Nitro Staking Updates

We had initially announced our Genesis Staking program on 15th November, 2021. The program was initially planned to last for a duration of 3 months — Here’s a recap of the Genesis Staking program ⬇️

• Participants earn 150% APR (on a pro rata basis)
• Initial program duration: 15th November 2021 to 15th February 2022
• To become a Genesis node and claim the rewards, participants have to stake for at least 30 days. Read more about genesis rewards here

Smart Contract update

We have greatly enhanced and updated our smart contract which will have added functionality, flexibility and utility for our users. We have shared our recently upgraded smart contract with our partner exchanges and the token swap process is underway.

This will take a few weeks, however, we would like our community to continue benefiting from Nitro Network! So here are some ways we are enabling that:

Extended Campaign — 150% APY*

We thank you for your continued interest and cooperation. To show our appreciation, we are extending our Staking Program for another 2 months (From 16th Feb 2022 to 15th April 2022) and participants can continue to earn the same 150% APY* and rewards will be calculated on a pro rata basis. This means that users have another opportunity to become a “Genesis Node Holder” and earn guaranteed rewards for the next 50 years!

We are offering 2 options for stakers:

Option 1: Claim rewards and initial staking amount in current NCash tokens

We are giving you an option to claim your initial staking amount along with rewards in current NCash tokens. Those who wish to unstake their NCash can unstake and claim their staked amount and rewards. Here are a few things to remember:

• Claiming of the rewards can be done only through the Nitro Staking Portal (from 16th Feb 2022).
• Stakers can now claim their rewards plus their initial amount that was staked. The rewards will be given in current NCash tokens. This is because (as mentioned earlier in this article) the approval of our new smart contract with exchanges is in process
• Swapping from the current NCash token to the new NCash token contract will happen after the campaign is over (after the contract is updated with partner exchanges)
• The unstaking and reward claim feature will be open from 16th February, 2022 onwards.

Option 2: Continue the staking at the same APY rate

You can continue to stake your existing NCash for the next 2 months (16th Feb 2022–15th April 2022) @150% APY* on a pro-rata basis. The rewards accumulated during these 2 months can be claimed at the end of the program.

BONUS!

Here’s something extra from us.

Those of you who have missed the chance to stake for Genesis node privileges can participate now. The rules are the same. Stake for a minimum of 30 days and become a Genesis node. Once you are a Genesis Node, you will continue to get rewards for the next 50 years after 15th April. Read about Genesis Node reward here.

About Nitro Network

Nitro Network is building a world of private communication networks powered by IoT together with LoRaWAN/3G/4G and 5G. This hyperconnected world is the IoT alternative to cellular networks unlocking a $3 trillion market opportunity. We believe our decentralized private telecom networks is a gamechanger built on a blockchain with our proprietary token NCash at the core that drives utility and value from unlimited use cases. We are creating an inclusive ecosystem incentivizing users to own, operate and earn from the private networks of the future.

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