By
Steve Muchoki
April 15th, 2024
After launching the mainnet, the NSC network intends to increase its native token to 10 billion tokens.
NELO Smart Chain (NSC), a Layer 2 blockchain solution with a focus on the gaming industry, has made a grand entrance into the metaverse industry. The network has launched a new website as part of its previously scheduled roadmap. With the upcoming launch of ‘Neloverse’, NELO’s first metaverse game, one can rest assured the game is in development.
To show the level of commitment to the project, the team in NELO has also released its first official whitepaper. Now, the team is focusing on building a blockchain to enable other GameFi and Metaverse projects on-chain.
NELO identified an opportunity in the blockchain industry, whereby there are no actual metaverse-oriented blockchains in place. According to research, The metaverse industry has recorded over a billion dollars in the first month of 2022.
NELO has embarked on a journey to focus on metaverse gaming with their native blockchain technology. According to NELO’s whitepaper, the NELO Smart Chain (NSC) offers features that include fast throughput and low fees to support gaming, unlike other blockchains which have high transaction fees averaging at $15.
“Fees deter gamers and eliminate the possibility of creating low-cost experiences, game pieces, and upgrades. While the fees in 2022 are at an all-time low, the average is still around $15 with the lowest price being $2.51 in early 2022”.
NSC emphasizes on security by maintaining 121 node operators. Whereby, 19 validators are chosen for each consensus cycle (epoch) based on a random allocation introduced by the VRF. Each validator can process up to five blocks in 10 seconds. To ensure decentralization, the NSC undertakes elections after every 70th block. With reliable validators on the NSC network, the ecosystem is poised to have a decentralized and safe global operating system.
NELO’s Tokenomics
After launching the mainnet, the NSC network intends to increase its native token to 10 billion tokens. Whereby half will be vested in Binance Smart Chain (BSC) and the other half will be in the NELO Smart Chain (NSC).
On the Binance Smart Chain (BSC), its current circulating supply is 3.75 billion tokens. Whereby, 1.25 billion tokens have been locked on the BSC blockchain.
After bridging Binance Smart Chain with NELO Smart Chain, the protocol will reserve 4 billion tokens for proof-of-stake with a set period of 12 years with supply halving every 4 years cycle.
1 billion NELO tokens will be reserved for future investors. Approximately 3.75 billion is pre-mined and locked on NSC for BSC holders to bridge their BSC NELO tokens into NSC NELO tokens. 1.25bn is pre-mined and will be circulating on NSC.