The Tomfoolery in thinking Testnet tokens could make you rich!

in zzan7 months ago

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Nothing is new under the sun(in the cryptosphere), and I say(write) these texts because there is a silliness in thinking Testnet tokens could make crypto users rich. I publish this based on the questions I have had to answer people who holds that believe. Here is my explanation about some Testnest tokens and how they are just bogus coins that will never attain real market values. Truth be told, i was one of those because I once tried sending some Testnet BNB I had amassed by claiming on some faucet to my mainnet wallet, thinking I'll be able to spend them.

Testnet tokens are issued on a not yet running Network or Blockchain, its the working prototype for a blockchain project. Prototype in this sense means a test run, that's why most Testnet tokens have values and if you have some of them it gives you the hibby Jibby of what been a crypto thousandnaire or millionaire feels like. Alas, that's just a fantasy, most testnets tokens are burnt when new working tokens are issued on Mainnets.

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Image Credit: Master The Crypto​​​

The reality is in mainnet, this the completely developed fully functional network(blockchain) platform after several test runnings on Testnets. It is where users send and receive cryptocurrencies in a live form, not a prototype anymore. Also, any other kind of digital data that is recorded on a distributed ledger is transacted and stored. Here, the dummy tokens(test tokens) are discarded and real time transactions will be broadcasted, verified, and recorded on a distributed ledger technology.

In contrast to mainnet , testnets are used troubleshoot all the aspects and features of a new blockchain network/project hence the name test. This is how to ascertain that the new system is secure and ready for the live usage. So you see, the tokens issues on a Test basis are not real, all the possibilities and fantasies of becoming rich are dashed and vanquished.

But there have been instances of Testnet swaps into Mainnet, that's why some tokens are redistributed with ratios. That is, if you have purchased a large amount of testnet tokens at ICOs or IEO(Initial Coin Offerings and Initial Exchange Offerings respectively), which are the means to fund new projects. Then upon launching, you could get different ratios to the Test tokens you bought e.g it could be 10:1, 50:1, 100:10 and so on.

In the event that this is not the case, that is; there was no Presale to raise funds but you have tons of the Testnet tokens, usually they become obsolete after all performance issues, bug issues are fixed. Strangely, a lot of crypto users are still holding on to massive testnets tokens hoping and thinking it will be exchangeable someday. I have had a few people consult me over this, which brings about this topic.

Mostly, when you invest in a new project and you get a certain portion of the testnet tokens, you should get the equivalent, or in ratios/proportions of the Mainnet coins when launched. There's no clownery greater than thinking those free testnet tokens will make you rich someday in your wildest fantasies!

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Cross-published!