An overview of the AMA on 12TH NOV, 2021

We are overwhelmed with the support received from the community to our recent AMA held on November 12th, 2021. We know that all of you have had many questions around NCash, staking, liquidity, mining, genesis rewards, and some questions of a generic nature. We have answered all your queries with reasonable detail and addressed your concerns as best as we could. That said, a huge thank you for your support which we believe is the foundation of our growth story so far.

Here’s a summary from the AMA with Anoop Vootkuri, CEO, Nitro Network

Rebranding — Nucleus Vision becomes Nitro Network

The rebranding of Nucleus Vision to Nitro Network as explained by Anoop Vootkuri is aligned with our renewed focus, partnerships, and announcements. We felt the word “Nitro” resonates with our new agenda — the word has multiple interpretations such as “pace”, “speed” and “lightning-fast” all of which is an ideal metaphor for our mandate — building one of the largest community-powered decentralized telecom private networks.

Avalanche Partnership (ERC-20 TO AVAX)

A number of questions revolved around our move from the ERC-20 protocol to Avalanche’s architecture. Keeping in mind the sky-high gas fees of ERC-20, we decided to move to the Avalanche platform (AVAX) for a Layer-1 partnership. The gas fees on AVAX are significantly lesser in comparison with ERC-20.

In addition, Avalanche is assisting Nitro Network, in our marketing initiatives which is synergistic with the aggressive growth agenda we have set ourselves.

Pre-sign up Miner Program

There were a lot of questions related to the Nitro ION Miners and mining rewards. Answering this, the CEO revealed that the miners will soon be ready to roll out into the market.

As an incentive to the community, we offered a 100% cashback on pre-sign-ups for the first 1000 miners' pre-orders. The response was amazing, to say the least, and the pre-sign-ups grew at an encouraging pace within the first 12 days itself. It’s heartening to know that people across the world have a buy-in to our vision and plans and are eager to be part of and build Nitro’s private network which is highly incentivized for people on the network to build, own and monetize it with NCash as the token of transaction.

Motivated by the support and enthusiasm of our community, we decided to launch the next batch of 1001 to 2000 miners with an 80% cashback offer which can be claimed in the form of NCash tokens once the miner reaches people who have placed the pre-order.

The first batch pre-sign-ups had a deposit of $50 and the second batch has a $75 deposit. The miner is competitively priced at $450.

Genesis Node & Staking Pools

The CEO made special emphasis on the Genesis node rewards program and all the questions around staking pools. He reiterated that Nitro Network is the community’s network and it’s the single reason why we have made it the most incentivized and rewarding. A part of this incentivization agenda is our Genesis Node Program. As a Genesis Node on the Nitro network, participants can participate in staking that comes with many rewards.

Our new token economics model includes a whole bunch of Genesis Node rewards. Genesis Nodes will continue earning rewards for the next 50 years

Current NCash holders can stake their NCash and qualify to become a Genesis Node. This also qualifies them to earn 150% APR when they stake within a period of 3 months. We have fixed the start and end date of the staking program — from 15th November 2021 to 15th February 2022. By doing this, Genesis Nodes will receive their new tokens automatically as per our new smart contract.

There are rewards for Non-Genesis nodes too. For those who did not stake, starting February 15th, 2022, these individuals can swap their NCash tokens for new tokens at a ratio of 1:1 on the Nitro platform which will go live on February 15th, 2022.

For those who do not receive any rewards, we have allotted their fair share too! Individuals in this category can stake their tokens and enjoy a 90% APR like all token holders across categories.

Introduction of Liquidity Pools

CEO Anoop Vootkuri had a bag of exciting news in favor of the community. Answering the much-awaited questions related to liquidity, he reiterated that Nitro Network will be introducing Liquidity Pools with highly rewarding incentives.

He indicated that these liquidity pools will provide an APR of up to 200%! There is more in store regarding this and the CEO expressed that more details will be shared following the start of Nitro Network’s staking programs.

Announcement of Franchise Program

The Nitro Network Franchise Program will invite the community members to provide opportunities to be a country representative and earn rewards, apart from the rewards they earn as miners on the Nitro network and for staking NCash.

Metamask Wallet and staking NCash

The CEO clarified that NCash tokens present on exchanges have to be sent to the MetaMask wallet in order to become eligible for staking on the Nitro Network portal. Individuals should be careful not to send their tokens directly from any exchange, which could lead to permanent loss.

Replacement of old NCash tokens with new

Replying to a question about old NCash tokens, Anoop Vootkuri confirmed that old NCash tokens will be replaced by new NCash tokens. He requested the community to read articles related to this that have been published in the company’s Medium channel.

AMA recap

In conclusion, the CEO reiterated the fact that Nitro Network is dedicated to offering its community the best of returns and rewards. The project is on a high growth trajectory, keeping in mind its vision of enabling a number of use cases and empowering people to build and monetize networks for next-gen data, products, and services.

Summing up

Do stay updated with our latest activities, offers, and announcements on our social media channels. You can also visit our website nitro.network/ for regular updates. You will be hearing a lot more from us soon, so stay tuned!

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