Nitro Network

In order for a blockchain network to be stable, it must have a balance between burn and minting. This equilibrium is necessary to prevent inflation or deflation from destabilizing the system.In Burn and Mint equilibrium model, over time, the supply of a currency is reduced as coins are “burned” and are permanently removed from circulation while new coins are “minted” to offset the loss. As the total supply decreases, the value of each coin increases, resulting in a deflationary spiral. You can read our <a href="https://nitronetwork.medium.com/the-benefit-of-nitro-networks-burn-mint-equilibrium-model-9e12937c8366" rel="noopener noreferrer nofollow">previous article</a> on the BME model for more information.Nitro announced at the end of last year that it will follow a burn and mint equilibrium token model to incentivize its community while creating value for our native token NCash, giving a double benefit to Nitrogen (aka Nitro Community). Over the past few months, the company has worked on implementing a burn and mint schedule. In between, a number of events took place (such as moving to the Avalanche chain, the market downturn, and the NFM and Nesting concept) that forced it to rethink the timing and consider the external conditions for introducing a fully-fledged BME tokenomics.Nitro has provided an update on the NCash minting and distribution process in the last tokenomics article. Catch up on our mint and distribution details in our<a href="https://nitronetwork.medium.com/nitro-network-tokenomics-update-bba7ea50367d" rel="noopener noreferrer nofollow"> tokenomoics update article</a>.In this article we will cover the details of this month’s mint and last month’s burn. So, let’s dive into the details.August: NCash BurnNitro completed its third NCash burn in August. A total of 42,139,401 NCash was removed from circulation.Here are the details from our latest burn:<ul><li>Total NCash burned in August: 42,139,401 NCash</li><li>Approximate value in USD: ~$2908.46 USD (at the time of writing)</li><li>Transaction ID (TXID) for NCash burn: <a href="https://snowtrace.io/tx/0x32b08dae21c374b36975aef84084b417f7718f39e050488553cbeb4b8bf5d019" rel="noopener noreferrer nofollow">https://snowtrace.io/tx/0x32b08dae21c374b36975aef84084b417f7718f39e050488553cbeb4b8bf5d019</a></li><li>NCash burn Dashboard: <a href="https://burn.nitro.network/" rel="noopener noreferrer nofollow">https://burn.nitro.network/</a></li></ul>September: NCash Minting and AllocationThe objective of Nitro Network is to reward all participants for their contributions to the network’s growth while quickening the development of its tokenomics and private network clients.Here are the details of September month mint:<ol><li>For the Network Infrastructure Mining reward pool, a supply of 1.0865 billion⁺ NCash per month has been dedicated for the first year, with 80% allocated to Miners and 20% to Nesters.</li><li>Out of 1.0865 billion⁺ NCash pool, 869.2 million⁺ NCash (Miner allocation from Network Infrastructure Mining reward pool) has been minted to reward the NFM holders</li><li>No NCash has been minted for Nesters allocation for Network Infrastructure Mining reward pool, Network Coverage Validation and Network Data transfer for this month. Minting for these will start with Phase 1 Nesters’ active participation. To know the details about the pool, refer to <a href="https://nitronetwork.medium.com/nitro-network-tokenomics-update-bba7ea50367d" rel="noopener noreferrer nofollow">this article</a></li><li>Staking and Genesis Node rewards has been minted as per the pool allocation- 664.2 million⁺ NCash and 70 million⁺ NCash respectively. These will be used to reward Stakers, LP pool contributors and Genesis Nodes of Nitro Network.</li><li>Following our mint as per usage method, Nitro has minted only 25% of ecosystem (Team token) amounting to 420 million⁺ NCash. This will be utilised for incentivizing different community programs and team members</li><li>The total mints amount to 2.0234 billion NCash for the month of September</li></ol>The information below illustrates all the different categories and their current minting and distribution statuses:<img src="https://miro.medium.com/max/1400/0*nnD2FQ3LMTLsIPkK" />The way forwardThe push and pull of supply and demand are crucial elements of any successful tokenomics model, so this will continue to be a part of Nitro Network’s long-term plan. Nitro Network will judiciously decrease the total supply of NCash to drive demand by reducing minting as a result of halving schedule and minting as per usage and by using a recurring token-burning mechanism.With its products and services, Nitro Network is dedicated to fostering a more robust, sustainable and rewarding ecosystem. The team at Nitro Network is genuinely enthused about the future possibilities and believes that blockchain with IOT technology has the potential to alter the world for the better.As additional reward pools are unlocked, Nitro Network will update the community with more information! To remain current and even have those pressing concerns answered, be sure to join the Nitro Network <a href="https://discord.gg/57yGvejDuA" rel="noopener noreferrer nofollow">Discord</a>!⁺Terms &amp; Conditions apply:<ul><li>Reward distribution from the allocated pool is subject to multiple factors such as claim process, stakeholder’s (NFM holders, stakers, Nesters) participation, and the number of NFMs staked and active number of Nesters.</li><li>The minting, distribution, claim and reward process is subject to change as per the market conditions and unavoidable circumstances</li></ul>About Nitro NetworkNitro 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!<a href="https://twitter.com/Nitro_HQ" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://discord.gg/57yGvejDuA" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://facebook.com/NitroNetworkHQ" rel="noopener noreferrer nofollow">Facebook</a> | <a href="https://linkedin.com/company/nitronetwork" rel="noopener noreferrer nofollow">LinkedIn</a> | <a href="https://t.me/nucleusvision_ann" rel="noopener noreferrer nofollow">Telegram</a> | <a href="https://nitro.network/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://www.instagram.com/nitro_hq/" rel="noopener noreferrer nofollow">Instagram</a>

September $NCASH Burn and Mint: All You Need To Know

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