Launching nOS Token Utilities: Holding Score, Voting, and Proof of Address — Available now!
Today we’re launching new token utilities for the nOS Token (NOS): Holding, Voting, and Proof of Address.
At nOS, we’re working hard on building new ecosystem products and updates.
These updates make it easier to build crypto- and blockchain powered applications, and also make the nOS ecosystem more accessible, engaging, and fun for users and NOS holders!
Today, we’re releasing several updates that introduce the first real benefits and opportunities to holders of NOS, the nOS Token.
You can access our new features and utilities with nOS Client.
Holding Score — Scoring & Benefits based on your continuous NOS Balance
Our new Holding Score feature comes with several new platform and ecosystem benefits.
Users who consistently hold or increase their NOS balance (and not reduce it) are actively rewarded with platform benefits.
Here are some of the features and benefits that come with Holding:
- Voting on platform fees and minimum required Holdings for certain platform features.
- Your Holding gives you a voting weight. The higher your holding, the more powerful your vote.
- Eligibility for certain Special Activities (e.g. promotions and partner campaigns).
- Access to features that grant NOS rewards (contributions, application submissions).
- In the future: Income from platform fees such as consumption, application hosting, and gateway advertising.
- Many more features in the near future!
How to get a Holding Score:
- You need a nOS.app account with a Verified Address.
- You need at least 1000 NOS on your Verified Address.
- Every Sunday, your Holding becomes the lowest NOS balance you had on your Verified Address in the last 7 days.
- If your Holding remains the same or increases every week, its value gets a multiplier (1.1x on top of the “real” amount, up to 2x total) on a weekly basis, giving you more platform benefits and voting power.
- If your new Holding Score is lower than your previous Holding Score, your Holding Score (not your balance!) is reset to zero for the next Holding cycle (7 days).
With nOS Token holders receiving platform benefits, such as the ability to vote on specific platform fees, new dynamics and incentives are introduced to the nOS ecosystem.
We look forward to your feedback!
Proof of Address
Lots of apps and websites (that integrate with crypto) require users to deposit funds to a centralized wallet in order to use certain features.
Users don’t own the private keys to these “deposit addresses”, which is generally undesirable and defeats the purpose of crypto-currencies. You no longer own your funds.
nOS introduces Proof of Address, a solution built for applications to verify if a user owns a crypto-currency address, without the need for “deposit addresses” and taking control of user funds.
“It’s simple account verification for crypto wallets.”
- You, probably.
We soft-launched this feature on nOS.app a couple of weeks ago, and we’re already seeing many successful verifications every day!
Here’s how it works:
When you register to nOS.app, the hub for nOS platform features, you’re required to verify ownership of your NEO address.
- Click on any feature that requires a verified address.
2. Click Verify Address Ownership. You need to hold at least 1 NOS on your address to continue.
3. You get prompted by nOS Client to send a (specific to you) 4-digit amount(e.g. 0.3124 NOS) to yourself.
4. nOS.app verifies the transaction is made, and gives your address the Verified status.
Any application can easily integrate this feature using the nOS API. It’s super straight forward in terms of both integration and user experience (two clicks, no need for a tutorial or instructions).
nOS apps can use any NEO supported crypto-currency or token to verify an address. Soon, this will also work with Ethereum and ERC-20 tokens!
Documentation to build your own Proof of Address solution is coming shortly!
These new features are released in a partly centralized (or hybrid) manner. They’re experimental and regularly updated.
The data we collect from interactions will help us in in our mission to build the ideal voting and reward algorithms.
More cool features are in the works, so keep an eye on our official channels!
We warmly welcome all developers who look to experiment with implementing nOS into their applications, both centralized and decentralized!