Multi-asset Support for Phase 3

Phase 3 of our incentivized testnet starts January 18th 🎉 This is our final testnet phase, and we’re happy to announce that multi-asset functionality will be live!

Let’s get into the details.

Multi-asset = Choice 

What is multi-asset? 

Multi-asset is a protocol that allows any user to create arbitrary tokens, which can then be spent on the Iron Fish network with the same privacy guarantees as native $IRON tokens. This means it won’t be necessary to sell original assets or convert them to the Iron Fish native token before using them on our blockchain. For those familiar with the Ethereum network, this creates similar functionality to the ERC20 token standard, but is implemented in the Iron Fish protocol and not through smart contracts.

Why multi-asset? 

We are building Iron Fish to be interactive with all chains, and implementing multi-asset functionality is the first step. Our goal is to support different assets on our platform such that all transactions are treated the same — enabling all users to choose privacy.

What does this mean for Phase 3? 

Similar to previous phases, users will earn points for finding bugs, hosting a node, and submitting pull requests. Additionally, In Phase 3, users will earn points via multi-asset related actions:

• Minting assets

  • Minting is the process of creating new tokens on the Iron Fish network. Every token has an asset type, and all asset types except the native $IRON token have an owner, who can mint more of the token at any time.

• Burning assets

  • Burning is the opposite of minting — the destruction of tokens that have been created by the current holder of the token.

• Sending minted assets

  • In past phases, users earned points by transferring native $IRON tokens. In this phase, you'll earn points by transferring newly created (via minting) assets.

Stay tuned to our blog for more technical content around this functionality in the near future.

Testnet in Review 

As we near January 18th, let’s review stats for past phases.

Phase 1 

• We had >9000 active participants
• Users from 156 countries signed up
• ˜3000 nodes online (via opt-in telemetry)
• ˜300 GitHub issues closed

Phase 2 

• 39,432,178 transactions (all shielded using zero-knowledge proofs, making Iron Fish the largest processor of ZKPs ever)
• 31,207 participants with non-zero points (out of 83,465 registered with possible duplicates) including several professional mining pools
• 292,054 blocks
• More than 11,000 concurrent nodes online at peak with more than 200,000 daily transactions on average

And those lists don’t even include the amazing artwork, videos, and memes we’ve received. The Iron Fish community has not disappointed.

Let’s go! 

Join the testnet — sign up today to be ready when Phase 3 launches.

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