Enterprise blockchain platform Insolar is launching its own mainnet, debuting its native Insolar Coin (XNS) to replace its formerly used Ethereum-based token INS.

Afterwards successfully piloting the testnet in 2022, Insolar will be rolling out the commercial launch of Insolar MainNet on Feb. 3, the house said in a press release shared with Cointelegraph.

INS/XNS token swap is immediately available

According to the firm, holders of the Ethereum-based ERC-20 token INS will be able to swap their tokens for XNS on the first twenty-four hours of the mainnet launch. Insolar users will exist able to store their XNS tokens on Insolar'south new native cryptocurrency wallet, Insolar Wallet, the house noted.

Equally part of the token swap, some crypto exchanges announced that they will be temporarily closing INS deposit and withdrawal services in order to support the token bandy.

As detailed in the Insolar Economic Paper issued in June 2022, the XNS token serves as a medium of exchange and a store of value and can be used for payments and staking. Fueled by XNS token, the Insolar MainNet is the principal public network based on the Insolar Blockchain Platform that is designed to build a blockchain-driven application marketplace.

Insolar mainnet claims to support 19,000 transactions per 2nd

Founded in 2022 as INS Ecosystem, the projection initially was an Ethereum-based app connecting consumer goods and customers. As of June 2022, Insolar was positioning itself as a "company edifice a horizontally scalable hybrid blockchain platform with interoperability between public and private networks."

The launch of Insolar Mainnet comes after the company successfully launched its testnet last year. In March 2022, Insolar released an updated iteration of the testnet that reportedly demonstrated a throughput of over 19,000 transactions per second. In order to ensure a stable mainnet launch, Insolar partnered with major global cybersecurity company Kaspersky Lab for an extensive testing and code inspect.

Additionally, Insolar has been collaborating with major global tech platforms such as tech giant Microsoft and figurer technology corporation Oracle. Other purported partners include the Swiss Innovation Promotion Bureau, Innosuisse, as well as the United Kingdom Free energy Innovation Eye and the German Free energy Agency.

In conjunction with the mainnet launch, Insolar also announced that it will exist offering bounties through bug bounty platform HackerOne in lodge to amend the network's security. Insolar's mainnet bug bounty plan will initially only be bachelor to a select group of specialists before a public rollout.