Nitro Network Town Hall Recap
The Nitro Network Town Hall on Discord is the perfect place for anyone interested in Web3 technology and decentralized communication networks to come together and chat. One can learn all about what’s going on at Nitro Network, get answers to any questions one may have and also have a lot of fun in the process.
During the official Town Hall event July 12, Nitro Network announced some really exciting things that are going to be happening over the coming weeks! So if you missed it, let’s get you up to speed.
The Nitro Network Town Hall was hosted by community manager David Montero, BirriX in the Discord server, and was a great success! The Nitro Network team wants to thank everyone for showing up and giving support.
Here’s a summarized overview:
- Announced our NitroBassador Program! Those who are interested in becoming ambassadors for Nitro Network will have new opportunities to earn handsome rewards.
- Changed the frequency of our Discord Town Hall to bi-weekly to keep the community better informed! Nitro Network will aim for different company executives each time, so definitely tune in for a chance to speak with the leaders of Nitro Network.
- Featured the chief technical officer (CTO) Avinash “Avi” Pitti as the guest of this Discord Town Hall AMA session, during which he answered questions about Nesting, the future of Nitro Network and more!
Q&A featuring Nitro Network’s CTO (paraphrased)
Q: What makes Nesting with Nitro Network unique?
Avi: Unlike similar networks, Nesting is being built by design rather than being built organically. We are constantly refining the process of who gets precedence within a hexagon (1 square km area) through improving our ranking mechanism. This will thoroughly assess efficiency, altitude (where you’re placing the miner), availability, network connection and population density, and give precedence to those with a higher ranking, which will help the Network remain optimal.
Q: Now that you are going to deploy the Nesting ION miners, do you have clients in place who are ready to pay to use the services?
Avi: Yes, we have clients who are helping with proof-of-concept (POC), along with devices that are installed and working. But due to public relations and legal issues, we cannot reveal any names right now without having a proper announcement from the client side. This is in part to minimize misinformation, FUD (fear, uncertainty and doubt), and also for jurisdictional laws — we need the clients and their legal teams to verify that they can claim crypto-based revenue streams in whatever country they are based.
Q: Why are Nesters, who earn 20% of mining rewards, getting such high rewards?
Avi: Well, the number of Nesters for Phase 1 is very low compared to the Non-Fungible Miners (NFMs) mint target we had. We are also trying to motivate people to do Nesting and Know Your Customer (KYC) verifications. In terms of rewards, we have so many processes like Genesis staking and NFMs already. So we have to make sure people are incentivized enough for the next thing. But obviously this is for a very limited amount of people and is subject to change as the network grows. So, it’s really just an incentive for early birds, because the network is rolling out right now.
Q: We have less NFMs as well, so will the rewards for NFMs also be revised? We also want to know more about the NCash minting details. Will the community get these details for transparency?
Avi: NFM rewards will be revised and it will be for all tiers. Transparency-wise, everything is on the Avalanche Network as a smart contract. Everything is auditable whether it is airdrops, cashbacks or NFM drops. We also have a distribution schedule that we’ve already announced and try to stick to. We have a monthly distribution for cashback, a weekly distribution for NFTrade and NFMs. All of this is part of a process, but we need to be very careful that we focus on only one thing. We don’t want to increase too much supply, while not having enough demand.
And of course, all of these details will be in our Nitro Bulletin which is released every two weeks.
Q) Price-tracking platforms like CoinGecko and CoinMarketCap are not updated with the latest statistics about minted tokens. Is this something you’re looking into?
Avi: Yes, this is a work in progress. We have tried multiple times to escalate this to CoinGecko and CoinMarketCap. We’re constantly trying to reach out to them to update those numbers. While CoinMarketCap has at least updated the contract from Ethereum to Avalanche, CoinGecko has not been very responsive. But having updated figures will certainly help monitor public sentiment.
Q) Are there any new developments or updates that will support NCash on centralized exchange listings?
Avi: We are constantly in touch with Huobi to improvise and improve stuff. We are also working with a couple of exchanges in the United States to see how we can get them to list us, but it’s a very time consuming process. We’ve had initial discussions with Bitfinex and another exchange in the U.S., but that’s really the extent of it. It has a lot to do with Avalanche. If an exchange doesn’t have any integration to the Avalanche Network, then it becomes an Etheruem-based ERC-20 token, which doesn’t leave many options. It also doesn’t help that Binance.US has its own chain, with Avalanche being a direct competitor. So for now, we do not have any concrete answer yet in terms of a centralized exchange in the U.S.
Bonus: During the AMA, David teased that there might be announcements soon regarding another Decentralized Exchange (DEX) listing. Stay tuned!
Q) What is in the sights of Nitro Network over the next six months?
Avi: Network expansion will be a priority. This includes onboarding and registering new miners. We intend to expand the network to new geographies, which will be accompanied by plenty of marketing material and documentation. In the meantime, the first Nesting devices will begin to ship sometime this month or early next month. We’re still trying to incentivize people to register for the phase 1 roll out and are expecting more KYC applications in August.
Another big update is our tech expansion, namely the Nitro Network Explorer, which is an upcoming portal that will show you all the Nesters, hexagons, grids and indicators so you can zoom through the map and determine the most efficient Nesting locations for you.
Thank you to everyone who tuned in
This recap is simply a curated summary of a much more comprehensive discussion. Interested in listening to the full Town Hall AMA? Luckily, it’s as easy as joining the Nitro Network Discord, where every single AMA is available for free in the Community Events channel.
Overall, the Nitro Network Discord Town Hall was an amazing experience! It gave Nitro Network a chance to share exciting information, and it was also a great opportunity to answer burning questions from the community. The Nitro Network team wants to thank everyone who tuned in and wishes there was enough time to answer all the questions.
As always, Nitro Network is constantly working on new ways to improve network utility and functionality so that it can bring users the best possible features — so make sure to join for the next Discord Town Hall!
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!