Would you like to be part of the blockchain adventure and get free cryptocurrencies? The Nodle project offers you this opportunity by simply downloading and using the Nodle Cash application on your smartphone. By becoming a node in the Nodle network, you help build a more connected world while earning rewards in the form of $NODL. Ready to discover the world of Nodle and Nodl Cash? Then follow Coinpri in this comprehensive and 100% coinprihensible guide!
What is Noodle Cash ?
Nodle Cash is an application of the Nodle protocol. Founded by Garret Kinsman and Micha Benoliel in June 2017, the project aims to create the world’s largest wireless network connecting billions of internet-connected objects (IoT) in a secure and decentralized way.
The idea behind Nodle Cash?
When IoT objects are in the vicinity, they are detected by network nodes (smartphones, routers…) running the Nodle software, the specific information held by the IoT devices is retrieved and stored on the Nodle blockchain.
As a reward, smartphones receive Nodle tokens.
Basically, the Nodle Cash app allows its users to earn Nodle tokens on the go. This could be translated as “collect data to earn”.
Warning! This does not make Nodle Cash a Play to Earn. Nodle Cash is not an application that counts the number of steps you take during the day, let alone the speed at which you run or walk like a Stepn. Nodle Cash simply collects information from internet connected devices near the application.
How Nodle Cash works
Nodle leverages the computing power of smartphones and their ability to access various sensors to build a global communication network. Once installed on the smartphone, the application uses Bluetooth to detect nearby IoT devices. The smartphone then relays the retrieved information to the Nodle network via the mobile network, WiFi and Bluetooth.
So to participate in the network and earn cryptos, all you have to do is activate the app on your phone, put it in your pocket and go about your normal business.
Convenient, isn’t it? But how do you get the rewards? Patience, we’re getting there.
How does Nodle Cash reward users?
Nodes (or smartphones) are rewarded according to two important factors: connectivity and availability.
- Connectivity: The closer your phone is to internet-connected devices, the more Nodle tokens you earn
- Availability: The primary function of a network like Nodle is to be available at all times. The network is strongest when nodes are operational in locations with a demand for service. Indeed, the more your application works, the more rewards you earn.
The application can run in the foreground or in the background. So to increase your chances of receiving rewards, you should keep the Nodle Cash application open as long as possible. Or set up several nodes.
In addition, smartphone app developers can integrate Nodle’s code into their apps without affecting the various features. Devices that use this app will also contribute to IoT device detection and thus get Nodle token incentives.
Coincidentally, the Nodle Cash app turns your cell phone into a crypto miner.
How to monetize the Nodle Cash application?
Unlike the Bitcoin network, which requires miners to deploy sophisticated equipment such as ASICs to secure the network, the Nodle network encourages smartphone owners to manage a connectivity infrastructure.
There is no special equipment or hardware needed to earn nodles. Just install the program on your phone, activate your Bluetooth and share your location while staying connected. And tadaaa you get Nodle Cash (NODL) rewards.
After the theory, let’s get down to business:
- First step: Go to the official website of Nodle Cash by clicking on this link
- Download and install the Nodle Cash application on your cell phone, it is available on Android and iOS.
- Once the application is installed, you will have to open it and create your user account.
- Enable Bluetooth and location sharing in your smartphone, then leave the app enabled.
- Once opened, the app connects privately and securely to the network using Bluetooth Low Energy (BLE) technology.
Congratulations! Your smartphone has just become a Nodle network node.
To retrieve your private key, rgo to the “Settings” section. Remember to keep it safe so you don’t risk losing your rewards. As you explore your environment, you will be able to connect to various IoT objects. With each connection to an IoT device, you will be rewarded with NODLE tokens.
What is the NODL token for?
The NODL is a utility token of the Nodle Network protocol. It plays a significant role in the ecosystem, including:
- A means of paymentt: NODL enables the exchange or transfer of value between different entities in the network. Thus, subscribers or customers pay in $NODL to retrieve information about defined IoTs or to benefit from the connectivity of the Nodle network to transmit data.
- A governance token It is used to vote on decisions that need to be made by the community.
- Reward token: NODLE is used to reward participants in the Nodle network.
The total supply of the $NODL token is 21 billion, no additional tokens can be mined once this cap is reached.
Nodle was initially built on the Stellar blockchain in 2018. About 8.4 billion tokens were issued at the time to motivate the team behind the project and early investors. The project then migrated in 2020 to Nodle Chain, its native blockchain.
The remaining 12.6 billion tokens will be issued periodically until 2030. These reward:
- Edge nodes (smartphones);
- Network operators (agents operating the network and oracles ensuring that edge nodes behave correctly).
Currently, it is possible to trade th eNodle (NODL) against other cryptocurrencies such as Bitcoin (BTC), Ether (ETH) or Tether (USDT). It is listed on exchanges such as Kraken, Gate.io, Huobi and MEXC.
How does the Nodl Cash blockchain work?
The operation of the Nodle network is based on an algorithm called Proof of Connectivity. This consensus model takes into account the number of base stations, the bandwidth and the geographical coverage.
In addition, this consensus ensures that do not collect personal data such as: phone number, contacts, photos or other data that could compromise the privacy of the user.
In fact, Nodle Cash only recovers :
- geolocation data
- MAC address
- The identifier of an IoT device (UDID = Unique Device IDentifier)
- The Bluetooth signals emitted by the devices.
- Encrypted messages containing information from IoT devices.
- The GPS location of your device at the time of detection of the IoT object
With technical elements like security certificates, smart asset API that uses oracles, Nodle can be used to verify the collected data (asset location, sensor connectivity…) on IoT objects.
In addition, Nodle is developing services, missions and smart contracts that allow other applications to develop on the network to measure information with greater accuracy. This can include pedestrian traffic, automotive, population density, IoT device auditing, etc.
Nodle Cash is a true decentralized application using all the parameters that enable large-scale decentralization with a smartphone infrastructure. Through the strength of the community, it finds utility in harvesting data from IoT devices, and rewards the work of its users in token. Embedding smart contracts and oracles, Nodle’s blockchain continues to move forward and adapt to the market. Feel free to tell us on our networks what you think of Nodle and if you are ready to use it.
Since 2017, I have been an avid follower of Bitcoin and cryptocurrencies. I love exploring the intricacies of the blockchain and sharing my findings with the community using the power of my words.
My dream is to live in a world where privacy and financial freedom are guaranteed for all, and I firmly believe that Bitcoin is the tool that can make that possible.