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Author Topic: What is a mainnet? Why you have to pay attention to it?  (Read 124 times)
Hankyu
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March 25, 2020, 05:55:19 AM
Last edit: March 25, 2020, 06:11:44 AM by Hankyu
Merited by hosseinimr93 (1)
 #1

Hi guys. Mainnet is nothing new but I hope my mistake will not happen to anyone in this forum.

What is a mainnet?
According to 101blockchains, a mainnet is a blockchain that performs the functionality of transferring a digital currency from a sender to a recipient. Mainnet is simply the main network, whereby actual transactions take place on a distributed ledger. In other word, a mainnet is the main blockchain network for a project to run and seemed to be the final product of it.

In contrast with mainnet is testnet. A testnet is just a prototype blockchain where programmers and developers test and find faults or bugs...

Mainnets are usually followed by mainnet swap. As mentioned above, mainnet is the official (also native) blockchain of a project. After a mainnet is launched, that whole project must migrate from the old blockchain to the native one. That process calls mainnet swap.

Why it matters?
Here's my story. In early 2018, I bought a bunch of Cybermiles token (CMT) worth ~ 100 USD and stored them on my MEW. But as the serious downtrend darkened the market during that year, I shut down my computer to temporarily forget about cryptocurrencies. A year later, I came back with the intention of investing some more on cryptocurrencies and oops, I can't deposit those CMT tokens to Binance. Turned out, it had finished mainnet swap from ERC-20 to its own blockchain a few months ago. My tokens became a bunch of crap then.

The lesson here is "Always keep yourself updated on all altcoins you're investing in", especially mainnet schedule. There's usually a deadline for swapping your tokens after mainnet release. After that deadline, your tokens become worthless most of the case. You can do this by joining or following their social platforms: facebook, twitter, telegram, discord, medium, etc...

Some of the ongoing/upcoming mainnet releases:
  • Insolar (INS): Mainnet realeased on 03 Feb, 2019; deadline for swapping token (from INS to XNS): 03 Aug, 2020
  • Constellation (DAG): scheduled on 30 Mar, 2020
  • Matic Network (MATIC): scheduled by end of Q1, 2020
  • Origin Protocol (OGN): scheduled by end of Q1, 2020
  • Verasity (VRA): schedule by end of 2020

Reference:
- https://101blockchains.com/what-is-a-mainnet-in-cryptocurrency/  
- https://medium.com/okex-blog/what-is-a-mainnet-and-what-would-happen-when-it-is-launched-bd249d6129f7
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March 25, 2020, 06:06:29 AM
 #2

A lot of projects are also using Coinmarketcal to inform everyone of the upcoming events like mainnet launch or token swaps. Here's the website https://coinmarketcal.com/en/ You can also subscribe to their telegram and twitter accounts if you want to get notified for new announcements.

Other websites for events and updates are https://coindar.org/ and https://coinscalendar.com/

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March 25, 2020, 07:38:13 AM
 #3

~snip~

It's a common mistake for beginners so it's no wonder you lost your tokens. If you have purchased tokens from a test network, you should definitely wait for the project to move to the main network and swap them. Only then can you safely put them away for long-term storage.

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Hankyu
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March 25, 2020, 01:26:38 PM
 #4

A lot of projects are also using Coinmarketcal to inform everyone of the upcoming events like mainnet launch or token swaps. Here's the website https://coinmarketcal.com/en/ You can also subscribe to their telegram and twitter accounts if you want to get notified for new announcements.

Other websites for events and updates are https://coindar.org/ and https://coinscalendar.com/

Sure Telegram is a must join source. I already mentioned it. Information on Coinmarketcal or some other webs is for reference only. Official annoucements are always available on social medias.

It's a common mistake for beginners so it's no wonder you lost your tokens. If you have purchased tokens from a test network, you should definitely wait for the project to move to the main network and swap them. Only then can you safely put them away for long-term storage.

It's not that I didn't know anything about this. Part of the reason was I had intended to give up on cryptocurrencies and it almost made me forget about those tokens. Anyway, I just want to share my story as a reminder to those who are new to cryptocurrencies.
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March 25, 2020, 02:50:03 PM
 #5

a mainnet is a blockchain that performs the functionality of transferring a digital currency from a sender to a recipient. Mainnet is simply the main network, whereby actual transactions take place on a distributed ledger.

