Mainnet

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Mainnet Meaning

A mainnet is a fully developed and operational blockchain network designed for real-world use, not for testing. It serves as the live version of the blockchain, enabling users to conduct transactions, run decentralized applications (DApps), and more.

Its core components vary widely depending on the blockchain's design and functionality. These typically include nodes, consensus mechanisms, a native cryptocurrency, and network infrastructure. Decentralized finance (DeFi) platforms often build upon mainnets, utilizing their secure and transparent infrastructure.

Mainnet Meaning

Mainnet is a phase where the original blockchain fully develops and forms a basic foundation of many DeFi platforms.
Before its launch, blockchain projects typically undergo a testing phase known as "testnet." During this stage, developers evaluate and refine the blockchain's features and functionalities in a controlled environment.
Investors overview its launch as an essential date for investment. Likewise, even the associated cryptocurrency prices rise during this phase.
The core components include network nodes, consensus mechanisms, blocks, and the native cryptocurrency. These elements collectively enable the secure and decentralized operation of the blockchain.

How Does Mainnet Work?

A Mainnet is a blockchain network's fully operational and live version, serving as the foundation for real-world transactions. It plays a crucial role in the decentralized blockchain ecosystem, with networks like Core DAO Mainnet, by securely recording and storing data on a distributed ledger. Once a mainnet like Core DAO Mainnet is launched, users can engage in cryptocurrency transactions, participate in network governance, and vote on significant updates. In essence, it signifies the official introduction of the blockchain to the market.

Miners are vital components of the core mainnet blockchain. They operate nodes and employ computational power to validate transactions, subsequently forming blocks that contribute to the creation of the blockchain. This process ensures the network's immutability and security. However, launching it involves various stages, including token sales, securing financing, and conducting product testing. Once these prerequisites are met, the network is ready for launch.

Despite its official launch, developers continue to test the blockchain by running a parallel testnet. This testnet enables them to experiment with new protocols and updates while maintaining the integrity of the mainnet. Depending on the project's whitepaper, developers may implement a hard fork (a significant change) or a soft fork. Soft forks allow for a potential rollback to the original version of the blockchain.

Upon its launch, investors see it as a significant milestone, often leading to increased market interest and a potential rally in the associated cryptocurrency's price. This increased confidence encourages users to trust the blockchain and engage in transactions. The crypto community generally prefers projects reaching this milestone due to their increased credibility and functionality.

Components

Mainnets are decentralized networks' backbone, comprising a suite of essential components. Let us look at them.

Network Nodes: Mainnets rely on network nodes, essential blockchain infrastructure components. These nodes come in two primary types: full nodes and light nodes. Full nodes store the complete history of the blockchain and independently validate transactions. In contrast, light nodes store a limited subset of data and often depend on full nodes for validation. Some blockchains, such as Ethereum, Bitcoin, and Solana, incorporate both types of nodes to enhance network performance and scalability.
Cryptocurrency: Once a mainnet is launched, its associated cryptocurrency becomes tradable on exchanges. This cryptocurrency serves as a token for various transactions, including asset purchases and non-fungible token (NFT) transactions. Miners also receive these coins as rewards for their mining services. However, it's worth noting that not all blockchain networks have native cryptocurrencies, and the specific use cases for these tokens can vary.
Consensus Mechanism: Blockchain networks operate based on specific consensus mechanisms and protocols, such as Proof of Stake (PoS) and Proof of Work (PoW). These mechanisms ensure network participants validate transactions and add them to the blockchain. A deeper explanation of how these mechanisms function and their differences would provide a better understanding.
Blocks: Miners play a pivotal role by adding validated transactions to blocks on the blockchain. It is important to emphasize that the block size and time are critical considerations. Larger block sizes can impact network scalability and transaction processing speed while adhering to specified block times is essential for maintaining network efficiency and consistency.

Examples

Let us look at the examples of mainnet to comprehend the concept better.

