Update: January 2019 — NLOS has been put on hold for now while we evaluate the best blockchain for NLC2 to migrate to, EOS is going through growing pains currently and we need to wait and see if it is still the best chain to build off. We will re-asses later in the year and inform everyone. There will be no snapshot taken of the NLC2 blockchain in February 2019 as previously stated.
NoLimitCoin announces it will move to an EOS based blockchain:
NLOS — No Limit Operating System
In a major initiative, NoLimitCoin announces it will create a new version of the EOS blockchain called NLOS. The technology within EOS will provide No Limit Fantasy Sports, LLC, the environment to further develop several parts of its current platform towards decentralization. NLOS (No Limit Operating System) will also provide others the ability to create custom user tokens. EOS has been dubbed “blockchain 3.0” because it provides essential functionality needed for scalable smart contracts.
NLOS will provide blockchain efficiency on all levels. Following the central philosophy of distributed proof of stake (dPoS), NLOS trades a quantity of competing nodes for high quality cooperating nodes. As with EOS, NLOS will have 21 block producing nodes and up to 100 alternates. These block producers operate on ultra fast servers with a high performance rating that are voted in by coin holders. The better performance server a block producer has, the more votes the producer will get from the coin holders.
NLOS will incorporate efficiency, speed, transparency and a development platform upon which developers will create decentralized applications (dapps). Efficiency comes from many optimizations. One of which is to use RAM to store transaction history, reducing or eliminating the need to seek the transactions from hard drive storage. These numerous optimizations mean that NLOS will be able to handle thousands of transactions per second.
Compared to EOS, NLOS offers stable RAM prices, less money supply inflation, and much simplified governance rules. Most notably, NLOS will improve the allocation of volatile resources like RAM. According to common understanding within the dapp community, volatile resources like RAM can not be effectively rented. NLOS will demonstrate that RAM can be rented through a mechanism that allows squatting on expired leases. By allowing squatters to utilize their expired leases until another party rents these resources, the price of RAM in (priced as NLOS/MB/day) will always reflect true demand.
With multiple platforms and a working eco-system, NLOS will bring NoLimitCoin to the forefront of innovation, not just in online sports but also in the realm of blockchain technology. The NoLimitCoin Team spans the world and is already preparing the testnet for NLOS.
There will be a snapshot taken of the NLC2 blockchain in February 2019, this snapshot will be used to allocate NLOS to NLC2 wallet addresses at a rate of 10 to 1. Every NLC2 holder that has 1 NLC2 will receive 10 NLOS.
NLOS will launch its mainnet in March 2019 after the snapshot has taken place.
Frequently Asked Questions
How will the block producers work?
NLOS block producers are chosen based on stake-weighted voting, similar to other dPoS systems. The top 20 producers and one rotating alternate will produce blocks in shuffled rounds. Blocks are 0.5 seconds.
What’s the reward for being a block producer?
The inflation due to block production will be 2%. The total number of NLOS tokens will be around 2.3 B upon launch and block times will be 0.5 seconds. This means the estimated reward per block will be approximately 0.73 NLOS per block upon launch.
How do we get involved as a block producer and what equipment is needed?
Over time, the resource requirements will likely increase, but at the outset competitive equipment will probably be similar to an Intel Core i9 7900x, 64 GB of DDR4 RAM, and 1 TB of SSD storage, and T3 internet speeds. Block producers are expected to make their intentions public through social media, giving any relevant information, such as hardware specifications, the status of their hardware’s physical security, and their approach to governance and other issues. The community will evaluate these public statements and vote for block producers who are most likely to bring value to the NLOS platform.
What wallets will we use to store our NLOS?
NLOS will support the Greymass wallet and others upon launch. In addition NLOS will be Ledger compatible and plans to have Ledger support also upon launch.
What does voter compensation mean? How does that work?
Voters will have “vested” NLOS coins that entitle them to vote for block producers and benefit from resource rental on the platform. For example, the value of any RAM rentals will be applied to vesting balances, such that the amount of NLOS that the vesting balances represent increase as dApp developers pay for RAM rentals.
Will NLOS have masternodes?
There will be no masternodes in NLOS.
How will smart contracts be used on the Fantasy Sports and Poker platforms?
Information regarding how we will use smart contracts is forthcoming.
Does the team even have EOS blockchain programmers for this? How about writing smart contracts?
NoLimitCoin already has a core blockchain development team and to which new members are added as we recruit them from this highly competitive space. The NoLimitCoin founder and CEO, Rafael Groswirt, has had an entire career building software companies, and has over two decades of experience managing software development teams. Additionally, being in the blockchain space for over two years, Rafael has a large network from which he continuously recruits blockchain talent. We will keep the community informed as the development team grows.
Will the NLOS logo be redesigned?
Yes we will have a community logo competition to design and choose the best new logo for NLOS.
How will the snapshot work?
The snapshot will be scheduled for a particular NLC2 block. Users will want to have their coins either in their personal wallets or at a participating exchange. In the former case, NLC2 holders will be able to import their NLC2 private keys securely into their NLOS wallets and access their NLOS tokens directly. In the latter case, participating exchanges will manage the chain swap and credit user balances accordingly during a brief maintenance period.
How will I exchange my NLC2 for NLOS?
The ratio will be 10:1, meaning you will get 10 NLOS for every NLC2 you hold when we take a snapshot of the blockchain at the end of February, more info on the exact time and date will be released in the future. NLOS circulating supply will be approximately 10x that of NLC2. A process to access your NLOS will be simple and safe and will be explained in detail in the future. Although the migration from NLC2 to NLOS is termed a “chain swap”, there is no associated “coin swap”, as technically NLOS is the same coin as NLC2, except that it has been rebranded and split 10:1. If you own NLC2 before the swap date you will always be able to access your NLOS, even if you take years to access them, they will be available. Please keep in mind that access to NLOS is contingent on your safely storing your NLC2 wallet.dat and/or private key. The NoLimitCoin development team will gladly help NLC2 holders access and safely store their private keys.
Is NoLimitCoin still focused on being a top level fantasy sports and poker platform?
Yes! Additionally we will continue our goal of adding value to NLOS by developing gaming use cases.
What about exchanges, will they support NLOS?
We will work with exchanges to support the swap and adding NLOS. Executing the snapshot in February and launching mainnet in March gives us plenty of time to help exchanges with the transition.
Will NLC2 coins become worthless after switching to NLOS? Are they going to be utilized somehow or not?
The migration from NLC2 to NLOS represents a chain swap, meaning the distributed database that tracks coins will be the NLOS blockchain. In a way, this is simply a hard fork and the NLC2 chain will be useful from a record keeping perspective, but it’s further growth will not be supported after migration to the NLOS chain. This is a well established practice with lots of precedent.