Discord Town Hall #9 Recap
Nitro Network’s 9th Discord Town Hall was surely one for the books. The Q&A session was jam-packed with questions about Nitro Network’s tokenomics and upcoming projects. The excitement in the server was palpable!
As usual, the Town Hall was hosted by Nitro Network community manager David Montero (BirriX on Discord). The special guest for this Town Hall was none other than Nitro Network’s CEO Anoop Vootkuri, along with cryptocurrency YouTuber CryptoDiamond. For those who missed it, check out the summary below to get up to speed.
Q&A featuring Nitro Network’s CEO Anoop Vootkuri (paraphrased)
Q: What can you say to the members who have been experiencing issues when it comes to receiving their rewards?
Vootkuri: This is only for a few people, most of whom have already been compensated. We encourage anybody that is facing any issues regarding rewards to open a ticket on Discord. We’ll clarify for anybody what rewards were paid, what rewards have been withheld and how long it will take for them to receive any missing rewards.
Q: How much NCash was burned in July and where did that NCash come from?
Vootkuri: So we burned nearly 50 million NCash last month. The majority of the NCash revenue was collected from our NFTrade farm. Another portion of the revenue is coming from the IoT solutions we’ve talked about in the past, such as the poultry farms.
Q: How much NCash was minted last month?
Vootkuri: The total minting on the Avalanche blockchain through the new contract is about 4 billion tokens. Thanks to our new tokenomics update, you’ll be able to find all new data regarding the mint and burn on a monthly basis for each and every category.
Q) What is the max supply of the NCash token? Can you please go over that?
Vootkuri: The max supply of the token is set to be 250 billion over the next six years, but there will never be 250 billion in circulation due to the constant burning process. Expanding on this, we’re trying to build a long-term incentivization model for people who are in it for the long run. For the next six years, while we’re minting, the token is going to be inflationary. But after that it will be completely deflationary — only burning, no more minting — which means that as supply decreases, the demand and price should increase. We want the infrastructure we’re building to be there for the next 50 years.
Q) What are the milestones that will affect rewards?
Vootkuri: It’s a profoundly mathematical model, but mainly we’re keeping in mind how much adoption we are getting for the network. For our Iconic, Premium and Top NFMs, we’ve already revised the rewards to benefit you guys, but of course, those rewards are subject to change as adoption increases.
BirriX: For those that want to get in on NFMs, Top-tier NFMs currently have the largest upside since because of the recent revision to rewards, users will receive 94.3 NCash per EPOCH rather than the original 24 NCash. These numbers are subject to change as more are minted, so get in early.
Q) The tokenomics article described some categories as partially active, what does this mean?
Vootkuri: This just means that a said category may not be minted fully yet. There is an upper limit for these things, and if those upper limits aren’t hit, then we won’t unnecessarily mint coins to put into our treasury or team allocations. Basically, we decided that if it’s not minted fully, then it’ll be classed as partially active only.
Q) When the Nesters receive the miners, will the network immediately go live? If not, how will this process work?
Vootkuri: So the miners are already preconfigured so people won’t have to do much. There is going to be a little bit of know-how, but don’t worry as we’ll provide all the step-by-step instructions very clearly. For the most part, it’ll be plug-and-play — very straightforward.
Q) When can we expect to see the product (packaging, instructions, and so on) — will there be any sneak previews before the product starts shipping out?
Vootkuri: We’ve already sent out a couple of images for the packaging via social media. However, we will be happy to create several content-opening videos over the next week or so if that’s something that our community wants.
Q) How long will shipping take for the miners to reach cities in the US and India once the deposit has been paid?
Vootkuri: So we haven’t yet opened deposits yet because we’re making sure that when we finally do, the user experience will be top-notch. As in, the minute the deposit is paid, assume that the device will be shipped the next day. That’s how we’re going to plan it.
Q) Have any carriers received Nitro 5G small cell for testing?
Vootkuri: No. As you know, we are a private network, so we’re not going to be working with external carriers. However, I did post a photo of our Nitro 5G small cell in our R&D lab. That’s basically our first prototype, and we’re excited to expand on it. We’re just waiting for our LoRaWAN projects to be stellar first before diving deeper into 5G.
Q) Is there a deployment map? Will we be able to see the pattern in which Nesters will be deployed?
Vootkuri: Yes, we’ve been working on this for a long time, and we actually touched upon it in previous episodes. This will be the Nitro Network heatmap which will show all the information about what’s happening with the network, rewards, transactions, hash IDs, everything basically. In regards to deployment information, it will show hexagons that have any KYC-in-progress as orange, and the moment it’s approved, it’ll turn green, meaning that a particular hexagon has been taken.
BirriX: If you have an application, go ahead and complete your KYC, so you don’t lose your spot!
Q) Which steps are we taking to include the audience more in the AMA call? Secondly, when can we get a roadmap for Nitro Network?
Vootkuri: Something that we do day in and day out is connecting with you guys. You guys should know we are here for the long term; we are here to keep building both our infrastructure and our relationship with the community. As for the roadmap, I will consolidate all of our plans and thoughts, put them into a roadmap and share it with you all. You can count me on it.
Q) Can you elaborate on the details of the 100% NFM returns that you guys announced last month?
Vootkuri: So there was a little miscommunication between the product teams. The news about the 100% NFM returns came out at the wrong time. But we’ll definitely circle back to it eventually, and when there’s an opportunity, we’ll bring it back for real. For anybody that saw the news and purchased thinking they would receive the 100% NFM returns, we’ll make sure they receive everything they were promised. At the end of the day, if there’s a slip-up, we’ll own up to it.
Thank you to everyone who tuned in
This recap is simply a curated summary of a much more comprehensive discussion. Interested in listening to the full Town Hall AMA? Luckily, it’s as easy as joining the Nitro Network Discord, where every single AMA is available for free playback in the Community Events channel.
The past few weeks have been some of the busiest in Nitro Network’s history, and we’re incredibly fortunate to have the opportunity to share all of these developments through our AMAs and Nitro Bulletins. We want to thank the community for all the support and enthusiasm. With that being said, make sure to join for the next Discord Town Hall!
