dYdX Initiates Cosmos-based Private Testnet for V4 Blockchain Development
dYdX has announced the initiation of its Cosmos-based private testnet, marking the third of five milestones in the development of its V4 Blockchain. The private testnet is expected to run for two to three weeks and will be conducted in collaboration with a select group of external validators to ensure the proper functioning of the network.
Following the successful completion of this milestone, dYdX plans to launch a public testnet by the end of July 2023. It will allow more validators to try out the solution. The mainnet will be ready for use by the end of September 2023. It marks the completion of Milestone 5.
V4 Blockchain’s Indexer Provides Real-Time Information for Users
As a V4 node, the full-node participates in consensus but abstains from voting. Through the V4 network’s gossip protocol, it collects information from other full-nodes and validators. It accepts transactions and relaying them to other full-nodes and validators. To validate a transaction, users send their data to validators, who are organizations operating complete nodes. Each validator contributes to the consensus process by broadcasting votes encrypted with its own private key.
The indexer is a database-backed, read-only service that pulls information in real-time from v4. The full-node stores the cryptocurrency and an order book in memory. It updates its local blockchain replica and its in-memory order book with each transaction. The indexer maintains database consistency with the full-node and allows users to access information via HTTPS REST APIs and receive streaming access via websockets.
Dydx to Offer Three Open-Source Front-Ends for V4 Blockchain
There will be three open-source front-ends for dYdX: an iOS application, an Android device, and a website. The website is in Javascript and React, while the iPhone and Android applications use native Swift & Kotlin, respectively. The Indexer will communicate with all three front-ends using APIs and Websockets. Exchanges will be decided to submit for trading by being sent directly to validators.
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dYdX plans to release as open source the indexer and the front service implementation configurations and scripts. It enables anyone with access to these repositories to launch any of the freely available services.
Overall, dYdX’s progress in developing its V4 Blockchain is significant, and the launch of its private testnet marks another major milestone in its development. As the project gets closer to its mainnet launch, the cryptocurrency community is excited to see what effects dYdX could have on the market as a whole. Keep visiting for more updates regarding blockchain and the crypto industry.
