Nodle, one of the world’s largest decentralized wireless networks powered by Bluetooth Low Energy technology on smartphones, has won the 11th Polkadot parachain slot auction.
Nodle achieved this milestone on March 10 with 7,528 contributions equaling 2.48 million DOT tokens — approximately $42 million. Nodle maintains its decentralized wireless network infrastructure utilizing users’ smartphones via the Nodle Cash App.
The Polkadot ecosystem recently allowed developers to register their projects as parachains, allowing access to its strong native user base and interoperability with other blockchains such as Ethereum or its own ecosystem network. The new parachain slot allows Nodle’s token, Nodle Cash (NODL), to be interoperable with other decentralized applications built on Polkadot or other blockchains that connect and benefit from Polkadot’s shared security principles.
Overall, this dramatically empowers Nodle’s next-generation capabilities for connectivity, machine-to-machine payments, air-quality monitoring, authenticating and securing devices, asset tracking and more. Nodle’s parachain also lets other chain ecosystems that are interoperable with Polkadot benefit from Nodle’s adaptable and expansive network.
“Having a parachain for Nodle, which offers real-world applications to the Polkadot ecosystem, accelerates our network toward even more decentralization and security,” said Micha Benoliel, founder and CEO of Nodle. “This makes NODL tokens instantly liquid and usable across all other parachains, dramatically expanding our decentralized wireless network vision. Now, our users not only benefit from Nodle Cash App’s utility but can interact with decentralized exchanges, money markets and other decentralized finance ecosystems.”
Nodle allocated 850 million NODL — 23% of its total reserves, or 10% of the Nodle mainnet — to reward anyone who pledged their DOT. After two years, all DOT contributions will be automatically returned to contributors, including the NODL rewards they will earn. The company will also reward the highest contributors unique NFTs inspired by The Matrix, created by a mystery artist.
“The Nodle parachain allows advanced interoperability and cross-chain integrations, which now permits any other parachain and decentralized app to seamlessly build on top of our network,” said Eliott Teissonniere, chief blockchain officer of Nodle. “These new functionalities come with increased security and will be game-changers for the Nodle network and entire blockchain ecosystem.”
Nodle is a decentralized wireless network that provides secure and low-cost connectivity and data liquidity to connect billions of devices worldwide. The Nodle network is powered by millions of Bluetooth-enabled smartphones that earn Nodle Cash. Its powerful stack allows multiple uses, including connecting and securing physical assets, tracking lost or valuable items, capturing sensor data and authenticating security certificates. Nodle provides insight for consumer electronics manufacturers, enterprises, smart cities, the finance industry and more. Since its creation in 2017, Nodle has become one of the world’s largest wireless networks by the number of base stations. Join #TheCitizenNetwork by downloading the Nodle Cash app for iOS or Android.