Nitro Network Nesting Updates
Nitro Network is preparing its infrastructure to scale by leaps and bounds. Starting with its innovative digital mining via Non-Fungible Miners (NFMs), Nitro Network made a name for itself and set the standard for what a Web3 business could look like. Up next in its roadmap is Nitro Network Nesting.
The Nitro Network team is aware of all the queries that have been made in regards to Nesting, and it is ready to share the details on what to expect and how to move forward with Nitro Network Nesting. Let’s jump right in.
First steps
To begin, Nitro Network is kindly asking each participant to undergo a Know Your Customer (KYC) verification process. This ensures that every Nitro Network Nester is indeed a real person and should prevent any wrongdoings in the protocol. Once a user passes KYC verification, they will be prompted to pay $100 worth of NCash as a refundable deposit to secure their Nitro Network Nesting device. Nitro Network is always looking for new ways to give back to its community, therefore, all users will earn staking rewards from the $100 deposit as long as they’re actively using their Nesting device — earning with Nitro Network has never been easier!
Please note that while this article covers a high-level overview of the Nesting process, full details will be provided in an email sent by Nitro Network to all verified Nesters. Moreover, a user will only be able to claim their full refund if they choose to opt out of the Nesting program.
APY earnings
To promote equality within Nitro Network, the amount of APY that one earns via staking their deposit is dependent on the most current active staking program. Upon activating the Nesting device and initiating the initial stake, a staking transaction ID (TXN) will be generated and reflected on the user dashboard, which in turn, allows for full transparency and the ability for anyone to check their earnings.
In addition, all APY rewards will be claimable once every quarter, so please take note of this when deciding to secure rewards.
Calculating NCash for staking
The Nitro Network team wants users to feel assured that the network is doing everything possible to account for all the volatility in the crypto market. Nitro Network accounts for a variety of factors as users stake — giving their investments the care they deserve.
These factors include:
- Market volatility
- Timing gaps between KYC verification and NCash staking
- Amount of NCash staked
Nitro Network also takes considerable care in calculating the amount of NCash earned. Although the team makes this simple and does it for you, the amount of NCash can be calculated by taking the 30-day moving average of NCash’s price on CoinMarketCap.
Here is an example:
Trina pays the security deposit today as a part of the Nesting KYC process, and Nitro Network takes the 30-day moving average of NCash and sets that as the price. If the price over the past 30 days averages to $0.00015, then Nitro Network would stake 666,667 (100/0.00015) NCash for Trina.
Claiming the staking reward
Staking rewards will be airdropped to the wallet connected to the Nester’s account on the Nitro Nesting Platform.
From the previous example of 666,667 NCash staked using the current APY of 90%, users would be airdropped 150,000 NCash on a quarterly basis.
Getting ahead. . .
Nitro Network is providing this opportunity for its users to get ahead. Not only is Nesting affordable, but it gives Nesters a foot in the door for the next innovations of Web3.
Another way to get ahead is by securing a Nitro Network Non-Fungible Miner (NFM). This synthesis of decentralized finance (DeFi) and non-fungible tokens (NFTs) is the first of its kind and has already made an impact on the crypto community. Not only do the NFMs generate value by generating rewards, but they have intrinsic value as stylish, collectable and utility-packed NFTs.
If you have any questions, please feel free to submit a ticket in the Nitro Network Discord, and a community manager will attend to you swiftly. Thanks for learning about this new initiative and happy Nesting!
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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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 Nitro Network. 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.
