Radix, a layer 1 protocol built for DeFi, today launches its Betanet, marking an important milestone in the development of the Radix public network and begins testing ahead of the mainnet’s initial release.
Taavet Hinrikus from LocalGlobe and TransferWise are among the early Radix donors; the company has raised a total of $ 22.7 million to date to make its decentralized financing protocol public.
The protocol publicly demonstrated 1.4 million transactions per second (TPS) in 2018 and is the current world record holder for throughput on a ledger. The new consensus algorithm ‘Cerberus’ is theoretically infinitely scalable. To guarantee the stability and security of the network, the network will be rolled out in three iterations from tens to thousands to unlimited TPS.
“For Radix, it is of the utmost importance to build a solid home for DeFi’s future. We want to improve things for both the innovators in the industry today, but also provide a network capable of building a better global financial system that can benefit everyone. We’re excited to finally release Betanet as we’ve been working hard on internal build and testing over the past year, and now it’s time for a public large-scale test to make sure everything is running smoothly. “
– Piers Ridyard, CEO of Radix
Radix delivers 3 core enhancements for DeFi developers:
- Purpose Built DeFi Programming Environment this makes rapid and safe development possible. With this, Radix smart contract wants to make bugs and security errors a thing of the past.
- System of royalties in the general ledger that will reward those who contribute dApp code to the ecosystem. With this, Radix ensures that ALL contributions to the ecosystem; not only those who make final applications will be rewarded for their support.
- Consensus Algorithm (Cerberus) that allows for unlimited scalability without breaking DeFi compilability. This crucially solves a core problem facing every other public ledger being built today.
Betanet has the same core functionalities as the upcoming Olympia main net; includes a desktop wallet for storing, handling, and stakeout, explorer for viewing and sharing transaction information, full node / validator node software and CLI (command line interface), and a tap website that distributes free test tokens. The Betanet will be cleared once the tests are completed prior to the launch of the Olympia mainnet.