What does the announcement of the Mainnet mean in a Practical Blockchain project?

One of the most important milestones in the development flow of a Practical Blockchain project party is the official release of the Mainnet. Simply put, the Mainnet means that the blockchain network has fully begun operations, and users can actually send and receive transactions of cryptoassets. Transactions of cryptoassets are broadcasted on the network, verified, and recorded in a distributed ledger.

The Journey from Testnet to Mainnet

Before a project reaches the Mainnet, it must go through a stage called the testnet. The testnet serves as a kind of laboratory for blockchain projects. Programmers and developers test every function and aspect of the network here, troubleshoot issues, and ensure the robustness of the system. By conducting thorough validation in an environment that corresponds to the production environment before the Mainnet announcement, it ensures that actual users can safely use the network.

In other words, the testnet serves as a prototype in the development stage, while the Mainnet functions as the completed production environment. Investors and users will be able to operate cryptoassets and execute transactions only on the Mainnet.

The process from ICO to Mainnet announcement

In 2017, during the growth phase of the blockchain industry, many startups raised funds through Initial Coin Offerings (ICOs) or Initial Exchange Offerings (IEOs). In particular, the method of issuing ERC-20 standard tokens on Ethereum and distributing those tokens to ICO investors became mainstream.

After the ICO fundraising phase is completed, the project party will proceed with the development and deployment of the Practical Blockchain, ultimately releasing the Mainnet. The process that takes place during the announcement of the Mainnet is called the “Mainnet Swap.” This refers to the work of exchanging the old tokens in ERC-20 format for the native tokens on the newly deployed Practical Blockchain.

Once the Mainnet swap is completed, any remaining old tokens are usually discarded, and only the new native tokens will circulate. At this stage, the project party will begin to operate as a fully independent Practical Blockchain network.

Token Issuance on Other Practical Blockchain Platforms

While Ethereum and its ERC20 standard have gained high popularity in the market, there are also multiple blockchain platforms that have their own token issuance capabilities. Examples include Stellar, NEM, NEO, TRON, and Waves, and various blockchain projects are being built on these platforms, with tokens operated based on their respective mainnet strategies.

The implementation of the project's Mainnet is an important indicator of the project's maturity that goes beyond just a technical milestone, serving as a turning point for both investors and users, signifying that the project has genuinely begun operations.