Nitro Bulletin #10
With constant fluctuations and uncertainty, two weeks can feel like a long time in crypto. But if there’s anything that’s for certain, it’s that Nitro Network has made use of every second. The Nitro Network team has had all hands on deck, making strides with numerous initiatives, ultimately resulting in a remarkable period for Nitro Network’s technology development, marketing operations and community engagement.
Without further ado, let’s dive right into our 10th Nitro Bulletin, which will highlight the launch of Nitro Network’s Genesis Staking Portal, the first-ever NCash burn event, multiple IoT-powered projects that are changing lives, an exciting Town Hall on Discord featuring a Q&A with Nitro Network chief technical officer (CTO) Avinash Pitti, and more!
Nitro Network Genesis Staking Portal launch
First and foremost, Nitro Network’s Genesis Staking Portal recently launched, which bodes incredibly well for all NCash token holders!
With rewards and benefits ranging from unique Non-Fungible Miners (NFMs) and additional NCash to surprise airdrops, the Genesis Staking Portal is a great way for Genesis holders to get involved with Nitro Network. Long-time NCash holders who staked before February 2022 are considered Genesis Nodes and are set to receive even better rewards!
So far, a total yearly reward pool of 840 million NCash tokens have been allocated for the Genesis Staking Portal — that’s 70 million NCash each month! For those who are not familiar with the concept of staking, it is a process in which token holders are rewarded for maintaining the network by pledging their funds from their linked wallets. Check out this article for more information on the Genesis Staking Portal.
The first NCash burn
As a way of protecting the value of NCash and maintaining token stability, Nitro Network initiated the first NCash burn on June 30. Essentially, the unused portion of the 70 million NCash that is available each month will be destroyed. This monthly process, known as “burning,” reduces the supply of NCash and theoretically increases its value due to a decreased supply.
This historical first burn occurred around the launch of the Genesis Staking Portal and resulted in about 23.5 million NCash being burned. Only time will tell as to how this will impact the trajectory for Nitro Network and its NCash-driven projects and partnerships.
NCash flourishing through partnerships
Speaking of NCash, Nitro Network’s partnerships with decentralized finance (DeFi) operators Pangolin’s Super Farm, Beefy Finance and NFTrade have been beneficial over the past two weeks. These partnerships, born from Nitro Network’s goal of providing more opportunities during this bear market, have seemingly blossomed into an advantageous field day for all involved. Let’s take a look.
For starters, Pangolin’s Super Farm bolstered its NCash liquidity pool from 476 million tokens to 639.86 million, equating to a total value locked (TVL) of $148,100 and an APR of 200% that’s icing on the cake. In a similar vein, Beefy Finance increased the total value of its staking pool from little over $60,000 to $70,657 over the past two weeks, which comes as little surprise given its current APY of 568.31%. It’s safe to say that NCash holders staking through this operator are in for some bullish — or rather, beefy — returns. Finally, NFTrade, an NFT and blockchain aggregator platform providing NFM farming for NCash stakers, has reached 69 farmed NFMs with 22 being farmed in the last week alone.
Nesting Phase 1: Benefits for early birds
Earlier this year, Nitro Network announced the development of its new project: Nesting. It utilizes a proprietary hardware technology called Nitro ION Miners, which allow anybody to host the Nitro Network with a minimal setup and cost. These people who host the network, called Nesters, will receive generous rewards in return. Since the launch, Nitro Network has registered over 4270 Nesters — but until now, registrants have had to wait eagerly for the physical rollout.
However, Nitro Network is incredibly excited to announce that Phase 1 of its Nesting rollout is now underway. The first 1,000 users who successfully complete Nitro Network’s Know Your Customer (KYC) registration throughout this month will be rewarded with fantastic incentives. This includes early access to the Nitro ION Miner and all the Nesting benefits that come with it. It’ll definitely pay to be an early bird!
To get the ball rolling, Nitro Network has commenced its Phase 1 Nester rollout by starting with select Tier 1 cities in the United States and India. In these early stages of deployment, only 1,000 Nesting devices will be deployed, with many more following soon. For those who want to learn more, such as which cities qualify, take a look at the recent Nitro Network Nesting — Phase 1 article!
Nitro Network is solving problems with IoT
Let’s take a break from Nitro Network’s in-house fundamentals to appreciate its ventures into other industries with the Internet of Things (IoT). IoT is the network of physical devices and systems embedded with electronics, software, sensors and network connectivity that enable the collection and exchange of data. Thanks to IoT, Nitro Network has created affordable, effective and functional solutions to real problems.
- Smart Water Management: Installed IoT-powered smart water meters, IoT sensors and an IoT pump control system to provide precise monitoring and optimization of water usage. This resulted in a 6% reduction in unnecessary water consumption, optimized water pump performance by 50% and reduced water pump damage by up to 50%.
- Smart Poultry Farm: Installed IoT-powered temperature, humidity and door sensors, along with IoT-powered smart water meters. This resulted in a 25% reduction in air conditioning running time and optimized water management.
- HVAC Automation: Installed an HVAC automation system for a cement factory, providing energy monitoring and major revenue savings on day-to-day operations. This resulted in a 30% reduction in electricity consumption and an 80% reduction in labor costs.
Nitro Network is dedicated to helping solve real-life problems through IoT, from water management to poultry farming. Industry, scale and difficulty make no iota of a difference to Nitro Network.
Discord Town Hall event
Earlier this week, Nitro Network hosted its 7th Town Hall event on its Discord server. The purpose of this event was to provide a space for community members to get their burning questions answered by Nitro Network’s CTO Avinash Pitti. During this hour-long session, Pitti responded to some of the most important topics being discussed within the community.
During the event, Pitti received a lot of questions from members regarding Nesting — how it works, and the reason behind the especially high Nesting rewards. There were also questions about the future of Nitro Network as a whole, and concerns regarding transparency, centralized exchanges and NFMs. As far as the future of Nitro Network goes, Pitti says that users can expect further geographical expansion for Nesting, which is no doubt exciting for those who weren’t able to qualify for the Phase 1 Nesting roll-out. Nitro Network is also working on a network feature called Explorer, which will reportedly complement the Nesting process by helping users figure out the most optimal Nesting locations.
Interested in listening to the full Town Hall? Luckily, it’s as easy as joining the Nitro Network Discord, where every single Town Hall is available for free playback under the Community Events channel.
NCash Staking updates
As the majority of the community may already know, participants that staked NCash between April 16 and July 15, 2022 have enjoyed a 90% APY on their staked tokens. Nitro Network would like to announce that starting July 16 through October 15, 2022, the new NCash staking APY will be 45%.
For those who have not yet staked NCash, simply visit the Nitro Network Staking Portal to get started!
Nitro Network would like to wholeheartedly thank each and every one of its community members for their dedication, support, patience and interest in the miraculous things Nitro Network has been cooking up. Together, the Nitro Network community will shape the future to be as effortless and ideal as it wants — thank you!
About Nitro Network
Nitro Network is building the largest decentralized private communication network (PCN) powered by IoT combined with LoRaWAN and 3G/4G/5G. This hyperconnected world will enable unlimited use cases in our 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!