decentralised vpnmysterium nodepaymentsupdates

The Launch of Mysterium Network

By July 6, 2020 August 13th, 2020 No Comments

Update: 13/08/2020 – See the following blog post to see how our token migration and launch processes are changing.

 

***

We are fast approaching the official launch of Mysterium Network. This will be the realisation of our founding whitepaper and the crowning of our world-first, peer to peer VPN. 

The past few years have been spent building technology from scratch. We had an idea, but no blueprint for it. This means solving riddles in a backwards way; we only know the answers, but not which questions to ask. 

But after three years of building, breaking, and questioning, it’s time to release Mysterium Network into the wild. 

Here we share our official launch timeline and breakdown how we’re taking Mysterium global.  

 

Read our blog about the role our native token MYST will play in keeping the whole network running, and its planned upgrade from an ERC20 to an ERC777 token. 

What is Mainnet?

Mysterium Network is currently running on its own testnet (has no real payments on the “live” blockchain). This BETA process has helped us to test our product in parallel network conditions and configurations. After a couple of years in this development stage, we have been able to refine, iterate and learn invaluable lessons along the way.

Now we’re ready to finally launch on the mainnet Ethereum. First, we will transition onto the Ethereum Goerli testnet to stress test our P2P payments. Once we’ve monitored and are satisfied with the results, our network will then plug into the mainnet (the “actual” blockchain) with the peer to peer payments system built into the protocol. 

How will the launch work?

The release on mainnet will happen in 3 stages, and during this time several network forks will occur. We understand that this will be difficult for node runners as it will create a temporary state where the app and nodes may run on different networks. This is an unfortunate and inevitable pain we must go through as a community. We will work to make this transition as smooth as possible for both node runners and users. 

Stage ONE (Middle of July): 

  • We will first issue some newly upgraded MYST (ERC777) token on Goerli testnet. We will also upgrade the payment system to prepare it for the Ethereum Mainnet launch. This will create the first network fork.
  • Following this, the ERC777 tokens will be deployed on Ethereum mainnet and token migration will begin for MYST ERC20 token holders. We are aiming for the end of July.

Stage TWO (Middle of August):

  • Mysterium payment system smart contracts will be deployed on Ethereum Mainnet. New discovery, transactor and Hermes services will also be deployed. This will cause the launch of a parallel network (beta net). Not all users will be required to switch into it. And our official dvpn and node apps will still be using testnet. 
  • On betanet transactions will be done on Ethereum mainnet but we will still be using MYSTT test token. No MYST token usage at this stage yet.
  • The Mysterium Node Pilot will not apply for betanet users, but it will be possible to convert MYSTT token into MYST tokens using our special “MiniDEX” smart contract. 

Stage THREE (Middle of September): 

  • We’ll release 1.0 version of nodes and mainnet ready dvpn apps which will begin using and accepting MYST token. This will introduce a 3rd network fork. There are no further forks planned or anticipated after this stage.
  • The Mysterium Referral program launches, bringing consumers and paid traffic into the network.

What changes for nodes?

During the second stage, the node registration process will be changed. 

Currently, users can plug in a Raspberry Pi, which is “found” by the host My.Mysterium.Network. Users turn their Pis into nodes and become a part of Mysterium Network. We will introduce a new onboarding flow. This includes setting a beneficiary/payout wallet during first node run; setting your staking amount to determine your settlement thresholds and maximum amount of tokens during one withdrawal; create your own password; set the price that you’d like to offer your VPN service. Only once the above has been set up, nodes can start providing their services.

We’ll be publishing more important details in the weeks ahead. In the meantime, join our Discord channel and download the app for Android, Windows or Mac to get a taste of the free version before we move to the P2P payments model.