Understanding Nodle in one article

Evening of March 10, Beijing time, according to Polkadot official news, the 11th parachain slot auction on the Polkadot network has ended. Nodle wins Polkadot’s 11th parachain slot with 2,475,500 DOT locked.

What kind of project is Nodle? In this article, we organize the Nodle data as follows:

Nodle is a decentralized IoT network built on the Polkadot ecosystem, using a Bluetooth low energy interface to connect millions of IoT devices and bring data mobility.

Nodle is not limited by proprietary hardware devices or complex blockchain architectures and can run on any device with a Bluetooth Low Energy interface, such as a smartphone or router. Once a user’s mobile device is connected to Nodle, Nodle moves the user’s data from nearby IoT devices to the cloud through a simple network library.

The Nodle Network’s ability to connect billions of IoT devices lays the foundation for future revenue generation through Nodle Network-based data-driven applications. This sets the stage for building unique, powerful data-driven applications in the future to generate new revenue streams.

Nodle has built a vast wireless IoT network with 5 million active smartphones serving as base stations every day. These base stations connect 25 million to 3,000 IoT devices and sensors every day, and can transmit 40GB to 80GB of data in more than 100 countries and regions.

Nodle tokenizes the value of their network by using the network’s cryptocurrency, NodleCash, and adds value to it by incentivizing its users and partners appropriately. Therefore, NodleCash is expected to be a way for IoT devices to interact and make payments.

Polkadot provides an easy way to extend Nodle. By becoming a Parachain, Nodle’s IoT services are interoperable with other blockchain ecosystems like Ethereum or Stellar.

On the technical side, Nodle uses a PoC algorithm (Proof of Connectivity), leveraging its own blockchain, NodleChain, to automatically process micropayments for smartphone users who have moved data from nearby devices. This can all be done automatically after authorization by the user, who simply enables Bluetooth on their device to start earning rewards. The amount of rewards earned correlates to the quantity and quality of data from IoT devices or sensors to smartphones, which are uploaded to the cloud once the smartphone is connected to the internet via WiFi or cellular.

Additionally, the Nodle chain embeds some additional modules for creating a decentralized public key infrastructure (PKI). This PKI is tailored to best suit IoT applications:

1. The management of the root certificate happens on-chain.

2. To protect the privacy of user KPIs, the management of non-root certificates (sub-certificates) happens off-chain.

3. When needed, sub-certificates or root certificates can be easily revoked.

4. The key and signature are agnostic, and the signature is verified off-chain.

The Nodle network is designed to support multiple wireless protocols, currently WI-FIAware, LORA and 5G. Nodle hopes to add support for other wireless protocols in the future.

Because the Nodle chain is built on Polkadot Substrate, joining the Nodle network requires using Polkadot’s standard hardware specifications for optimal performance, and these are the minimum requirements.

The Nodle Network is a democratic network with token stake voting that contributes to the decentralization and integrity of the Nodle Network by running validator nodes.

NodleCash token holders can decide to freeze part of their tokens for a predefined period of time. The locked tokens (called “stakes”) can then be used to select validators who produce blocks, become validators (also known as collators) and (later) help determine governance decisions.

Nominate and select validators, decide to support validators. Validators can then set the commission they give to backers who nominate them. Validators get a revenue share from transaction fees, validators receive 80% of the transaction fees in the block (20% is sent to the Nodle treasury to support their operating protocol)

In the Nodle network, no new NodleCash is allocated when blocks are created, and therefore no inflationary rewards are provided to stakers. The new NodleCash was created by network contributors to report data from IoT devices.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/understanding-nodle-in-one-article/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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