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Countdown to Protonet

· 5 min read
Mike Anderson
Mike Anderson
Hacker, Convex Foundation

The day is finally coming.

The groundbreaking Convex Protonet is going Live in December 2024. Here's what you need to know about the launch of the world's most powerful platform for decentralised economic systems.

What is Protonet​

Protonet is perhaps the most important milestone in the journey to deliver true decentralised economic systems at global scale. It's the first live version of the Convex Network. We're launching Protonet now for several reasons:

  • Establish the Global State - The state machine at the heart of Convex needs to start somewhere. By establishing the genesis state, we achieve this.
  • Launch the Convex Coin economy - Protonet will host the first real live Convex Coins. These are the utility token that drives Convex, that can be held by individuals and organisations in a truly self-sovereign manner. Any coin balances on Protonet will continue to Mainnet and beyond.
  • A platform to build - Protonet is a live network suitable for developers to build dApps and create real digital assets. No need to ask permission: it's a open public network. Just do it.
  • Establish the ecosystem - People can be inspired and collaborate around something real and tangible. Real digital assets, real smart contracts, real decentralised data. Protonet is key to unlocking the growth of our open ecosystem.

Launch timeline​

Here's what you can expect in the next two weeks:

  • 2nd Dec: History is made as the Convex genesis peer goes live. The Global State comes in to existence. The first user accounts get created, and the first transactions hit the network as we test the live system. We'll triple-check CPoS consensus and lattice replication with a few peers operated by the core team and collaborators.
  • 3rd Dec: Coin issuance begins for contributors and coin purchasers (at least, for those who elect to receive coins early on Protonet). If you purchased coins via the FCPA or are eligible for an award, you just need to provide your Ed25519 public key and we'll deposit your coins in a brand new account.
  • 4th Dec: Desktop day. We'll be running a workshop for developers and power users using Convex Desktop. If that's you, join our live interactive session session, 4-6pm UK time on the Convex Community Discord. Mike may be generously donating some Convex Coins to participants to help them get started, so don't miss out!
  • 5rd Dec: Launch of independently operated peers, including one hosted by Paisley, a user owned DeFi / payments network running on Convex.
  • 6th Dec: Virtual launch party. 6pm UK time on the Convex Community Discord. Expect demos, big ideas and lively discussion. BYO coffee, pizza and beers etc.
  • 9th Dec: Paisley web-based dApp goes live, offering a way for anyone to buy Convex Coins using stablecoins (starting with USDC on Base).
  • 10 Dec: Analysis day. We'll be looking back on the launch process, examining the state of the network and writing up some reports, insights and learnings.
  • 11 Dec: If we need to, peers will get a code update. Hopefully not necessary, but if this needs to happen due to any issues found there may be a short window of maintenance where transactions won't work.
  • 12 Dec: Community day. We'll be online to discuss anything and everything related to Convex and the future. Join for community hangout at 4pm UK time, on the Discord as usual.

Contingency plans​

As always in technology, we should also expect the unexpected. This is a decentralised network, and we don't have control over what people do with it. Plans may change if necessary. But we've been preparing for this for several years and are ready to handle pretty much anything.

Here's the deal:

  • We will roll back and correct any critical security flaws or issues that compromise the integrity of the network as a whole (e.g. a breach of CVM security rules or compromise of network governance accounts)
  • We will not fix any issues caused by user error (e.g. losing your private keys, or transferring your entire Convex Coin balance to a random account). Transactions correctly signed and submitted for consensus will get executed. Code is law, and your keys are your crypto etc.

What next?​

Protonet is not yet Mainnet. While the global state and digital assets within Protonet will roll over into Mainnet, there's still more to do before we have a fully decentralised main network. We need to grow the peer network, create more decentralised infrastructure around Convex and get listed on major cryptocurrency exchanges etc.

There will still be lots more to achieve in 2025, but rest assured we will be relentlessly working toward the realisation on the full Convex vision.

For now: get on Protonet, this is where it all begins.