Example #1

Suppose a team of developers is working on a blockchain project called "CryptoVerse." After months of rigorous development and testing on their private testnet, they were ready to launch the mainnet. This mainnet would transition from a controlled testing environment to a fully decentralized and operational blockchain network.

Upon the mainnet's launch, users worldwide could participate in various activities, such as sending and receiving cryptocurrencies, executing smart contracts, and creating decentralized applications (DApps). The CryptoVerse mainnet's launch attracted investors, developers, and enthusiasts due to its robust features, security, and scalability. It boosted demand and the token's value, showing strong confidence in the fully functional mainnet.

Example #2

In a recent development as of September 2023, the Anoma Foundation revealed its plans for the forthcoming Namada blockchain mainnet launch, set to be announced during the Korea Blockchain Week. Namada is a privacy-centric blockchain that operates on an advanced zero-knowledge-proof system.

One of its standout features is its capacity for composable privacy, allowing seamless integration of privacy features into existing assets, decentralized applications, and entire blockchain networks. This approach ensures that user privacy remains intact, even when interacting with transparent chains or decentralized applications lacking inherent privacy features.

Heliax, the blockchain R&D firm behind Anoma and Namada, reached significant milestones. They conducted the largest trusted setup ceremony with 2,510 participants as of December 2022. Namada also excelled in public testnets, attracting 200+ institutional and independent validators.

Advantages And Disadvantages

Mainnet involves certain benefits to the crypto users, but it does have some limitations to the network. Let us look at them:

Advantages	Disadvantages
It signifies the successful completion of a blockchain project.	Chances of malicious attacks exist if the vulnerability is achieved.
It acts as a sign of the increasing demand and interest among investors.	It requires resources and storage to maintain and develop this network.
This event depicts the project's strength and robust application in the world.	Mismanagement can lead to the theft of coins and private keys.
They are suitable for the development of DeFi platforms.	There can be regulatory compliances applicable to the blockchain.
It creates a space for the formation of the blockchain community.

Mainnet vs Testnet

While mainnet and testnet serve similar purposes, they exhibit several notable differences. Let's explore these distinctions.

Basis	Mainnet	Testnet
Meaning	It is a developed and fully tested version of the blockchain.	Testnet refers to the simulation where the developers can test the features of the blockchain.
Purpose	To deploy the developed version of the blockchain for real application.	To testify to the varied features of the blockchain in the sandbox environment.
Token Value	It involves a token value as users can transact them on the exchange.	No transaction fee or token price is available as the tokens are unreal assets.
Network Id	There is only one ID available on the blockchain.	Testnets consist of different network IDs for testing purposes.
Genesis Block	It does include a genesis block that links other block data to the former.	It operates in a separate environment and is independent from the former. But it does not link to the latter.
Nodes and Mining	It consists of multiple nodes in the network. Likewise, miners also receive rewards for their efforts.	Since it is a testing phase, it has fewer nodes and does not benefit the miners.
Number of Transactions	Here, the frequency of the transactions is high.	There are fewer transactions.

Frequently Asked Questions (FAQs)

1. What is a mainnet wallet address?

A mainnet wallet address is associated with a fully operational blockchain network. These addresses typically start with 1, 3, or bc1. In contrast, testnet addresses, used for testing purposes, often begin with 2, m, n, or tb1. However, it's important to note that if someone sends coins to a testnet wallet, they are specific to the test environment and cannot be recovered or traced on the mainnet. The same principle applies in reverse for testnet transactions.

2. How to add a specific mainnet to Metamask?

To add a specific mainnet to Metamask, follow these steps:

- Open the Metamask application and right-click on 'Settings.'
- Click on 'Network' from the dropdown menu.
- Select the desired mainnet from the list.
- One can now conduct transactions on the chosen mainnet using Metamask.

3. Is Polygon mainnet on Ethereum?

Yes, Polygon Mainnet operates on the Ethereum blockchain. It serves as an Ethereum Layer-2 scaling solution, offering faster and more cost-effective transactions while maintaining compatibility with Ethereum's network and assets.