The Pontem Nox Kusama Crowdloan - Everything you need to know.

Announcements

What is the Pontem Nox Crowdloan?

We have the pleasure of announcing the next step in our development: our Kusama Crowdloan.
The Kusama Crowdloan is a great way to support the projects that you believe in by helping them win a parachain slot auction. Individual contributors lock up their KSM tokens for a 48-week period to aid Pontem in securing a parachain slot on Kusama. In return for contributing, the reward is NOX tokens, the native token of our canary network on Kusama. You will also receive your original KSM tokens back when the slot lease period is over after 48 weeks.

Pontem is launching an incentivized ‘canary’ network on Kusama, Pontem Nox, where code and features will first ship before being deployed on the Pontem Network on Polkadot. Pontem Nox on Kusama will be a no-limits, community-led permissionless network that serves as a sandbox for integrating regulatory compliance. It will be a canary network for Pontem on Polkadot features, as well as provide a regulatory compliant bridge to Pontem on Polkadot. This is a large stride towards our vision to provide financial infrastructure for the Metaverse.

Join the whitelist to learn more about Pontem’s plans.

Why contribute to the Pontem Nox Crowdloan?

Pontem is building the first incentivized dev environment for Diem that is aiming to be fully compatible with the technology and the VASP regulatory framework for launching applications on Diem. We started our journey earlier this year and have already garnered support from thousands in our Telegram, Twitter and Discord communities. In the short time Pontem has been around, we’ve already delivered a Web3 Foundation grant to make the Move Virtual Machine available as a pallet on Substrate as well as delivered our first milestone for Parity’s coveted Substrate Builders Program. Our testnet is now live with various enthusiasts now setting up collator nodes prior to us launching our main network first on Kusama. You can download our tools to get started building on our testnet today.

Our end goal is to build financial infrastructure that connects the permissionless and permissioned metaverses that will be co-existing in the future. To read more about our vision check out this article on why we are building Pontem.

NOX Token Utility

Similar to the PONT token on Polkadot, the NOX token coin will serve a similar function to other blockchain tokens such as DOT in that it will align incentives across actors on the network and reward good behaviour.
Some of the initial utility features of the token are as follows:

  • Payment of gas fees for the Move VM and transaction validation.
  • Governance of network upgrades and features
  • As rewards for crowdloans participants of parachain auctions on Polkadot/Kusama.
  • Staking (collators/nominators) and governance (rewarding voters and collators/nominators for participating in governance).

The initial supply of the NOX token will be 100 million with a target yearly inflation rate of 5%. 50% of inflation will go to incentivize users to stake NOX tokens through the collator nomination process. 20% will go towards incentivizing collators to run a staking node and the rest will go towards the treasury to reserve a parachain slot in the future.

NOX Token rewards

NOX is the token of the Nox canary network, with up to 22.5% of the token supply being allocated to crowdloan rewards (15% base + up to 50% more in bonus rewards). There is no minimum or maximum contribution, and users will receive base rewards of ~67.56 NOX for every KSM contributed (15M NOX / 222K KSM max cap). It’s important to note that inorder to receive rewards, users must have a whitelisted address, and not be a disqualified person*

Bonus Token Rewards: Up to 7.5% of the total token supply is reserved for bonus token rewards.

Early Backer: 30% bonus for early pre-registrations for the whitelist as well as early investors of PONT. To qualify for this bonus, you'll need to pre-register at least 1 week prior to our crowdloan date announcement

Early contributions: 10% of the bonus token rewards are allocated to contributors from the first 3 days of the crowaloan, meaning any contributor who bonds to the Nox crowdloan before day 3 of the auction.

Referrals: 5% of the bonus token rewards will be split 50/50 given to referrers and referees

Calculate your total rewards by using the convenient calculator on our website.

In parallel, we will also be bootstrapping the Pontem Nox Treasury which will be used to sustainably cover the KSM bond requirement in the future by contributing KSM directly from the treasury. Private contributors to the treasury will also have the benefit of having their initial KSM contributions included in the crowdloan to also reap the rewards of the crowdloan, although their KSM will then go back to the treasury after 48 weeks.  

If you’re just as excited to contribute to the crowdloan as we are to announce it, you can contribute either directly from a non-custodial wallet, or through a partner exchange which will be announced in the future. If you send KSM directly from a non-custodial wallet, your address must be whitelisted, which could mean going through KYC in order to receive rewards.

This is an exhilarating new step for the Pontem Network and brings us one move closer to making blockchain and crypto development more accessible. If you would like to keep up to date with information on the crowdloan, like when it starts, follow our Twitter or join our Telegram chat where we will post updates as they come in.

Get a deeper look into what Pontem is and how we plan to help the crypto world develop by checking out our website.

*Disqualified persons are those that don’t meet our privacy policy and terms and conditions which dictate that one must be at least 18 years of age and not be part of ‘Any jurisdiction, including but not limited to the following countries: United States of America, its Territories and Possessions, any state of The United States, The District Of Columbia, Canada, the People’s Republic of China, Democratic People's Republic of Korea, Cuba, Syria, Iran, Sudan, and the People’s Republic of Crimea, the Democratic Republic of Congo, Eritrea, Iran, Libya, Somalia, South Sudan, Sudan and Yemen.’

Legal Disclaimers:

The information provided in this Post pertaining to Pontem Labs, (“Pontem” or the “Company”), its crypto-assets, business assets, strategy, and operations, is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws. Information contained in this Medium Post should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. This Medium Post does not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. Pontem and its agents, advisors, directors, officers, employees and shareholders make no representation or warranties, expressed or implied, as to the accuracy of such information and Pontem expressly disclaims any and all liability that may be based on such information or errors or omissions thereof. Pontem reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in this Post supersedes any prior Post or conversation concerning the same, similar or related information. Any information, representations or statements not contained herein shall not be relied upon for any purpose. Neither Pontem nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this Post by you or any of your representatives or for omissions from the information in this Post. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in this Post.

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  1. Blockchain fees. Most NFTs are issued on the Ethereum blockchain, where you have to pay for gas. NFT minting involves a complex smart contract and thus requires a lot more gas than simply sending crypto. Plus, the gas has been very expensive in the past few months, so you can expect to pay at least $50–100 in gas fees per NFT collection.
  2. Marketplace fees. While you can issue an NFT on your own, it will be hard to promote it and find buyers. That’s why most creators work with NFT marketplaces like OpenSea and Rarible. And while minting NFTs on OpenSea is technically gasless and free, there is a gas fee to initialize a seller account and accept a bid from a buyer — expect to pay around $150 in total. On Rarible, the costs can exceed $600.
  • Facebook has almost 3 billion monthly active users, giving Diem the largest potential audience of any blockchain project on earth;
  • The stablecoin will probably get integrated into transactions on Facebook, Instagram, Messenger, and Whatsapp (shopping, paying for ads, sending money to friends etc.);
  • Facebook can afford to hire the best developers and marketers, so the execution and promotion will be top-notch;
  • Diem’s programming language, Move, is safe, flexible, and well-suited for writing smart contracts;
  • It should be possible to add third-party dApps to the Diem ecosystem — think of WeChat with its thousands of mini programs, but on blockchain.

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