Enterprise Blockchain Platform Insolar Launches Native XNS Token

Enterprise Blockchain Platform Insolar Launches Native XNS Token

Enterprise blockchain platform Insolar has commercially launched its MainNet network for business and technology leaders.

Insolar CEO, Andrey Zhulin, said:

“The launch of Insolar mainnet is a major milestone for business and technology leaders tasked with adopting blockchain in the enterprise world. Data exchange is the backbone of every business process. We are excited that for the first time, companies have tools for trusted data exchange based on enterprise-grade distributed ledger technology with cloud-based nodes and unprecedented transaction throughput.”

In addition, the enterprise blockchain platform has rolled out its new token XNS, to replace the current ERC20 token, INS.

On the debut day, INS holders can swap their tokens for XNS. Users can also store their XNS tokens within their new wallet.

Some blockchain platforms stated that they will temporarily halt INS deposits and withdrawals to support the swap.

MainNet allows users to connect without running a node to their network. Thus, thousands of customers can be added to the network without being asked to contribute resources.

Last year, the company has successfully rolled out its testnet which reportedly recorded a throughput of over 19,000 transactions per second.

Insolar has collaborated with giant tech companies like Microsoft and Oracle.

The company said:

“Down the line, Insolar customers can look forward to custom contracts that extend the platform to meet new and pressing use cases, domain governance that enables permissioned and permissionless access within one network, and segregated data storage that complies with internal corporate and state regulatory requirements.”

“With the recent announcement of Insolar’s collaborations with Microsoft Azure and the Oracle Cloud, Insolar customers can also look forward to seamless integration with their existing infrastructures,” it added.

Insolar will offer bounties through cybersecurity platform HackerOne in line with industry best practices to improve the safety of the network. The Bug Bounty Program can initially be accessed by some experts, and then will be available to the public.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.