Incentiv Unveils Testnet Results, Future Plans, Community Rewards
In a press release shared with CryptoPotato, Incentiv, a Layer 1 (L1) EVM-compatible blockchain, has shared results from the ongoing testnet, along with a robust economic model that rewards network participants in proportion to their participation.
Community-Focused
Their consensus model is a contribution-scored Proof of Work (PoW), rewarding on-chain activity rather than mere capital inflow. Over 1.2 million wallets have been created on the testnet, with Incentiv laying the foundations of a permissionless network that users benefit from the more they contribute.
At the core of the its architecture is the Incentiv+ engine, a unified reward system that gathers portions of the value and fees from every transaction and places them into a communal Unified Reward Pool, which automatically distributes the rewards to network contributors.
Compensation for participation is proportionally allocated to all users, regardless of whether they’re a miner, developer, liquidity provider, or engage in any other activity that benefits the ecosystem. This differs from traditional models such as fixed block rewards, as the payouts here are linked to economic throughput.
To further catalyze the community-centric model, 26% of the total supply of the native token, $CENT, has been pre-loaded in a separate Community Rewards pool. This ensures that outsized rewards are available from day one, even before transaction volumes increase and transaction fees are taken into account.
Moreover, a Short-Term Growth Fund is available for selective enhancement of key activities or strategic initiatives in the initial phase. This aligns strategically with Incentiv’s economic model, which is designed to transition from a subsidy-driven to a self-sustaining model through fees.
Expanded Capabilities
The public testnet, which launched earlier this year, has gained popularity in a short timeframe, underscoring the interest in the novel approach to value creation. Thousands of challenges have been completed, and over 1.7 billion testnet $TCENT tokens have been distributed.
This reflects strong enthusiasm from developers and everyday users alike for the portfolio of products Incentiv offers, all grounded in Advanced Account Abstraction. Some other capabilities include:
- Unified token: flexible gas payments made possible by allowing fees in any supported token
- Passkey Wallets: passwordless, device-integrated, that improve security and the user experience
- Bundled Transactions: users can group multiple actions into a single signed transaction
- Native DEX: integrated decentralized exchange facilitating token swaps to cover fees or provide liquidity
- Open SDK: a toolkit for developers, allowing frictionless dApp sign-in, connecting users with Incentiv with just a few lines of code
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