This is a direct quote from your reference. You should use the "Quote-Button", if you don't want to get banned for plagiarism. I know you gave the references at the bottom of your text, but for me this basically looks like a copy-pasted wall of text and it looks like you are trying to trick us, that you wrote all of that by yourself...

What are you trying to prove here? Attempt to gain some Merits for copy and pasting?


drop it like it's hot or call Bogdanoff
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March 25, 2020, 03:05:13 PM
 #6

In addition, there is process on every swap thru mainnet. Were lucky that some exchanges supported the swapping and that means the project has potential. I have some trouble before on my token when I tried to swap manually the tokens of rebl token into their new coin. It is good if exchanges can help their users to swap from an erc20 however, its also helpful and add some knowledge on this process if you can do or set up if there is none exchange support for that token.

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March 26, 2020, 03:04:31 AM
 #7


This is a direct quote from your reference. You should use the "Quote-Button", if you don't want to get banned for plagiarism. I know you gave the references at the bottom of your text, but for me this basically looks like a copy-pasted wall of text and it looks like you are trying to trick us, that you wrote all of that by yourself...

What are you trying to prove here? Attempt to gain some Merits for copy and pasting?

Hey, I already used "According to..." instead of a quote. Besides, I mentioned all the resources at the end of the post. I don't want to copy-paste, trick or prove anything here. 
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March 26, 2020, 03:10:41 AM
 #8

I have this same issue also on 2018 when 2 of my cryptocurrencies were available on waves platform but then later migrated to Ethereum network.

I loss both tokens worth $100 and did not effort to retrieve at all. Your post puts clear to my mind why it is important to never miss an update on the coins you hold.

inure 
 

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March 27, 2020, 04:18:22 AM
 #9

I loss both tokens worth $100 and did not effort to retrieve at all. Your post puts clear to my mind why it is important to never miss an update on the coins you hold.

It's nice that my topic can help. Investing in altcoins can benefit you a lot (can make you loss either) but it take time and close attention in order to avoid losing money.

In addition, there is process on every swap thru mainnet. Were lucky that some exchanges supported the swapping and that means the project has potential. I have some trouble before on my token when I tried to swap manually the tokens of rebl token into their new coin. It is good if exchanges can help their users to swap from an erc20 however, its also helpful and add some knowledge on this process if you can do or set up if there is none exchange support for that token.

Totally agree. Support from exchanges is the best option for investors since it's a guarantee for listings and only decent exchanges are willing to do support a swap. However, if no exchange gives a hand, projects always have guidance for this process. And as far as I know, it's not very complicated.
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March 27, 2020, 09:04:22 AM
 #10

      It is good that you have trusted this coin since the testing period. I think, however, that you did not document well about the project, because I am sure that CMT transmitted the information that they will go to their own blockchain, so the fact that you have not been interested in the project for some time, was a mistake. But we learn from mistakes, and now you probably know more about the project.

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March 27, 2020, 12:51:18 PM
 #11

Unfortunately for many new projects they never launched their mainnet because all we get from these projects are just roadmap, once they raised enough money they turn to scam, I believe if a new project make it up to releasing their mainnet then they have serious team

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March 27, 2020, 01:31:44 PM
 #12

Mainnet is important because they demonstrate or deny the ability of a project to bring a blockchain project from idea to reality. Although the original release of the mainnet does not always provide an insight into the overall progress of the project, it is an essential technical aspect to consider when investing in electricity. death.

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March 27, 2020, 02:09:57 PM
 #13

Unfortunately for many new projects they never launched their mainnet because all we get from these projects are just roadmap, once they raised enough money they turn to scam, I believe if a new project make it up to releasing their mainnet then they have serious team
There must be an exception for the launch of main net right now consider about it's just a usual thing that already created by any trusted developers. As far as i know if that is not so important and the utility of the platform should become an important thing than main net. Main net will get more attention caused by people can buy for the rumour.

inure 
 

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March 27, 2020, 03:50:59 PM
 #14

I have this same issue also on 2018 when 2 of my cryptocurrencies were available on waves platform but then later migrated to Ethereum network.

I loss both tokens worth $100 and did not effort to retrieve at all. Your post puts clear to my mind why it is important to never miss an update on the coins you hold.
the problem is that if you have a lot of coins in your portfolio, then it’s not always realistic to track the transition of a coin from one blockchain to another. Very often, projects give small terms for swap tokens. I also lost a lot of money due to such problems

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IEO      02 April
★★★★★★★★★★★★★★★★★
STARTS  2020

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