Today marks the release of Polymesh Testnet II: Alcyone. Much like it’s predecessor Aldebaran, Alcyone is the name of a star within the Taurus constellation, a nice nod to our Polymath brand bull.
Whereas Testnet I was predominantly user-facing, much of what Alcyone brings to life is under the hood of Polymesh, with new enterprise features to help institutional users clear the roadblocks found on public, permissionless blockchains.
Here’s what you can expect from Alcyone:
Confidential Assets Infrastructure
On public chains, anyone can see the contents of a public address. While users can easily make transactions and balances confidential with layer-2 solutions, they come with an unworkable compromise — to add confidentiality, they must sacrifice compliance. Polymesh enables users to issue confidential assets while still adhering to compliance criteria in an automated way. The Alcyone release is simply the first step to implementing confidentiality with much more on the way — look forward to a technical white paper on the specifics of how Polymesh manages confidentiality later in the fall.
Portfolios help users group assets in a way that makes sense for them, letting them organize large numbers of assets in a functional and reportable way. Alcyone testers can start using portfolios right away and can look forward to dashboarding capabilities in Q4.
With the Alcyone testnet, users will be able to define granular permissions for who can perform which actions on the blockchain. When combined with the portfolios function, users are able to segment responsibilities and efficiently control access to assets.
Attestation Management SDK Documentation
Attestations are the feature that ties user identity and compliance together, allowing the issuer to automate the compliance framework for their security token. More specifically, they are the on-chain confirmation that an attribute of a user’s identity is true. Sometimes attestations are based on the token (e.g. buy or sell lockups tied to when a token was issued). Other times, they’re based on the unique identity of the user and need to be verified through third-party service providers (e.g. residency; accreditation). SDK documentation makes it simple for enterprise users and attestation providers to implement this feature.
Importantly, the move from testnet I to II marks a reset of the chain — unless absolutely necessary, it’s the only one we plan to do. For us, testnet is as much about refining our internal processes as it is about ironing out bugs in the code. We know that it’s important to quickly get new features into the hands of users, but we need to be able to do this through smooth network upgrades. From here on out, we plan to conduct regular upgrades to the chain rather than doing another full reset (of course, we’ll be launching a brand new chain for mainnet). This helps us ensure that we can deliver a seamless upgrade process once we get to mainnet, and it gives users more immediate access to new features as they’re developed.
Look out for regular new feature releases as we head towards mainnet in Q1 2021.