In our last article, we addressed some of the significant concerns that the IoT and crypto industry is going through. Amidst the constantly high-low landscape of the LoRaWAN and IoT market, we want to share our journey, the challenges we faced, and the strategic decisions we made to sail through this.
Challenges with LoRaWAN
The LoRaWAN market was once promising, filled with boundless opportunities but it eventually encountered some difficulties due to its inherent advantages. Below we have mentioned some drawbacks associated with this gateway:
- It utilises free radio frequencies making it a bit susceptible to cyber attacks.
- It has slow transmission rates compared to modern wireless protocol.
- As all LoRaWAN networks are using the same radio frequencies, it sometimes creates interference issues in devices
- Adoption for LoRaWAN has been challenging at enterprise-level usage.
Besides all these shortcomings, the LoRaWAN market size was valued at $2 billion in 2022 and it is projected to grow by 40% CAGR from 2023 to 2032. Still, this generates a need for new innovative products and opportunities in the market.
Helium Network Migration to Solana Blockchain Network
The Helium Network was the largest LoRaWAN network offering a decentralised wireless IoT network tied to the cryptocurrency Helium Network Token (HNT). The network had almost one million hotspots deployed since its launch and coverage in more than 77,000 towns and cities in 192 countries.
However, on April 18 of this year, Helium Network commenced migration to the Solana blockchain.
As LoRaWAN wireless protocol faltered with Helium’s expectations, gateway manufacturers grew hesitant, seeking alternatives. The IoT ecosystem was now on a lookout for a fresh perspective and a brand-new solution.
The solutions came in the form of LTE-M (Long Term Evolution for Machines) and NB-IoT (Narrow Band IoT), posing as alternatives to LoRaWAN.
Since these technologies are based on cellular infrastructure, they are not prone to cyber attacks as LoRaWAN networks. Both have a slightly higher refresh rate than LoRaWAN, making them suitable for stationary data connectivity, and due to their extended range, enhanced battery life, and reliable connectivity LTE-M and NB-IoT are gaining popularity. Also, NB-IoT is well-suited for the evolving 5G world of connectivity which LoRaWAN is not prepared for.
SEC Lawsuits against Binance and Coinbase
In the first week of June 2023, the U.S. Securities and Exchange Commission (SEC) started legal proceedings against two of the biggest crypto exchanges in the world, Binance, Coinbase and other projects, for operating as unregistered exchanges, sending shockwaves through the cryptocurrency ecosystem, making its future highly unpredictable.
The SEC’s legal actions indicate their concern towards regulating cryptocurrencies as securities. By filing lawsuits against prominent exchanges, the SEC intends to bring crypto companies, brokers, dealers, and exchanges under the same regulatory umbrella as traditional participants in the stock market. The SEC thinks most cryptocurrencies should be classed as securities, and therefore, most crypto companies and trading should fall under its supervision and comply with regulatory frameworks that are currently applied to other securities, the report said.
Industry insiders are now turning their hopes towards the Commodity Futures Trading Commission (CFTC) for a favourable classification of cryptocurrencies as commodities rather than securities. Such a classification would allow crypto brokers, dealers, and exchanges to operate without the strict disclosure compliances that companies dealing in securities are subjected to.
As it seems now cryptocurrency regulation is inevitable, and the industry is at a pivotal moment that will shape its future. The moves are “creating more urgency for U.S. lawmakers to come up with a comprehensive regulatory framework by this year,” JPMorgan said.
Until this happens, crypto activity will likely continue to move outside the U.S. and into decentralised entities. Crypto venture capital funding will also likely remain subdued.
Nitro Network Journey: A Voyage of Innovation
In late 2021, Nitro Network embarked on a transformative journey. We rebranded ourselves, embracing the spirit of change and adaptability. Recognizing the immense potential of private networks, we expanded our horizons to include this new avenue.
To fuel our mission, we introduced the NFM (Non-Fungible Miner) as a digital equivalent of a LoRaWAN gateway. This groundbreaking NFT allowed holders to earn rewards equivalent to traditional gateway miners, attracting significant interest and selling out 2,400+ units within a few months.
To further fortify our foundations, we transitioned to the Avalanche chain, paving the way for enhanced efficiency and scalability. However, our native token, AVAX — NCASH, faced challenges with unsupportive assistance from certain CEXs. So we made some strategic moves to ensure that we could maintain momentum and propel our vision forward.
As we progressed, Nitro Network introduced staking opportunities and various community rewards programs, solidifying our commitment to your success. Simultaneously, we delved into the manufacturing of gateways and began collaborating with local B2B clients, setting the stage for real-world use cases that would amplify the reach and impact of our network.
Understanding the importance of capturing the B2C market, we also focused on developing an IoT marketplace. We recognized that existing players in the market are facing challenges in raising awareness, demonstrating usage benefits, and overcoming the high cost of customer acquisition. Driven by our community’s needs, we aimed to bridge this gap by curating an array of IoT devices for everyday use, bringing IoT technology closer to the homes and lives of people.
High and Low of the Crypto Market
Back in 2021–22, global finance suffered a setback due to inflation, rising interest rates and the war in Ukraine. As a result, the value of Bitcoin plummeted by over 70% from its peak in November 2021. Even the stablecoins like TerraUSD (UST), designed to maintain their value, suffered a rapid collapse further hampering the market. These major crashes instigated global finance organisations to enforce strict regulatory actions, sending shockwaves through the industry.
All these unexpected turns in the crypto market tested our resolve. While campaigns yielded lesser results and the cost of marketing soared, we remained steadfast in our commitment to the community. To weather the storm, we made difficult yet necessary decisions to optimise costs and allocate resources strategically.
New Modes to Communicate With Us
As we are learning and assessing from the overall industry measures, we consciously choose to limit our marketing efforts for NFTs, NCASH, and the marketplace. This decision was not taken lightly, as we understand the value and potential of these initiatives. However, in the current unpredictable market, a cautious approach is essential, we want to emphasise that we will continue to honour all the rewards. Should there be any changes or updates to the rewards program, we will promptly communicate.
We understand the importance of transparency and communication, so we are transforming our Discord channel into an announcement channel. This shift will allow us to provide concise and focused updates, while community members can raise tickets for assistance through Discord or email anytime.
To conclude, we want to express our deep appreciation and gratitude for your unwavering support and understanding.
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!