NuNet Is Now A Three-Blockchain Project
Greetings Singularitarians,
NuNet’s utility token NTX now exists on three different blockchains: Ethereum, BNB and Cardano. We would like to explain what each of these blockchains mean for our project, the pros, the cons and how we plan to utilize them. By the end of the article, readers should have a clear understanding of why we chose to bridge to each network, and how they will shape the future of NuNet going forward.
Ethereum Network
The Ethereum network should need no introduction. It is the first and most well-known blockchain with smart contract functionality. Members of the community often ask why NuNet launched its token on Ethereum, and the fact of the matter is that the high level of users and transaction volume make it ideal for a token’s genesis. We also benefit from the higher security that comes with the blockchain’s decentralization; Ethereum recently passed Bitcoin’s node count at 11,259 nodes (source). The home of ETH also has the largest decentralized finance (DEFI) ecosystem, making it ideal for sourcing token liquidity.
Ethereum does come with drawbacks, however. Higher transaction costs (known as gas fees) that come as a result of the high network congestion are universally infamous. While the network should soon be transitioning to a proof-of-stake consensus mechanism instead of the more energy intensive proof-of-work it has historically used, it is unclear whether this will actually lower gas rates. Ethereum’s Solidity programming language is also prone to bugs, allowing many hacks of smart contracts, often resulting in the loss of user funds.
Despite its failings, Ethereum still possesses a vibrant ecosystem, which NuNet plans to utilize in many ways. Ethereum is home to many DEFI options for the NTX token, including staking, yield farming and the dynSing dynaset, all of which can be found on the SingularityDAO app. We also plan to include Ethereum as a platform where transactions to purchase computing power on NuNet, or receive the tokens as compensation for compute provision, can take place. While this functionality is not yet available, it will be in the future as our project develops.
BNB Chain
The BNB Chain, formerly known as Binance Smart Chain (BSC) was created by Binance, one of the largest cryptocurrency exchanges in the world. It is a very popular and well-known blockchain; its native coin BNB boasts the fourth highest market capitalization out of all cryptocurrencies, at the time of writing. It has a rich DEFI ecosystem with many decentralized exchanges and popular tokens. It also has very low transaction costs.
The biggest drawback to the BNB chain lies in its low decentralization. It only has 21 authorized validators which use a hybrid consensus mechanism combining proof-of-stake and proof-of-authority (source). This relatively low number of nodes increases the chances that malicious actors could hack enough of the nodes to steal funds using invalid transactions. There is also some risk that Binance has too much control over the network, forcing users to put their trust in this centralized authority to act in good faith, which goes against many of the ideals of decentralized technology.
It is for these reasons that NuNet chose to host our token on the BNB Chain, while still keeping it at arm’s length, to some extent. We have launched DEFI options such as staking and yield farming NTX, also hosted by SingularityDAO, and may decide to add additional options for users in the future. However, we do not currently have plans to utilize the BNB Chain for transactions to trade computing power on the NuNet network.
Cardano Network
The Cardano network is a blockchain that uses a unique proof-of-stake consensus mechanism called Ouroboros. Its systems were developed using peer-reviewed research and designed to support high decentralization, security and scalability (source). It has over 2500 stake pools which act as validator nodes. Its Plutus smart contract language is verifiably secure, making bugs less frequent and easier to detect before they become a problem. To date, there have been no successful attacks on the Cardano network, no system-wide crashes, and no loss of funds due to hacks of smart contracts. Cardano also has lower transaction fees than Ethereum.
The drawback to the Cardano network is that its ecosystem is still in its early stages. A few good decentralized exchanges have launched recently, but that is the extent of Cardano DEFI for the time being. Many more projects are in development, but very few are functional, apart from some governance token staking. There is a rich NFT market on Cardano, but this does not present an opportunity for NuNet, at least for the time being.
Despite the current drawbacks, Cardano has the highest potential to support NuNet in our endeavors. We have already added NTX liquidity to three Cardano DEXes: Minswap, SundaeSwap, and Wingriders. Other DEFI options for NTX on Cardano are also under consideration.
More importantly, Cardano’s low transaction costs and secure smart contract language make it ideal for NuNet’s system integration. It will likely be the first network where users can buy and sell decentralized computing power sourced through our platform. NuNet looks forward to growing along with the Cardano ecosystem.
Conclusion
The future is looking bright for NuNet as we begin our journey spanning three different blockchains. Interoperability is key for the future of decentralized technology, and NuNet may very well expand to other chains that can provide advantages for our platform. Thank you for being with us for this historic step and we hope you will join us for all the others to come.
Official Token Addresses
There are some fake/scam tokens being offered on some decentralized exchanges. Always check that a token is authentic using its contract address.
NTX ETH Address:
0xF0d33BeDa4d734C72684b5f9abBEbf715D0a7935
NTX Etherscan:
https://etherscan.io/token/0xf0d33beda4d734c72684b5f9abbebf715d0a7935
NTX Cardano native token policy id: edfd7a1d77bcb8b884c474bdc92a16002d1fb720e454fa6e99344479
Asset: asset19yuner2nz27pq9pjdta50xwfyd0d2nry2l6lvu
NTX Cardanoscan: https://cardanoscan.io/token/edfd7a1d77bcb8b884c474bdc92a16002d1fb720e454fa6e993444794e5458
NTX BSC Address: 0x5C4Bcc4DbaEAbc7659f6435bCE4E659314ebad87
NTX BSCscan:
https://bscscan.com/token/0x5C4Bcc4DbaEAbc7659f6435bCE4E659314ebad87
NuNet Is Hiring!
NuNet currently has a number of open positions for various roles within the team. If you have the skills and desire to join us in our journey, you can find more information and contact us through our jobs page.
About NuNet
NuNet lets anyone share and monetize their computing resources, turning cloud computing power from a centralized service into an open protocol powered by blockchain. Find out more via:
