We’ve been busy the last few months! In late November we announced that we are going to fork NESS, here is a recapitulation:
The fork became inevitable as we realized no workaround could ever correct a hard-coded metadata error of the real NESS supply. The old blockexplorer wasn’t able to correctly read the real supply of NESS as currently there are native and synthetic tokens in circulation. Native tokens refer to your Skywallets holdings if you have set one up and bridged your synthetic NESS over. Synthetic NESS describe the supply you can trade on WAVES, XBTS, Ethereum and BSC. With the metadata straightened out, the new blockexplorer will be able to read and display the correct supplies of NESS. This is important to CoinGecko, CoinMarketCap and kind as these platforms access the data provided by the blockexplorer API.
While at it, we made sure to have the latest codebase from Skycoin. After SKY Binance delist in November 2021, some important structural changes have been made inside Skycoin, also regarding the repository design. Though these are challenging times for the Skycoin project, we see great opportunity for us and fiber coins as a whole in the changes made so far.
Further, the fork allows us to reset the Ness Coin Hours (NCH) to zero for every holder. As Coin Hours cannot be transferred or bridged to a new chain, we announced a buyback of the existing Coin Hours. We have set a ratio and a buyback plan for the existing NCH. We highly value our early investors persistence, loyalty and trust. These are not just empty statements, we speak with our actions as this first-of-a-kind buyback gives ‘the time NESS was held in wallets’ a monetary value by swapping the existing first generation NCH to NESS.
Here is what we have been up to:
Beside developing the technology and services, our social network and connections to other communities has grown and we are proud to be recognized by the Skycoin and Emercoin team. We like to express our happiness and satisfaction seeing Moses Narrow being welcomed to the Skycoin team! Moses is a good friend for a long time, a talented developer and has greatly helped the PrivateNess Network project to progress thus far.
The current installation of a node is already straightforward and exectuted with 5 lines of code in the terminal, however we are looking forward to have the installation process of PrivateNess nodes as simple as sudo apt install privateness. This requires from our dependencies to adjust to our needs, a big ask but within reach.
About Emercoin: A while ago, we conducted the first test-run of our Ultra-High Pseudo Random Numbers Generator, UHPRNG, and *successfully failed* at it. While our Verifiable Random Function did what it was supposed to do and the NFT lottery was concluded, the operation revealed a bug in the Randpay mainnet which has now been patched with version 0.7.11, clearing the way for a satisfying client experience of our soon-to-be-launched VRF service. We explicitly like to thank Oleg Khovayko and the Emercoin team for the ongoing help and cooperation.
Tokenomics NCH & NESS
We changed the burn rate of Ness Coin Hours from 10% to 5%. Instead of burning 10% of your NCH holdings when doing a transaction, only 5% will be burnt now. A lower burn rate allows for a faster payout cycle of corenode rewards and still offers an elegant method to deflate the supply of NCH, which, by themselves, grow back as time passes.
We retained the possibility to modify the NESS tokenomics but came to the conclusion that our initial budget allocations are simply perfect. Therefor we close this strategy, the tokenomics for NESS stay as they are and are now definitive:
60.000.000 | Open market distribution
50.000.000 | CoreNodes rewards
30.000.000 | Team reserve
25.000.000 | Development & marketing budget
165.000.000 Total supply of NESS
We thought over the concept of licensing corenodes. Instead of issuing license NFTs which would have been sold for 20.000 NESS, we keep the price but settled for a different payment solution:
- The price for a corenode license is 20.000 NESS, the payment is held in escrow.
- You can claim the 20.000 NESS back from escrow when you don’t want to run a corenode anymore.
- You are able to acquire the license and transfer the NESS anonymously.
- No penalties apply if you decide to shut off your node and move on, there are no lock-ups, no hidden fees and no slashes.
The corenode needs to be online for 83.35% of every 3 hours, this is the reward cycle.
NCH buyback ratio
We have set the initial buyback ratio of NCH:NESS to 200.000:1. This means that for every 200.000 NCH 1.0 you will receive 1 NESS. However this ratio decreases every two weeks once the program has started – it hasn’t yet, you will be notified in a separate announcement. The buyback program ends after the 12th week. You will be able to swap your tokens yourself, the process will be explained at a later time.
1st and 2nd week: 200.000:1 (100% of the ratio) 3rd and 4th week: 285.714:1 (70% of the ratio) 5th and 6th week: 500.000:1 (40% of the ratio) 7th and 8th week: 1.000.000:1 (20% of the ratio) 9th and 10th week: 2.000.000:1 (10% of the ratio) 11th and 12th week: 4.000.000:1 (5% of the ratio)
- Last but not least we have decided on a name for the smallest fraction of NESS,0.000001 NESS shall forth be called 1 LOCH, or
1.000.000 LOCH = 1 NESS
Pardon the pun.
- We will not be called “PrivateNess Network 2.0”, the name will stay the same. 2.0 just sounds cool.
➡️ As always, we have an ongoing AMA in our Telegram Discussion group: t.me/privatenesstalk with our CEO @jeffbouchard and Co-CEO @Shenki3
➡️ PrivateNess Network on Twitter: twitter.com/PrivatenessN
➡️ PrivateNess Network on Gettr: gettr.com/user/privateness