Nitro Network Genesis Staking Portal Updates

Nitro.Network
4 min readJun 22, 2022

Nitro Network has always placed the greatest emphasis on delivering value and utility for its community; now, its team is translating these words into action by creating and launching the Genesis Staking Portal, a protocol designed to grant NCash holders with a slew of rewards over the next 50 years! As a testament to the loyalty of its community, Nitro Network has opened up a treasure chest of NCash tokens to achieve this goal, and it’ll be ready for launch June 30, 2022!

Genesis staking portal launches June 30

From the current total supply of 10 billion NCash, all current NCash holders who have staked before February 2022 are considered Genesis Nodes. Genesis Nodes are eligible for the Genesis Staking Portal, which grants NCash holders a plethora of rewards and benefits that range from NFTs and additional NCash to surprise airdrops!

The Genesis Staking Portal places a specific emphasis on wallets that have been holding NCash for a relatively long time. These nodes — called “OG” Genesis Nodes — will be eligible for special rewards and prizes. Some may be wondering: How does the process work?

Let’s dive into the details.

Rewards

With a mission to take good care of its community, Nitro Network has generously allocated a total yearly reward pool of 840 million NCash tokens for the Genesis Staking Portal. This means that a total of 70 million NCash tokens will be available for capture every month by the Nitro Network community! In efforts to create value for NCash, out of the 70 million NCash available every month, the amount that is not distributed as rewards to the community will be burned.

The Genesis Staking Portal currently holds 498 wallets*, meaning the potential reward per wallet stands around 143,149 NCash per month or 461.7 NCash per day. And the best part is that the requirements needed to participate are incredibly easy to meet. All one needs to do is stake 100,000 NCash into the Genesis Staking Portal! Nitro Network allows users to stake up to 1 million NCash, an amount at which the maximum reward figures above become attainable. The best part is that the Genesis Staking Portal will be operational and distributing rewards to Genesis Nodes for the next 50 years — a lifetime of rewards.

Benefits

Nitro Network has always emphasized the importance of its community, and it will accomplish this in part by providing special reward bundles for OG Genesis Nodes, since Genesis Nodes have been staking NCash before February 15, 2022.

With the launch of the Genesis Staking Portal, these nodes will now receive a one-time, 20% discount on the purchase of a Non-Fungible Miner (NFM) from the Nitro Network Marketplace. Additionally, OG Genesis Nodes will receive a 5% bonus on their initial stake value — the value of NCash tokens held before February 15 — via an airdrop to the relevant wallet addresses. Distribution is set to be complete by the second week of July.

Finally, the Nitro Network team will provide OG Genesis Nodes with unique Genesis NFTs — a visually stunning art piece kept as a collectable symbol of loyalty.

Distribution

The distribution of Genesis Staking Portal rewards will take place in a straightforward manner. The value of one’s staking rewards will be recorded on a daily basis as per the units of NCash maintained at 1 unit = 100,000 NCash. Hence, a Genesis Node can stake a max of 10 units. After one month of staking, the total reward will be updated. Once it’s updated, one will be able to claim the reward, which is delivered to the account within three business days.

To ensure Nitro Network stakers have a comfortable experience, users will always have ultimate flexibility over their NCash. Node holders will be able to stake and unstake at any time. As mentioned above, rewards will be calculated based on the number of units maintained for that particular day.

For example: Trina staked five units (500,000 NCash) to start the month and then unstaked two units after five days. Her total reward for the whole month would be:

(5 units x 5 days x 461.76 daily reward per unit) + (3 units x 25 days x 467.76 daily reward) = 46,176 NCash tokens for the total monthly reward.

Capitalize on Nitro Network’s Genesis Staking Portal

Make use of Nitro Network’s Genesis Staking Portal and gain access to the protocol’s extensive list of rewards. Staking could be a great way to passively “buy the dip” in a bear market, and Nitro Network’s recently launched program is a direct gateway to that strategy!

With Nitro Network, loyalty will always be rewarded.

*T&C apply

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!
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