Announcement of NerveNetwork Main Net Phase 2 – Nodes & Staking Functionalities to Go Online!

Hello NerveNetwork community,

The NerveNetwork main net was successfully launched one month ago, with close to zero issues found since then. Today, we are delighted to announce that Phase 2 is on track to launch at 9:00 on August 7th (UTC+8), with staking & ETH cross-chain operations enabled, ahead of schedule!

The Function of NerveNetwork

  • Supports transfers, cross-chain transactions, registration of cross-chain transactions, cancellation of cross-chain transactions, validator change transactions, increase of cross-chain asset transactions, cancellation of cross-chain asset transactions, feed price transactions, virtual bank change transactions, creation of trading pair transactions, and modification of trading pair transactions.
  • Supports heterogeneous cross-chain: ETH or ERC20 tokens can be transferred from the Ethereum network to NerveNetwork and vice-versa, ETH or ERC20 tokens can be transferred from NerveNetwork to the Ethereum network.
  • Supports asset exchange contracts: different assets can be quickly exchanged according to a certain percentage. The Nerve Decentralized Exchange, NDEX, is based on this contract.
  • Supports Multi-signature mechanism.
  • Supports viewing of information such as account/transaction/block/node/cross-chain across the entire network.
  • Supports staking transactions, adding deposit and margin call transactions, and creation of node transactions.
  • Supports three-tier node architecture, including virtual bank nodes, consensus nodes and common nodes. Different tiers of nodes have different weightage which influences the rewards amount.
  • Supports ETH/ NULS/ NVT flexible choices for staking duration: 3 months, 6 months, 1 year, 2 years, 3 years, 5 years. Different assets and staking durations influence the rewards amount.
  • Supports creation of nodes and adding of node deposit amount. The network will select virtual banks and consensus nodes according to the staked amount and the credit value. The virtual banks manage cross-chain verification, and the consensus nodes maintain the network.

NerveNetwork Product Application

Join NerveNetwork

NerveNetwork generates 43,200 blocks per day, and each block initially generates 2 NVT rewards. This is called the Block Reward. (After the first block reward, the block reward will be reduced by 0.822% every 100 days).

To ensure the fairness, NerveNetwork will give the community users time to prepare. The first block reward will be generated at NerveNetwork block height 1,350,000.

Stake with NerveNetwork

Users can stake NVT to earn rewards, and the minimum amount to stake each time is 10,000 NVT.

In addition, the longer the staking period, the higher its corresponding weight.

The total weight of each user is calculated based on the number and duration of the staking. The higher of user’s weightage as a percentage of the entire network, the higher the rewards.

Besides staking NVT, users can also stake different types of assets, such as ETH and NULS. The weight of their reward is different for staking different types of assets. The minimum amount of NULS/ETH to stake is the equivalent of 10,000 NVT.

NerveNetwork Nodes

Node Creation

The nodes of the NerveNetwork are divided into three tiers.

  1. Virtual banks
  2. Consensus nodes
  3. Common nodes

There is a minimum amount of 200,000 NVT as deposit for creating a node. After the node is successfully created, the deposit can be increased or withdrawn. The number of each increase or withdrawal must not be less than 20,000 NVT . Based on the amount of pledged deposits, the top 15 nodes become virtual bank nodes, the 16th to 35th become consensus nodes, and the rest will be common nodes. In order to ensure network stability, all NVT from the result of withdrawal or cancellation of a node will be locked for 15 days.

Different tiers of nodes have different responsibilities in the network. Virtual bank nodes need to take the responsibility of cross-chain verification and network maintenance, and consensus nodes take care of network maintenance. Due to differences in responsibilities, the weights of the nodes is related to the node tier. Node weight influences reward amount.

Feedback

Github issue area:https://github.com/NerveNetwork/nerve/issues

Community users may join the official Discord to ask questions and make suggestions. The technical community will try their best to answer as soon as possible. Because NerveNetwork is a global community with time differences across regions, we ask for your patience and understanding while we try to respond to every question in a timely manner.

Appendix

About Nervenetwork