We did it: Yesterday, our mainnet was launched. This is a huge milestone as we prepare for the first real-world use cases to be deployed on Integritee. In combination with our token sale and exchange listing scheduled for next week, we are closer than ever to realizing our vision of providing the foundation for privacy-preserving data services.
Adoption & early use cases
The launch of our mainnet is the culmination of years of hard work and dedication from the Integritee team. From now, Integritee becomes a functional network that can be used to process sensitive data and preserve the privacy of users. You can see what blocks have been produced so far here. Of course, in order for Integritee to gain traction and achieve widespread adoption, the TEER token must be distributed widely to potential users. For this reason, we have organized a token sale next week on November 30 and an exchange listing the following day on December 1. More details will follow shortly on these events.
In the coming weeks, the first deployment and practical use case hosted on the Integritee mainnet will be launched: the US dollar exchange rate oracle. This oracle will monitor the USD-TEER exchange rate by using a trusted execution environment (TEE) to run an HTTP client that will communicate with a market REST API via a TLS connection. This will provide a service that authenticates the SSL server, queries the USD-TEER exchange rate, and writes it to our Integritee chain. In effect, this will provide non-repudiation for market data without trusting the oracle operator, a function that is not otherwise possible with existing SSL connections. For further technical info, see this demonstration video.
In the future, the oracle will be used to ensure that usage fees are charged at a stable dollar-denominated rate. Thus, the deployment of oracle will not only prove that the Integritee platform works, it will also provide predictability for future enterprise clients, who will know that the fiat value of fees will remain stable.
Side chain launch and tokenomic mechanisms
Integritee side chains will provide a second-layer solution on Kusama and Polkadot that can greatly increase the speed and confidentiality of data processes. Other Kusama/Polkadot projects will be able to profit from this technology by deploying on Integritee. In fact, it will be interoperable not just with Kusama and Polkadot, but with any light-client capable blockchain or web2 API. We will release a software development kit (SDK) to enable third-party developers to start building on Integritee and expect to run the first productive side chains in early 2022.
In the coming weeks, the burning function outlined previously in our tokenomics paper will be integrated. This mechanism will ensure that the overall TEER token supply is deflationary, creating another factor to drive TEER value growth beyond its intrinsic value. This will be complemented in early 2022 with the addition of the lock-drop mechanism, which will enable Integritee users to benefit from fee discounts by locking up TEER tokens for a specified duration. This mechanism is designed to slow down the velocity of the TEER token, further driving value growth.
TGE & Token distribution
Our TGE happened shortly after the main net launch and our TEER Token is now live. The distribution of the TEER tokens will happen over the course of this week. Transferability is not yet active but will be enabled before the listing on December 1.