May 17, 2022
Blockchain Blockopedia NFT

Everything you need to know about Genesis Node Mining on the Nitro Network

The era of Web 3.0 is exciting and, with decentralisation at its core, Nitro Network is proving to be among the first gateways to Web 3.0, ushering in the Internet’s next revolution.

Nitro Network provides the decentralised network architecture that internet users throughout the globe require. It aims to integrate safe sharing networks, decentralised consensus networks, and trusted Internet development platforms under one umbrella. 

What is the Genesis Node?

All existing NCash holders who participate in the company’s staking programme and join the NCash Community on Twitter qualify as Genesis Nodes. That is to say, if you have NCash in your wallet, you have the option of becoming a Genesis Node. All you need to do is stake which will act as a whitelisting mechanism for genesis nodes.

Once done, you will be instantly eligible for all of the prizes mentioned in our earlier post.

NCash holders will receive a 150 percent annual percentage rate for the next three months.This is in addition to the usual benefits associated with genesis nodes.

For staking, users will need to whitelist themselves. The process will begin on November 15th, 2021.

The whitelisting procedure will take three months. To qualify for both the above-mentioned incentives and to become Genesis Nodes, applicants must complete the whitelisting procedure by February 15, 2022.

If you intend to participate in the Genesis Node awards, you must deposit your token according to the guidelines provided in order to begin staking on November 15th. After February 15th, all staked tokens will be automatically converted to new tokens. These new tokens will be available on our platform immediately. 

Once this procedure is completed, two distinct sorts of Nitro Network communities will exist.

Genesis Nodes that staked their token within the required timeframe are classified as Category 1. These individuals will earn prizes for the next 50 years and a 150% annual percentage rate on the days they staked NCash until February 15, 2022. Genesis Nodes will immediately get fresh tokens under our new smart contract. Just to clarify, you must continue staking the same number of NCash tokens that you did today, not the rewards, in order to maintain your status as a genesis node.

After February 15, 2022, non-Genesis nodes that did not stake will be required to exchange their token for a new one through our platform, which will be online on February 15.

They will not be rewarded for genesis. They may, however, stake their token in order to receive the same 90 percent APR business staking incentive as all other token holders.

To participate in any staking programme, tokens must be put into the shared address, and all redemptions will be processed back to the account address from where the tokens were received.

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