’t wait to do it together.
Thank you for your trust and support. We wish you and your families a Happy New Year! Let’s get ready for some awesome crypto action in 2021.
“New Year, New All-Time Highs”
– Jacob Samuel Plaster, CEO
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