The Ten ($TEN) Incentivized Testnet

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26 Jan 2024

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Hello BULBers,
There is an exciting new project, with a testnet rolled out for early participants to take advantage of. If you're on this page today, then you're lucky to have discovered it. Let's delve into it now to know how you can also participate.

Ten (formerly Obscuro) is a fully encrypted Layer 2 built on Ethereum. Ten has been developed by the team that built Corda, the highly successful enterprise blockchain extensively used by industries and financial institutions to tokenize real-world assets (RWA) and central banks for CBDC.

What is Ten?

Ten is the only encrypted Layer 2, that allows a whole new world of dApps to be built in Web3, from RWA to on-chain games, to new forms of DeFi, and institutional use cases. Through encryption, Ten massively opens up the design space, allowing any Web2 application to be ported to Web3.

They are inviting individuals to be a pivotal part of the Ten community by contributing to testing the network’s reliability, operations, and performance through:

Builders creating new and integrating existing dApps to detect potential bugs in the development and deployment process, including compatibility with existing Ethereum frameworks, libraries, and tools
Participants engaging in platform activities to uncover potential bugs and user experience issues during platform use and expansion and
Node operators managing nodes to identify potential bugs and user experience issues related to node operations and the network’s decentralization on a larger scale.

Achieving high performance for the Ten network necessitates efficiently managed and healthy nodes. As a result, node operators are incentivized to maintain the health and security of the network by staking TEN. Node operators are compensated for their effort and hosting costs through rewards paid in ETH. A delegated staking model expands this model to community-based node operators.

As a dApp user, TEN tokens provide the opportunity to enrich dApp experiences, for example, unlocking dashboards and data analytics and receiving enhanced performance. Conversely, node operators get rewarded in TEN for providing these requests.

See the schedule of the Ten Testnet below:

Phase 1:

Developers onboarded (up to 20 individuals or teams)
User quests focused on network resilience, bug hunting, and user experience (unlimited users)

Phase 2:

Node operations setup and further decentralization (up to 250 participants)
Testing reward mechanisms, delegations, and upgrades through additional quests (unlimited users)

Phase 3:

Focus on testing new dApps deployed on the network to further battle-test the network through quests (unlimited users)
Security-focused battle testing (up to 20 participants)

How To Join

Join the Galxe Campaign here
Connect your Metamask wallet to the Ten Testnet here. After this step, you can now request for tokens to be added to the Testnet.

Roadmap

See the progress of their roadmap below:

Rewards

Ten has allocated 22,500,000 TEN (2.25% of the total token supply) to reward community participants for their active efforts and contributions to the incentivized testnet. The rewards will be based on two categories as detailed below:

Performance-based rewards

For users - allocated rewards will be based on the completion of quests and their position on the leaderboard on the Galxe platform.
For developers - allocated rewards will be based on the quality of the idea (if not using one of the suggested ideas) and execution of the implementation of the dApp.
For node operators - the top 10% of nodes based on performance and uptime will receive the highest reward. The best performers in this group will receive a reward equivalent to at least the stake required to run a mainnet node and will be invited to participate in the mainnet first.

Participation-based rewards
All users who participate in quests will receive an amount of tokens regardless of whether all quests are completed. The size of token rewards will be determined upon the conclusion of the testnet campaign and will be distributed by the number of points participants have earned by participating in quests during the program. The number of points awarded is not the same for each quest and instead reflects the complexity of the tasks in the quest.

All node operators will be expected to have participated by running or attempting to run, a node. The 20% of node operators who did not make the top 10% will receive a reward.

Planned allocation

0.25% to users
0.10% to node operators
1.9% to developers and other contributors
Additional Information
All approved developer participants will be contacted via email.
Further updates for all users will be communicated through the Ten Discord testnet channel. Participants are expected to monitor this channel and the contact information they provide to be notified of program updates.

All rewards will be distributed to approved and eligible participants after Ten’s mainnet launch and subject to the final vesting schedule described in the tokenomics paper.

Timeline

Each testnet phase will last approximately 6-8 weeks, followed by a break of several weeks between subsequent phases.
The anticipated duration for the complete incentivized testnet operation is 6 months.
This schedule is subject to change as testnet progresses at the sole discretion of Ten. Once the Ten Foundation is established, it will take responsibility for decisions on the testnet schedule.

Eligibility

For users:

You must own a device with a basic internet connection and will need to complete on-chain transactions on the Ten testnet and Ethereum Sepolia testnet.
Own a non-custodial Ethereum wallet connected to the Ten platform via Metamask during testnet participation.
You can begin performing quests immediately on Ten’s partner platform (Galxe).

For developers:

Your application will be prioritized depending on the use case, commitment, and experience. Ten will email selected participants details on beginning development, receiving support, and being eligible for rewards.
Applying to build one of the ideas listed on the dApp ideas page will result in a higher chance of being selected and bonus rewards.
You must apply before 1st March, 2024. Participants may be selected on a rolling basis as the testnet progresses.

For node operators:

Your application will be prioritized depending on commitment and experience running node architecture for other projects. Ten will email selected participants with details on how to begin operating a node, receive support, and be eligible for rewards.
You must apply before 1st March, 2024. Participants may be selected on a rolling basis as the testnet progresses.

Certain jurisdictional limitations apply (i.e., users must be non-U.S./Canada and OFAC-compliant). Participation is only available where permitted by applicable law.

Source Credits: coinlist.co

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