How to become a Nitro Network Genesis node and get rewards?
As of today, there are 10Bn NCash tokens as total supply. What does it mean for you? If you are an NCash holder, a lot actually. In our article on the new token economics model we spoke about how our model is built to empower our community. We have been noticing that there are many questions and clarifications you have about staking NCash and what it will mean to NCash holders and those who wish to buy NCash.
We hope this article will address your concerns and clarify our intent, purpose and larger agenda of making Nitro Network the most rewarding network for our community.
Decoding the Genesis Node
There have been a lot of questions and concerns around the Genesis Node:
- What is a Genesis Node?
- Is it a new token altogether?
- Can anybody become a Genesis Node?
- Is there a way anyone can check if they are a Genesis Node or not?
- How can anyone be a part of the Genesis Node rewards?
Rest assured these and much more will be addressed in this article
So, what is a Genesis Node?
All current NCash holders who stake in the company staking program to receive 150% APR and join NCash Community on Twitter qualify as Genesis Nodes. It simply means that if you have NCash in your wallet, congratulations! You can be a Genesis Node. All you have to do is stake. This staking will be considered as whitelisting for genesis nodes.
Great, now that you are a Genesis Node you automatically are eligible for all the rewards we announced in our previous article.
Some of the reward highlights include:
- Rewards for 50 years: Current NCash holders will keep earning rewards for the next 50 years in line with our new token economics model.
2. Special Staking Rewards: Holders who stake NCash in the next 3 months will be rewarded with an APR of 150%!. This is in addition to other Genesis Node rewards!
Now, the next logical question that follows is how to get these rewards?
It’s very simple really. All you will have to do is to whitelist yourself which we will begin by 15th November, 2021. We will announce the whitelisting from our official Twitter account only. The window of the whitelist process will be 3 months. All those wishing to get the benefit of both the rewards mentioned above and become Genesis Nodes will have to complete the whitelisting process by Feb 15, 2022.
If you wish to benefit from the Genesis Node rewards you will have to deposit your token as per the given instructions to start staking for Nov 15th. After Feb 15th, all the staked tokens will be converted into new tokens automatically. These new tokens will go live on our platform. We will release more information about the new smart contract soon.
Yes, we know just what you must be thinking! What if someone misses the window? What are the next steps?
But first, let us understand a few things. Once this process starts, we will have two types of Nitro Network communities.
- Category 1: Genesis Nodes who staked their token within the specified window. These people will receive rewards for the next 50 years and 150% APR for the number of the days they have staked NCash until Feb 15, 2022. Genesis Nodes will receive new tokens automatically as per our new smart contract. Just FYI, you will have to continue staking your same amount of NCash token that you stake today, not the rewards, to stay qualified as a genesis node.
- Category 2: Non-Genesis Nodes who did not stake. After Feb 15, 2022, these people will have to swap their token to a new token using our platform which will go live on Feb15.
- They will not receive any genesis rewards. But they can certainly stake their token to receive a company staking reward of 90% APR as all other token holders.
For all staking programs, the tokens will have to be deposited in the shared address and all redemptions will be serviced back to the account address the tokens have been received from.
That’s all you need to understand about Genesis Nodes. It’s all quite simple and very, very rewarding isn’t it?
Nitro Network, as we keep reiterating, is all about rewarding the community. We thank the community for their support and confidence which inspires us to come up with more incentive programs that will benefit and reward the community. We are aggressively implementing a whole of incentive programs so keep following us on social media for regular updates from us. We will be addressing all your concerns as we go along so stay tuned!
About Nitro Network (formerly Nucleus Vision)
At Nitro Network, we are building a world of private communication networks powered by IoT together with LoRaWAN/3G/4G and 5G. This hyperconnected world is the IoT alternative to cellular networks unlocking a $3 trillion market opportunity. We believe our decentralized private telecom networks is a gamechanger built on a blockchain with our proprietary token NCash at the core that drives utility and value from unlimited use cases. We are creating an inclusive ecosystem incentivizing users to own, operate and earn from the private networks of the future.
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Disclaimer: This is not investment advice. Please do your own research before investing in any avenue. The information contained in this post is for informational purposes only. You should take independent advice from a professional or independently research and verify, any information that you find in this post and wish to rely on, for the purpose of making any decision. Through this post, you may be able to link to other websites which are not under the control of Nucleus Vision. We have no control over the nature, content, and activity on those sites. The inclusion of any links does not imply a recommendation or endorsement of the other website, its products, or views.