Hedera updates its portal and adds a new testnet faucet

Hedera has announced two new updates to its ecosystem. One pertains to the introduction of a new testnet faucet and another to changes in the native portal. Both are in line to enhance developers’ experience and optimize resource allocation. Also, the changes come in response to feedback that Hedera has received and that the team identified during operations.

Both changes on Hedera are live, effective February 1, 2024. A new anonymous faucet allows developers to collect up to 100 testnet HBAR. This can happen once every 24 hours, simply by using their EVM address or ID. Test tokens will be rolled out to help developers test their applications on the network while leveraging the convenience of constructing on that ground.

Two main changes are live on the portal: the daily allocation of HBAR and the availability of Personal Access Tokens.

The daily allocation of the token has been increased to 1,000 testnet HBAR, provided users manually file a request from their accounts. This can be done once every 24 hours, with the possibility of adjustments in the future. The goal is to make sure that all HBAR accounts reset with at least 1,000 testnet HBAR.

Another manner in which an account gets reset is by the occurrence of a testnet reset every quarter. Users can only file one request in 24 hours.

Personal Access Tokens, also known as API keys, are now available on the portal. Their availability enables the re-creation of accounts and queries for account ID information. Hedera said in the announcement that both updates reflect their commitment to efficiently managing the network and helping build a community. These have instilled optimism in the Hedera forecast value, with the token poised to surpass $0.100 by the end of this year. For reference, the token is currently exchanging hands at $0.06934, a jump of 0.74% in the last 24 hours.

These changes are believed to serve four benefits: reduced friction, more privacy, efficient use of resources, and network growth and innovation.

Reduced friction relates to a reduction in entry barriers for developers by providing them easy and quick access to testnet HBAR. The new faucet does not require users to share their personal information, and adjustments in testnet HBAR allocation encourage the use of shared resources. It sets the track for growth and innovation by attracting new builders to the ecosystem.

As for the token, while it has risen in the last 24 hours, there’s been a decline in its value in the last 7 days and 30 days. HBAR has plummeted by 2.64% and 27.29% during the said time windows in that order. The market cap is up by 0.54%, but the 24-hour volume has dropped by 17.59% at the time of articulating this piece.

Moving forward, Hedera will make more improvements to its ecosystem based on feedback it receives from the community and the needs it identifies.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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