Midweek With Max: October 22, 2024

In this webinar we talk about the march to Mainnet

In the recent Hemi AMA, co-founder Max Sanchez and the team provided updates on Hemi’s progress, technical infrastructure, and plans for the network’s mainnet launch. Major topics included infrastructure upgrades, the integration of a new backend service, ongoing testing of the Hemi Virtual Machine (hVM), and preparations for deploying Bitcoin Tunnel Smart Contracts on the mainnet. The Hemi team highlighted plans to enhance mining reliability, offer incentivized testnet opportunities for users to test Bitcoin tunneling, and continue the development of Hemi’s flexible custodianship system, which supports both over-collateralized and BitVM-based mechanisms.

Questions from the community centered on the specifics of the Hemi Testnet points program, keystone mining, and how Hemi’s structure supports both Bitcoin and Ethereum interoperability. Max clarified the nature of Hemi’s ERC-20 token representation for tunneled Bitcoin and explained how Hemi’s custodianship mechanisms will allow secure asset migrations without disrupting liquidity. He also responded to concerns over technical issues, including delayed token claims, network selection issues in Capsule, and difficulties in swap transactions due to liquidity constraints. Additionally, the team outlined Hemi’s competitive approach to Bitcoin interoperability, its EVM compatibility, and its unique architecture, which aims to integrate security mechanisms across both Bitcoin and Ethereum protocols.

Key Takeaways

Hemi’s Competitive Edge: Unique in merging Bitcoin and Ethereum, Hemi’s architecture allows for decentralized asset transfer and programmable Bitcoin applications within an EVM framework.

Infrastructure Upgrades: Hemi transitioned to Electors in its backend, improving performance and reliability.

Bitcoin Tunnel Contracts: Ongoing testing is preparing these contracts for mainnet launch, enabling tunneled Bitcoin to operate as ERC-20 tokens.

Points Program: Users earn points for Testnet activities (swaps, mining, etc.), with incentives managed on the Absinthe platform.

Technical Issues Addressed: Solutions are underway for common issues, including transaction failures, faucet delays, and network selection problems.

Keystone Mining: Participants mine keystones through Hemi’s pop miner, with rewards credited based on timely confirmations and relative performance.

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