Driving IoT Adoption With NCash
Hello everyone, the past few weeks for us have been filled with optimism, building up to the imminent launch of the Nitro Network IoT Marketplace. Nitro’s IoT marketplace is designed to help individuals and businesses gain access to an ecosystem of connected solutions and devices. Upon launch, it will be open and available to the entire Nitro community and nations like the US and India. We are aware that some of our community members have voiced their concerns about the impact of the marketplace on the NCASH token, and how the reward system for the IoT agenda works. In this article, we’ll address all of these concerns.
The New Model
Our aim is to drive the mass adoption of IoT with our newly launched IoT marketplace, this will slightly alter our business model, with a few changes in how Nesting and the rewards for Nesters will work.
Firstly, we have identified a loophole with private networks. We discovered that only private networks are not enough to make the vision of a smart world become a reality. The adoption and usage of private networks by common people as well as businesses are crucial. However, most hardware and software companies struggle with these, either they manufacture and supply mainly to enterprises or work on a project basis. Most of them haven’t been able to reach the masses, some of the reasons for this struggle include:
- Limitations in their capacity to manufacture the IoT sensors for all the use-cases
- Analytical layer gap to serve the masses
- A Lack of awareness among people
- Lack of incentive for IoT adoption
We carefully considered all of these issues while creating our IoT marketplace, and we were able to proffer solutions to some of these challenges. Our IoT marketplace will not only bring the solutions of multiple companies to be available to the masses under one roof, but we will also carry out proper marketing and awareness campaigns that will facilitate the mass adoption of IoT for a better tomorrow. In a nutshell, our agenda has become bigger and goes beyond just creating a private network.
What Are the Enhancements in the Nesting Plan?
Let’s quickly delve into some of the enhancements in our Nesting plan. Previously, we have been sending the Nitro IoN Miner (aka Lorawan gateway) to the verified Nests for hosting, creating a private network and earning NCash from it. With the requirement of KYC and security deposit.
Now, in order to make a smart world and make IoT reachable to the people, we have created a marketplace. In the marketplace, everyone will be able to buy different types of sensors as they need (more sensors will be listed in the coming days). And upon purchase of sensors, we will also give out the Nitro IoN Miner (our gateway) to connect the sensors for free*.
Since the Nitro IoN Miner is designed to earn NCash. When you opt for a smart life for yourself, you will be rewarded with NCash. And at the same time, you can get all insights through our app which generates data from the sensors and provides you with a dashboard to track the progress of your smart lifestyle.
Furthermore, you will be able to pay to have access to the advanced features of our app by paying in NCash. This gives you a double advantage of not just earning, but also utilising it to access advanced features of the app. One question that readily comes to mind in all of this, is “what happens to our agenda of having one active Nitro IoN Miner in 1 KM?”
The answer is quite simple, we have adequately taken care of this. Currently, our focus is on creating a smart ecosystem and making IoT solutions that solve daily problems accessible to everyone in every nook and cranny of the globe. As time passes, we expect to have an increase in adoption rates in a particular area. When this happens, in the next phase, we will provide our users with the option to be the Nest in their hexagon and make their private network open for use to their neighbours and other sensors. This way we will make sure that only one active Nitro IoN Miner is contributing towards a private network for enterprise development.
Impact of IoT Marketplace on Tokenonomics And Rewards Model
Moving on to how the rewards will work with the new IoT and Nesting process, we will explain using the same token economics reference to make it easier to understand. We’ll refer to the last token economics update here; (https://nitronetwork.medium.com/nitro-network-tokenomics-update-bba7ea50367d)
The distribution of monthly minted NCash is outlined in the table below:
As outlined in the table above, 20% of Network Infrastructure, 100% of Network Coverage Validation and 20% of Network Data Transfer are allocated to the Nesters. As stated earlier, with our current agenda, our milestone is to first facilitate the adoption of IoT adopted by common people, and small and large-scale enterprises. In order to accelerate the adoption of IoT solutions:
- We will give twenty per cent (20%) of Network Infrastructure and Network Data transfer, with a hundred per cent (100%) of coverage validation to the people buying the sensors, this is to incentivise the adoption of IoT adoption for our early adopters. This will continue until an open network comes into effect. And after Open Network, the adopters of the IoT solutions will still get rewarded from the twenty percent (20%) allocation of Network Infrastructure.
- As an “IoT adoption Incentive”, we will utilise a pool of 636.6 Mn⁺ (combined pool of 20% of Network Infrastructure, 100% of Network Coverage Validation and 20% of Network Data Transfer dedicated to Nesting)
- Early adopters can earn upto 350⁺ NCash per EPOCH (1 EPOCH=30 minutes)
- In addition, Inactive pools will be activated for boosting the adoption process, and early joiners and adopters will have this advantage. There will be no change in any pool and allocation for rewards for NFM.
- We will be utilizing up to 33% of the profits from the marketplace and analytical layers to buyback NCash from the market.
⁺ The following Terms and Conditions apply:
- Reward distribution from the allocated pool is subject to multiple factors such as the claim process, stakeholder’s (connected sensors, data packet transfer, sensor usage) participation, and the active number of sensors and gateways in the ecosystem.
- The minting, distribution, claim and reward processes are subject to change as per the market conditions and unforeseen circumstances
Nitro Network is driving the adoption of IoT solutions across the globe in full gear. There are enough sensors for everyone to join this train. We also appeal to our Nitro community and everyone to join early, our vision is to improve the quality of living for different individuals and families by making IoT solutions accessible to all, and we are on a mission to make the earth a smarter place to live for everyone. With your help and support, we will accomplish this mission. As always, we appreciate your support and contribution to the growth of the Nitro ecosystem, thank you all for sticking with us. Stay tuned!
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About Nitro Network:
Nitro Network brings affordable and secure IoT solutions for you. The company is building the largest decentralized private communication network (PCN) using the LoRaWAN IoT devices. These devices enable your gadgets to communicate using 3G/4G/5G technologies. This hyperconnected network will enable unlimited use cases in your everyday life. Participants of Nitro Network’s decentralized PCN are part of an inclusive ecosystem that they own, operate and earn from. Nitro Network’s PCN will be a game-changer and has its proprietary token, NCash, at its core. On Nitro Network, everybody wins!
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