Introducing Netise Network Token (NET) and its first Public Sale
We are pleased to introduce NET, the native token in the Netise Network ecosystem. The public offering of 1 million NET will take place on Friday March 4th, 2022, at 6 AM UTC.
Netise provides a Web3.0 decentralized storage network for the parachain. It is designed to realize core values of decentralization, privacy and assurance. Netise supports multiple storage-layer protocols such as IPFS, and exposes instant accessible on-chain storage functions to users. Netise technical stack is also capable of supporting data manipulating and computing.
The very first Public Sale of Netise Network
The public offering of 1 million NET will take place on Fiday March 4th, 2022 at 6 AM UTC on our Netise Launchpad. The NET token details:
Token Name: Netise Token
Ticker: NET
Blockchain: Ethereum
Token Standard: ERC-20
Sale Date: Friday, March 4th, 2022, at 6:00 AM UTC
Lockup/Release: Fully unlocked
Token Price: $1
Token Allocation for Sale: 1,000,000 $NET
% of Total Supply: 10%
Purchase Limit: $100 min — $30,000 max
Funding Method: ETH and USDT (ERC-20)
The NET token
The native token NET in the Netise Network is a utility token representing the value of the entire network, similar to ETH in the Ethereum or DOT in the Polkadot.
In the Netise Network, the NET token mainly has the following functions:
1. Staking to maintain the GPoS consensus of the Netise Network
2. Used to guarantee the selected nodes
3. Serving as collatoral for providing resourse service
4. Serving as a transaction fee for using the network
5. Used to purchase resource services
6. Used for election and voting of on-chain governance mechanism, and vote on proposals
The blockchain consensus in the Netise Network is GPoS consensus, which is called Guaranteed Proof of Stake. GPoS is a kind of PoS consensus mixed with PoW. The mechanism combines PoW resource fairness and the high performance of the PoS chain. Similar to the existing PoS project, the node needs to use the NET token for staking to compete for the right to generate blocks. The difference is that the node also needs to have storage resources or workload as a guarantee. Only with the guarantee amount can the corresponding number of NETs be effectively staked. Under this mechanism, two types of assets, storage resources, and NET tokens are required to become a node, combining the advantages of a resource-based (such as Bitcoin) and a token-based (such as Cosmos) consensus mechanism can more effectively ensure the security of the network. If you want to attack the Netise Network consensus, in addition to having a large proportion of NET tokens, you also need to be able to control a sufficient amount of storage resources. This design will make the difficulty of the attack particularly high.
Nodes can also allow other guarantors to stake NET as a guarantee under the premise of having a storage resource and workload guarantee. That is, the staking NET on the node can be own or from other guarantors. When the guarantor applies the NET to guarantee a node, the number of the guaranteed NET and the NET staked and owned by node runner will add up into the total staking NET on the node. When the total amount of Staking exceeds the guaranteed amount of the node, only the amount of Staking within the amount shall be deemed as the effective amount. When the total amount of Staking of a node is less than the guaranteed amount of the node, the total amount of Staking shall be the effective amount. To attract guarantees, nodes will pay for the guarantee. And the guarantee fee rate is set by the node runner. On the one hand, the guarantor chooses a certain ratio of income he is willing to accept when guaranteeing the node. On the other hand, the guarantor also needs to bear the corresponding rate of risk as the node being punished. If the node is penalized by the system for triggering the penalty mechanism, a certain part of the guarantor’s staking will be deducted according to the agreed guaranteed ratio. Under this mechanism, the guarantor will tend to choose to stake on the nodes with good faith and service quality. Finally, it will become the market to determine a balance between guaranteed income and penalty.
As a network protocol for storing underlying data, Netise provides the function of trading storage resources. NET tokens are used as collateral in this trading market to protect the order of the trading market. Similar to other blockchain projects, the NET token will not only be used as a transaction fee for using the network, similar to Gas in Ethereum but also directly used to purchase resource services in the network.
The governance mechanism of the Netise system will allow the use of NET tokens to conduct parliamentary elections on the chain and take a vote on proposals.
Token Allocation
Seed Funding 13.5%: Subject to 24-month vesting schedule from network launch with a 3-month lock and equal vesting in months 3–24.
Strategic Funding 11%: Subject to 12-month vesting schedule from network launch with a 2-month lock and equal vesting in months 2–12.
Public Funding 10%: No vesting, fully unlocked at TGE
Parachain Crowdloan 16%: 16% of the network is allocated to reward 2022 Netise crowdloan contributors. 30% of tokens were distributed at network launch (when transfer and EVM were enabled), and the following 70% vest linearly on a block-by-block basis over the life of the lease (96 weeks).
Parachain Bond Funding 2%: Tokens under Netise control to be used to pay for the KSMs and DOTs required for the Moonbeam parachain slot in years 3–6. These funds will act as a backstop to ensure that our parachain slot is funded for years 3–6.
Parachain Slot Sustainability 0.5%: Tokens for parachain bond purposes. 25% of the approx. 5% annual inflation (or 1.5% of total supply) will automatically flow into this fund to be used for parachain slot sustainability.
Treasury 1%: Initial funds for the onchain treasury that can be used to fund public goods using onchain governance. 30% of spent network fees will automatically flow into this fund (the remaining 70% of spent fees are burned).
Long-term Ecosystem Growth 16%: Tokens to be used to growth the Netise protocol and Ecosystem
Liquidity Incentives 5%: Tokens for liquidity programs to incentivize growth and adoption on Netise Network. This allocation will help accelerate activity in the Netise Network and ecosystem.
Developer Adoption Program 2.6%: Funds used as pre-launch incentives for developers and projects that were early Netise adopters. Subject to vesting (2-year monthly linear vest).
Key Advisors 4.7%: Advisors are subject to a 24-month vesting schedule from network launch, with a 7-month lock and equal vesting in months 7–24.
Founders and Early Employees 8%: Founders and early employees. Subject to a 4-year vesting schedule from network launch with a 1-year cliff and monthly vesting thereafter.
Incubators 4.7%: Subject to 24-month vesting from network launch, with a 7-month lock and equal vesting in months 7–24.
Human Resources Fund 5%: Future employee token incentive pool. Future issues from this pool will be subject to a 4-year vesting schedule from network launch with a 1-year cliff and monthly vesting thereafter.
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