Four Miners Support Psy Protocol’s New Proof-of-Work Testnet Launch

Four leading cryptocurrency mining infrastructure providers are joining Psy Protocol's public testnet, which was launched last month. This collaboration signifies a significant advancement for the protocol, enhancing its network credibility and showcasing its innovative blockchain capabilities.

Key Takeaways

Psy Protocol's testnet features four mining partners: F2Pool, GrandCroix, DePIN X Capital, and Codestream.
The proof-of-work platform can handle over one million transactions per second through its unique architecture.
Psy Protocol promotes the use of zero-knowledge proofs to reduce risks for validators.
Miner participation is crucial for verifying the protocol's performance ahead of the mainnet launch planned for later this year.

Psy protocol

Overview of the Testnet Participation

Four notable cryptocurrency mining firms are set to participate in Psy Protocol’s public testnet, which debuted last month. Among these is F2Pool, a global leader known for operating mining pools for Dogecoin and Litecoin. The other participants include GrandCroix, DePIN X Capital, and Codestream.

Impressive Transaction Capability

According to a company announcement shared with Cryptonews, the Psy proof-of-work platform aims to demonstrate its capacity to process more than one million transactions every second. This ambitious goal is achieved through a unique architecture where users generate zero-knowledge proofs of their transactions directly on their devices, thereby mitigating computational risks typically encountered by validators.

Psy Protocol introduced its public testnet in October, showcasing a blockchain architecture designed to enhance security. This architecture permits virtually unlimited transaction processing and block time, enabling the network to scale effectively as more users create proofs.

The company announced via X that November will mark a transformative phase for the project. "The public PoW testnet is approaching, SDK tools are expanding, and fresh community initiatives are launching."

Miners' Impact on the Psy Ecosystem

Carter Feldman, the CEO and founder of Psy, highlighted the significance of attracting mining support as a pivotal credibility factor for the protocol. He emphasized the contrast between proof of stake and proof of work, stating, "In proof of stake, the largest token holders exert control by staking assets they already possess. In our model, miners invest in actual infrastructure and bear operational costs to engage."

With Psy’s proof-of-work model, miners will validate and aggregate zero-knowledge proofs rather than merely competing to solve random hash puzzles. Simon Yang, founder of DePIN X Capital, reinforced the concept of “economic utility instead of waste,” promoting Psy as a platform that aligns on-chain computation with tangible economic value.

The miners involved in this testnet phase will validate the protocol’s performance and security in preparation for the mainnet activation expected later this year.