Today we are officially announcing the launch of the Accumulate Testnet 1.0 Rialto release. This marks a major milestone in the development of Accumulate before the Mainnet launch. Accumulate is designed to power decentralized finance (DeFi) and decentralized applications (DApps). As a Universal Layer 2, Accumulate is interoperable with any Layer 1 protocol. Additionally, the protocol is identity-based and can integrate with traditional tech stacks while being the first blockchain to provide key management and off-chain consensus-building with Scratch Spaces.
Features in Testnet 1.0 Rialto:
- Lite Accounts: Used to send and receive tokens and maintain a record of users’ token accounts and transactions. A user can send and receive transactions from one Lite Account to another, or one wallet to another on the app.
- Mobile Wallet App: The mobile wallet app is a user-friendly extension of the Testnet that will allow users to send and receive tokens, create lite accounts, and use the faucet within the app.
- Faucet: Allows users to generate test tokens to send to their lite account or to others.
- Command Line Interface (CLI) Tool: Create, import, or export token accounts, create token transactions, get data by an Accumulate URL. The CLI Tool has ADI creation and Key Management capability at this time.
- Explorer: Free and open data insights of the Accumulate Testnet.
What is Rialto?
Rialto is the internal codename for this release. Rialto is a famous bridge in Venice and apart from its engineering and architecture fame, the bridge is considered a key hub for financial exchange and marketplaces.
Stay tuned for these features in upcoming releases:
- ADIs: ADIs give users access to the full range of features provided by the Accumulate network including smart contracts, off-chain consensus building, and dynamic key management. An ADI is the umbrella account that holds subaccounts. These subaccounts are different chains that store information on the Accumulate Network. An ADI can have different chains that it manages i.e. Token Account Chain, Data Chain, Scratch Chain, Token Issuance Chain, Key Chain, Managed Chains.
- URL addressing: Accumulate identities, data, transactions, and state Traditional technology stacks easily integrate with URL addressable data and endpoints Much improved user experience. Enables integration with browsers.
- Security: Accumulate’s network security will be maintained by Sentry Nodes which will detect malicious behavior on the Accumulate Network. Accumulate will have advanced cryptography for validating transactions. Transactions will be anchored to Layer 1 protocols (Bitcoin, Ethereum, Solana) so that a successful attack on the Accumulate network requires that these other protocols be compromised.
- Keys: Wallets create transactions and sign them with their private key.
- Key Pages: A Key Page can specify how many Keys are required to validate a transaction. A transaction can either be single signature or multi-signature. A Key Page can also indicate that a Key comes from a particular Key Book of another ADI, or modify itself or a Key Page of lower priority
- Key Books: A Key Book is a prioritized list of Key Pages. Different ADIs can specify different Key Books. The Key Books used to administer the ADI for administrative tasks do not have to be the same Key Books for a given transaction.
- Scratch Spaces: This is a transient blockchain (data is stored for 2-3 weeks) with fast block times that allows different parties to reach a consensus off-chain (e.g. they are negotiating the terms of a deal and developing a multi-signature smart contract). Scratch Spaces are good for privacy because a user may not want to broadcast their decision-making process to the main blockchain. Scratch Spaces reduces cost because a user posts the conclusion, not the work. Instead of a dozen transactions (the work), you post 1 transaction (the conclusion).