Testnet unveiled by Incentiv, distributing 26% of $CENT tokens as community incentives
Incentiv, a pioneering EVM-compatible Layer 1 blockchain, has recently launched its testnet, marking a significant step towards a decentralized future. This next-generation platform is designed to reward real on-chain contributions, setting itself apart from traditional blockchain networks.
A Unique Economic Model
Incentiv operates on a contribution-scored Proof of Work (PoW) framework, which focuses on compensating genuine, verifiable on-chain activities rather than mere capital inflows. This approach allows Incentiv to create a truly permissionless network where rewards are directly proportional to meaningful participation.
Key Components of Incentiv's Economic Model
- Incentiv+ Engine: This unified reward system collects a portion of transaction values and fees from every transaction. These resources are channeled into a communal Unified Reward Pool, which then distributes rewards to network contributors based on their activities.
- Dynamic Contribution-Scoring System: This system ensures that rewards are allocated proportionally to the contributions made by participants, whether they are miners, developers, liquidity providers, bundlers, or regular users. The payout structure is linked directly to real economic activity on the network, differing from traditional models that rely on fixed block rewards or inflationary token issuance.
- Community Rewards Pool: Incentiv has allocated 26% of its total $CENT token supply to a Community Rewards pool. This ensures substantial incentives for early participants from the outset, even before significant transaction volumes are reached.
- Short-Term Growth Fund: Established to support key activities and strategic initiatives during the early stages, this fund helps in transitioning from a subsidy-driven model to a self-sustaining framework funded by transaction fees over time.
Advanced Features and Results
Incentiv's testnet has shown robust scalability and user engagement, with over 1.2 million unique wallets created and a significant number of challenges completed. The platform supports features like flexible gas payments, passkey wallets for enhanced security, bundled transactions, a native decentralized exchange (DEX), and an open software development kit (SDK) for developers.
A Vibrant and Active Community
Incentiv's unique economic model is designed to foster a vibrant and active community, rewarding all types of contributions and promoting a sustainable ecosystem through transaction fee funding as it matures. The platform aims to directly reward participants for their contributions to the network, avoiding a focus on mere capital inflows for rewards.
Over 1.7 billion testnet $TCENT tokens have been distributed through open faucets on the Incentiv network, demonstrating the network's commitment to its community. Hundreds of thousands of completed challenges further highlight the network's engagement and activity.
As Incentiv moves forward, it is poised to redefine the blockchain landscape, offering a fair and sustainable reward system that encourages active participation and fosters a thriving decentralized ecosystem.
- The Incentiv+ Engine, a unified reward system on Incentiv's Layer 1 blockchain, collects fees from transactions and distributes them to network contributors, rewarding them based on their genuine on-chain activities, such as mining, development, and liquidity provision.
- The dynamic contribution-scoring system in Incentiv's economic model allocates rewards proportionally to each participant's contributions, promoting a truly permissionless network where the rewards are directly proportional to meaningful participation.
- Incentiv has allocated 26% of its total $CENT token supply to a Community Rewards pool, ensuring substantial incentives for early participants even before significant transaction volumes, providing liquidity for the Ethereum-compatible blockchain technology.
