Sukhavati Bridge Launch
The Sukhavati Mainnet successfully launched on July 29, and the Sukhavati Bridge will be online on August 5. After the SKT mainnet launch, we will firstly update the parameters of Testnet 4 to Mainnet parameters. Then launch the Sukhavati Bridge, which supports two-way cross-chain operation between Ethereum and Sukhavati Mainnet.
Details are as follows:
1. Mainnet Parameter Update
After upgrading to Mainnet Beta, we will adjust governance parameters based on the initial netspace so far. The SKT binding mechanism is designed to maintain the long-term stability of the network consensus. Plots with Full Binding are considered to support the network consensus for a long time, so farmers producing blocks with full binding plots will get a significant reward boost. In the first 6 months after the mainnet launch, we will adjust the governance parameters once a month according to the scale of total netspace.
Full Binding:
Switching from the Testnet 4 to Mainnet, the Full Binding will require 300 SKT/TiB. The parameter will take effect before the Bridge goes online. Users bound before will see your binding being incomplete, so it is necessary to bind more $SKT to meet the conditions and achieve Full Binding. Only in this way can you get the mainnet full binding benefits.
Notes: When binding via the GUI client, incomplete binding plots will be preferred to save your binding costs.
Basic Binding:
Currently the basic binding needs 0 SKT/TiB, meaning no farming threshold. There will be a small basic binding number later according to the security needs.
2. Sukhavati Bridge
After setting the mainnet parameters, we will launch the beta version of SKT↔ETH two-way cross-chain bridge. The farmers will be able to convert native SKT to ERC-20 SKT or vice versa. A tutorial about the Sukhavati Bridge guiding you how to do cross-chain transfer will be published soon after that.
Notes: The Testnet 4 $SKT Tokens will become REAL native $SKT tokens as an award for Testnet 4 miner participation. Please keep your $SKT mnemonic phrase safely.
About Sukhavati Network
Sukhavati Network is a decentralized cloud network service that is focused on storage. The network is built on hardware-based Trusted Execution Environment (TEE) and the Substrate framework to inspire and incentivize improvements on distributed storage ecosystems.
Sukhavati creates a decentralized gateway that covers both Web 3.0 and Web 2.0 storage services. It allows unified data storage, retrieval, and management on Web 3.0 applications.
Website: https://sukhavati.io/
Twitter: https://twitter.com/Sukhavati_N
Discord: https://discord.gg/aPmKWUBvR7
Telegram Channel: https://t.me/SukhavatiNetwork
Telegram Announcement Channel: https://t.me/SukhavatiN
Medium: https://medium.com/@Sukhavati
