Nodle Wins A Polkadot Parachain! Here’s What’s Next!
Nodle wins parachain slot! Nodle secured the 11th Polkadot parachain slot with 7,528 contributions equaling 2.48M DOTs — worth over $42M. This new parachain allows Nodle’s token ($NODL) to be interoperable with other decentralized applications built on top of Polkadot or other Blockchains that connect and benefit from Polkadot’s shared security principles. Acquiring a parachain slot dramatically empowers Nodle’s next-generation capabilities including connectivity, machine-to-machine payments, air-quality monitoring, authenticating and securing devices, asset tracking, and more. Nodle’s parachain also enables all other chain ecosystems that are interoperable with Polkadot to benefit from Nodle’s incredibly adaptable and expansive network.
“Having a parachain for Nodle, which offers real world applications to the Polkadot ecosystem, accelerates our network towards even more decentralization and security,” said Nodle CEO and Founder Micha Benoliel. “This makes NODL tokens instantly liquid and usable across all other parachains, dramatically expanding our decentralized wireless network vision. Now, our users not only benefit from Nodle Cash App’s utility, but can interact with DeFi ecosystems such as decentralized exchanges, or money markets, and other DeFi ecosystems.”
Nodle allocated 850 million NODL — 23% of the total Nodle reserves or 10% of Nodle Mainnet — to reward anyone who pledged their DOTs. After 96 weeks, all DOT contributions will be automatically returned to the contributors, in addition to the Nodle token (NODL) rewards they will earn and the NodleX decentralization NFT.
“The Nodle parachain allows advanced interoperability and cross-chain integrations, which now permits any other parachain and DApps to seamlessly build on top of our network,” said Eliott Teissonniere, Nodle’s Chief Blockchain Officer. “These new functionalities come with an increased security and will be game changers for the Nodle network and the entire blockchain ecosystem.”
Until now, the Nodle Solo-Chain (referred to as Nodle Chain) had always been at the core of the Nodle Network. One of the first Substrate chains to launch into production after being created almost 2 years ago, it became the backbone of the incentivization system. Now that their Parachain has launched, maintaining the Solo-Chain is no longer necessary, so they will migrate its state, along with all users’ balances, to the Parachain and then let it disappear. Once this process is complete, the Parachain will be fully launched and the Nodle Network will have transitioned completely to its new form. So now what?
Step 1: Compute Rewards
In order to fully execute the transition in one operation, the will first prepare one of the most significant dependencies: reward allocations. Indeed, supporters of the Nodle Crowdloan are expecting a certain amount of Nodle Cash as compensation for the opportunity cost of supporting us. Doing this will involve sourcing contributions and referral data from three sources, namely our liquidity providers Parallel and BiFrost, as well as Polkadot itself. Once this is done, they will compute how much each supporter will be gifted and prepare a script accordingly.
Step 2: Migrate the State
Once the rewards requirements are clear and all the scripts are ready, the can start to migrate the state of the Solo-Chain to the Parachain. To do this, they will have to voluntarily stop the Solo-Chain in order to prevent its state from changing, which will be doable thanks to current validators still being controlled by Nodle. At that time, they will stop the validators from accepting new transactions or producing new blocks. They will then copy the state of the Solo-Chain and inject it within the Parachain. This means every users’ balance and allocations will be copied to and fully usable on the Parachain.
Step 3: Allocate Rewards
Once the Parachain is fully operational, they will be able to allocate the Nodle Cash tokens and the NodleX decentralization NFT to all the participants of the crowdloan. This process, which we anticipate will take around 1 to 2 months, will be relatively straightforward, with contributors seeing a corresponding transfer of Nodle Cash to their account with a vesting schedule attached to it.
Consequences
The migration itself should have minimal negative effects thanks to what should be a very limited and controlled downtime. Most importantly, everybody’s balance and coins will be perfectly safe and usable on the Parachain, as the Solo-Chain being stopped after the migration won’t create any conflicts.
The one downside to this migration will be the transaction history for each early user will not be kept, as the Parachain is essentially a new blockchain with its own genesis block and history. This means that once all the steps have been completed, you will no longer be able to see and explore past transactions from before the Parachain launch.
This FAQ addresses initial questions related to the crowdload rewards. Once calculations are finalized, Nodle will communicate accordingly so crowdload contributors know what to expect. To join the conversation, connect with them in their communities and sign up for our newsletter.
➡️ Nodle won the parachain. Now what?
They now have to migrate our solo chain to the parachain and issue rewards there. They estimate this process will take up to two months. Once this is done, they will be able to introduce new features to the chain such as third-party collator nodes, decentralized governance, and bridging to other parachains.
➡️ When will I receive my rewards?
Rewards will be allocated once the migration is complete. Please refer to question 1 for more details.
➡️ Will the NODL and NFT be dropped at the same time?
Yes, their creation is scheduled to take place concurrently.
➡️ Where will the NFT be minted?
They will use RMRK, a Kusama based application to issue the NFTs.
➡️ Why Kusama and not Polkadot?
They wanted to use a platform from the Dotsama ecosystem and thus had to settle for Kusama-hosted RMRK, which does not support Polkadot.
➡️ Where can I see my rewards?
Once they’ve been allocated, your rewards will appear in your wallet.
➡️ What if I contributed through Parallel, Bifrost, or Kraken?
Parallel and Bifrost contributors will receive rewards directly from us just like any other contributors. Kraken, Binance, and Equilibrium users will need to reach out to the platform directly.
➡️ In which wallet will I receive my NODL and NFT?
You will receive them in the same wallet you used to contribute to the Nodle crowdloan. We suggest you use an application such as Talisman to view them.
➡️ What about the token vesting schedule? Where will I be able to view?
You will be able to view it on-chain. An upcoming initial release of the web wallet will also make it easier to interpret.
➡️ How long will be DOTs be locked?
96 weeks.
➡️ What happens after the locking period?
Contributors will be able to claim DOTs once they’ve been released back to them.
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