7. Test Mode and Mainnet Launch
Currently, we're in test mode with paper trading on the Sepolia Testnet, an Ethereum blockchain testnet. We are planning to launch on the Ethereum mainnet during Summer 2023.
Before launching our platform on the Ethereum mainnet, we first operate in a test mode on the Sepolia Testnet. This allows us to ensure the functionality and security of our smart contracts and system infrastructure in a safe, controlled environment.
A testnet is a separate blockchain used for testing. It operates just like the main blockchain (the mainnet), but the tokens on it have no value. This allows developers to experiment and make adjustments without risking real assets. In our case, the Sepolia Testnet allows us to test our smart contracts and overall system to ensure everything operates as expected.
The mainnet, on the other hand, is the main blockchain where real transactions occur. Tokens on the mainnet have real value, and transactions are permanent. That's why thorough testing on the testnet is so crucial before launching on the mainnet.
After our rigorous testing phase, we plan to launch on Ethereum's mainnet during the summer of 2023. However, to benefit from lower transaction costs and faster transaction speeds, we will be launching on the Polygon Layer 2.
Layer 2 refers to a secondary framework or protocol built on top of an existing blockchain. In this case, Polygon is a Layer 2 solution built on Ethereum, allowing for faster and cheaper transactions while still benefiting from the security and decentralization of the Ethereum mainnet.
Blockchain technology, and particularly smart contracts, are transforming traditional finance. In the past, financial transactions required middle and back-office functions, such as trade confirmation, settlement, record-keeping, and compliance. These activities were often labor-intensive and prone to human error.
Blockchain and smart contracts are automating these tasks. For instance, when you buy Dowgo Tokens, the smart contract automatically executes the transaction, verifies the details, transfers the assets, and updates the ledger. This process eliminates the need for middlemen, reduces the potential for errors, and speeds up the transaction.
Moreover, all transactions are recorded on the blockchain, which provides a permanent, unchangeable, and transparent record. This not only enhances security but also simplifies compliance and auditing.