Nodle, one of the world’s largest ecosystems of connected devices, today announced their entrance into Polkadot’s inaugural parachain slot auction and crowdloan. Nodle provides infrastructure, software, and data access to the Internet of Things (IoTs) using Bluetooth Low Energy (BLE) on existing smartphones. Polkadot is a blockchain ecosystem that recently opened for developers to register their projects on their parachains, enabling access to its strong native userbase and interoperability with other blockchains—like Ethereum.
Nodle expects that achieving a parachain will dramatically empower its next-generation IoT capabilities around connectivity, machine-to-machine payments, air-quality monitoring, asset tracking, a way to authenticate and secure devices, and more. This also should enable all other chain ecosystems which are interoperable with Polkadot to benefit from Nodle’s vast network—including the millions of nodes connecting to up to 30 million IoT devices and sensors every day.
When anyone contributes to the Nodle parachain crowdloan by locking their Polkadot tokens (DOT), they will receive NODL rewards from an allocated pool of 850 million NODL — that’s 23% of the total Nodle reserves or 10% of Nodle Mainnet. After two years, all DOT contributions will be automatically returned to the contributors, in addition to the Nodle token (NODL) rewards they will earn.
“Nodle is thrilled to join the Polkadot parachain movement, which we believe is at the forefront of Web 3.0 and blockchain innovation,” said Nodle Chief Blockchain Officer, Eliott Teissonniere. “Our robust IoT network will join ranks with other systems for secure, symbiotic relationships. Nodle will supply its revolutionary decentralized network technology, while seeking new product frontiers, by building products with other parachain DeFi products like decentralized exchanges (DEXs), smart contract platforms, decentralized identity solutions, and bridges to other networks.”
“Nodle is making its Decentralized Wireless (DeWi) network and apps composable with many services from other chains, and having a parachain will provide us with a way to make this interoperability a reality,” said Nodle CEO and Founder Micha Benoliel. “Nodle conducted interoperability tests with other parachains, like the Acala Network, earlier this year so we understand the power of this opportunity. Achieving a Polkadot parachain represents the expansion of our Web 3.0 ambitions and will accelerate how the Nodle network interacts with the entire Polkadot blockchain ecosystem.”
What are the benefits of Parachains?
- Composability
Nodle wants to make its Decentralized Wireless (DeWi) network and apps composable with many services from other chains. Having our parachain will provide us with an easy way to make this composability a reality. Nodle has already been testing its capability to interoperate with other parachains. - Security
The Polkadot network provides shared security with access to a network of approximately 18,000 validator nodes that compete to maintain the best possible security and integrity for the on-chain records. Its nearly 300 validators are active at any given time and automatically selected for their performance from this huge decentralized network. - maintain the best possible security and integrity for the on-chain records. Its nearly 300 validators are active at any given time and automatically selected for their performance from this huge decentralized network.
- Liquidity
The Polkadot ecosystem is enabling access to its growing user base on other ecosystems such as Ethereum. When NODL becomes interoperable and composable with other chains, the number of potential network users will grow substantially, thereby increasing the number of participants and holders of the NODL token. - More decentralization
Nodle believes that the power of blockchain technologies will be realized once all the different layer 1 chains and layer 2 services become fully interoperable. By enabling various industries and projects to build their own blockchains, Polkadot has created a way to make this vision possible. Parachains are an additional step toward accelerating this vision and the implementation of Web 3.0 fundamentals.
Nodle Crowdloan offering to parachain auction participants
When you contribute by locking DOT during the Nodle Crowdloan, you’ll receive NODL rewards from an allocated 850 million NODL — that’s 23% of the total Nodle treasury reserves or 10% of the circulating supply on the Nodle Mainnet!
After 96 weeks, your DOT contribution will be automatically returned to you.
You can participate and get all the details by checking out our parachain web page here: https://parachain.nodle.com.
What does it mean for the Nodle and Polkadot ecosystems
Nodle empowers the Polkadot ecosystem with next-generation IoT capabilities around connectivity, machine-to-machine payments, asset tracking, contact tracing, and, more recently, a way to certify and authenticate devices. This means any other chain ecosystems that are interoperable with Polkadot will benefit from the IoT services and smart contracts that are operated on the Nodle Chain.
Why Nodle didn’t choose to secure a parachain on Kusama
Nodle was among the first solo chains to launch into production using Parity Substrate. Maintaining and developing a chain was a big effort, and having two production environments didn’t make sense for us. We therefore developed a testnet named Arcadia that helps us test upgrades before we push them to the Nodle Chain in the production environment. Once we get a parachain on Polkadot, it will be our only production environment. On top of that, Polkadot is better audited and more production-ready than Kusama, which means it can provide us with better security and performance guarantees.
Auction timeline
-
December 10th, 2021: Crowdloan begins. Early contributions are open
-
December 23rd, 2021: Auction starts
- Nodle Crowdloan status
