Nitro Network: Adoption, Journey & Challenges
We are grateful for your steadfast support and commitment to the Nitro Network. Community support has been the biggest motivation for us to move forward but given the ever-evolving dynamics of this industry, it is crucial for us to adjust our approaches to better cater to the needs and priorities of our esteemed community. Recent developments within the crypto market have prompted us to undertake a comprehensive assessment of our operations and make a significant choice in response, especially in the context of startups which paradoxically is characterised by sudden growth, volatility and uncertainty.
Nitro Network, during its journey, revamped its entire vision and strategy way back in 2020 and achieved a fair amount of success. The company launched its NFTs with its proprietary token NCash holding its own in a volatile market.
Initiatives by Nitro Network to date:
NCash (native token) — Through our proprietary token NCash we created a host of benefits offering NFM staking rewards, a well-structured NCash distribution that benefited holders (via a burn and mint cycle) staking incentives and rewards.
Avalanche migration — To reduce the high transaction costs on the Ethereum network, NCash was migrated to the Avalanche network to reduce the gas fees. This involved managing two networks and a roadmap on transitioning from one network to another network, which was supported by our exchanges and the listing.
Nitro Bot NFMs: Our Nitro Bot NFMs gained popularity and came with advantages for holders such as discounts, Nitro staking rewards, merch discounts and more. Nitro Bots were also made available on EMIs to facilitate the community to own and stake our NFTs.
Genesis Node Program: Delivering maximum benefits to the community has always been our focus. Our Genesis Node Program, a legacy program, was designed to provide exclusive rewards to our long-term NCash holders. Genesis staking was made available for all Genesis nodes who staked on the network within a defined period of time. A minimum of 1,00, 000 NCash tokens and a maximum of 1,000,000 per user was offered for staking with each 100,000 NCash = 1 unit of stake
IoT Marketplace: The Nitro IoT marketplace was populated with innovative products for customers to be a part of an IoT-enabled hyperconnected world. Nitro’s PCN (Private Communication Network) offered kits for smart home, smart office, smart waste management, cold storage monitoring, custom senor kits for daily utilities and more. We had operations across the entire EU region, the United states of America and India. We have also given 100% cashback to all early adopters on a predefined scheduled basis. Users using our devices also earned IoT adoption rewards as high as 360 NCash every 30 minutes.
Partnerships: We had forged strong partnerships with leading crypto companies and protocols that facilitated the roadmap we had chalked out for ourselves. Some of our topline crypto partners included Coin Telegraph, Avalanche, Pangolin, Beefy, Red Light finance and Open Sea. Our IoT partners included Tektelic, Oregano, Amantya, Alliot and Milesight.
Building the Nitro Community
Nitro’s community-centric approach meant that we were always active on our social media, Discord and Telegram channels, engaging the community on our various initiatives, incentives and rewards. A host of AMAs and Town Hall events had us engaging with the community, answering their queries and keeping them abreast of our latest and upcoming offerings.
In terms of what Nitro Network achieved the figures have been impressive. We had built a 100K+ community, 2500+ origin NFTs, created 40K + use cases, 3,127,570,173 NCash was burned and we had forged 13 + strong partnerships who shared our vision and purpose.
The ebb and flow of the crypto market has played a pivotal role in reshaping the industry. Periods of market downturns and regulatory uncertainties have prompted companies to reassess their strategies, and Nitro Network is no exception. The company has navigated the complexities of market fluctuations and external factors, contributing to the strategic decision to discontinue its operations.
Challenges on the journey
Following are the factors contributing to what we are facing on the journey:
Decentralised private network failed to get adoption -
Crypto‘s sweetheart Helium fell over its face. It had everything right — a valuation as a $ 1.3 billion Web 3 entity with a solid investor backing from Andreessen Horowitz and Tiger Global. Touted as “The People’s Network” all one had to do was plug in the Helium machine in homes or offices or any place and start earning HNT (Helium’s cryptocurrency) in return.
There was more. The more the People’s Network used Helium the more HNT they earned and network gains would be shared by all.
Cut to a couple of months and there was no real adoption.
1) Not really the People’s Network
The People’s Network began seeing vanishing small rewards — its much-touted “ spoils of the war” was shared by Founders and Helium employees. It is estimated that more than a quarter of all HNTs (approx $250 million) were mined by insiders.
2) The LoRaWan roadblock
Nitro Network chose LoRaWan for its long-range and energy-efficiency properties. The major oversight was that LoRaWan could not step up to Nitro Networks' ambitious efficient network without a redundancy mission due to its limited bandwidth.
3) Strategy
Nitro Networks' problems included missing crucial steps in long-term strategy, overestimating LoRaWan’s capabilities, and fraudulent endorsements from network partners.
Helium’s example is a case in point that even with a strong idea and the intent to leverage decentralisation in the true sense of the term, success is not necessarily the outcome. Coupled with a volatile market, customer adoption and a chimeric emerging technology, it’s anybody’s guess who will succeed.
The rise and fall of crypto start ups in the past year
The crypto landscape has seen an influx of startups in recent years. While each company has been fuelled by a unique vision and purpose, the inherent risks in this domain are well-known and cannot be ignored.
“ Most dead cryptocurrencies came from projects launched during the 2020–2021 bull run. 7,530 cryptocurrencies from that period have died, accounting for 53.6% of all dead cryptocurrencies on CoinGecko. Over 11,000 cryptocurrencies were listed on CoinGecko during the previous bull run, with ~70% having shut down since.”
Statistics show over 5,724 cryptocurrencies have failed since 2021, implying cryptocurrencies launched since 2021 have suffered the worst.
In conclusion, Nitro Network pre-empting user adoption, a community centric approach (with innovative reward incentives), launch of Nitro bots (NFTs) both as collectibles and store of value were the logical steps to implement in the then pre emerging market scenarios. Despite Nitro Network’s ceasing its operations, the fact remains that the company showed how it was done and garnered huge acknowledgement and appreciable nods from its key stakeholders and the community.
On a good endnote , we at Nitro Network wish to inform that our website, all portals and tools are still active and available and those on the network can continue to claim their tokens till June 30th 2024. For any queries, please feel free to reach out to info@nitro.network
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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