AMA#40 Recap || PolkaWarriors x Nodle Network

On Jan 14, Nodle Network and PolkaWarriors together organized an AMA with the community to introduce Nodle Network - an crowdsourced decentralized IoT network built on Polkadot.

“Nodle has created a global decentralized network of smartphones where every participant acts as a node in the network. All you need to do is to install a simple app Nodle Cash app. These connect to IoT devices and sensors around you and that's how you generate the Nodle Cash crypto currency. We pay people every 6 seconds”

Below is a summary of the outstanding questions and answers from the AMA session.

1. The idea of the project is really unique and incredible, how did this idea come about?

Micha Benoliel:

I think I started to answer that question a bit earlier in my introduction. Previously I created FireChat, which was an off-the-grid, private P2P messaging app that used Bluetooth to allow nearby users to message with each other

Back in 2014, I was coincidentally in Hong Kong during the 2014 Umbrella movement. Everywhere I went, I got the notification “FireChat user nearby!” It turns out, around 500,000 people downloaded the app that week

It was an AHA moment…as I realized that my dream of building a global mesh network using smartphones worked

Fast forward a couple of years, my Nodle co founder Garrett Kinsman, who also was at FireChat and then Ola Cabs (connected car infrastructure) in India, realized that this same Bluetooth Low Energy (BLE) mesh architecture used in FireChat could be used for more than just sending messages from phone to phone

The key though was to incentivize people to build a new “smartphone infrastructure” while protecting their privacy. Incentivized mesh networks, as we envisioned, could be used to connect millions of IoT devices like vehicles and sensors – and app developers could be paid to deploy this network

In 2017, we built a software-only network that uses smartphones as wireless IoT base stations. Any sensor or device in proximity can use the smartphone as a gateway to send data back to the internet. This was called Nodle, which stands for Network Operator of Devices Low Energy.

Smartphone users with our app or software could generate crypto in the form of Nodle Cash (NODL) by providing connectivity to nearby IoT devices and this in turn would build a lightweight network

You can download the Nodle Cash app here: http://nodle.io/cash

We built Nodle to be privacy-first and make sure to not collect personal data. In fact, most of what we process is anonymized, to guarantee everyone's privacy

2. Who is the main target of Nodle? Are you primarily focused on individual users or enterprises? Who benefits the most from the services offered by Nodle?

Micha Benoliel:

Nodle is a multi-sided marketplace:

  • Individuals can benefit from Nodle Cash to generate crypto from their smartphones and soon purchase services with it
  • Many users in our community refer to it as a type of passive income and even use old phones to increase their earnings
  • Enterprises can leverage the network created by individuals for accessing services and/or internet for their IoT devices.
  • App developers can easily install our SDK into their apps to earn revenue as opposed to serving ads and charging for subscriptions
  • That way they can improve the overall user experience

3. Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?

Micha Benoliel:

We are starting on-chain services and revenues this year with large businesses

This is just a start, Ethereum didn’t have to burn tokens to become attractive, they simply enabled use cases on their chain that increased usage and adoption

Stay tuned for updates!

4. IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepare for this bear market? How will you handle the panic sell?

Micha Benoliel:

We are building a real ecosystem with a lot of use cases and services that are less sensitive to the market conditions. I think if we enter a bear market, it is probably the best condition to deliver on the promise of the network and deliver value and services. We are in this for the long term. We have been through many bear and bull market times and cycles already so I am not concerned.

5. As I know, strong backing and partnerships in the crypto market might bring huge benefits to new projects. During this point, can you tell us about the investors and partners of your project?

Micha Benoliel:

Later today we will announce a strategic partnership with a digital collectible and NFT-focused trading ecosystem to enable secure in-person, networkless transactions and proximity trading.

Early investors include Blockchain.com Ventures, Blockchange, Blockhead, Bootstrap Labs, Marc Pincus (Zynga), Pierre Andurand, Greg Kidd, TRGC Capital, Coins Group, Moonwhale Ventures, Maxx Capital, Hillrise Capital, Dutch Crypto Investors (DCI).

Other partners include Acala, Republic, Ledger, Zondax, Tangem, Web3 Foundation (received a grant for public key infrastructure), 5G Open Innovation Lab, Berkeley Blockchain Xcelerator, Parallel Finance and Bifrost for our Crowdloan campaign, and ESTV, the eSports live streaming network, uses the Nodle SDK to replace ads and protect the privacy of their users.

I’m thrilled to share that we have dozens of partnerships that will be announced very soon.

In the pats years, Nodle has had OEM partnerships with HTC 1 and 1s Exodus phones (the 1st blockchain phones for HTC, both models were pre-installed with Nodle Cash), the City of Paris, and Cisco Meraki to support their access points; piloted with national railways, multiple consumer asset-tracking tag companies to track consumer assets such as keys and other items, a European insurtech company uses Nodle to track stolen vehicles; we’ve worked with telcos on pilots to expand IoT offerings and further monetize their networks and many others including Fortune 500 logistics companies and retailers to ensure there's real demand for the network, and we have an exciting year ahead!

6. Have you been audited ? Have not heard you talk about that the security of funds is what every investor craves for and plans to escape incase of insecurity if funds, scams and rug pulls ? How strongly built are your security put in place?

Micha Benoliel:

Pretty important point. We have been audited in the past and today we are working with Halborn Security to help secure NODL token storage and improve security. We were also one of the first Substrate-based chains to partner with Zondax to have our own Ledger app. The app is pending release.

7. What can we expect to see from your platform in the short-term (at some point in 2022?? And beyond (long-term goals)?

Micha Benoliel:

Currently we are participating in Batch 2 of the Polkadot parachain auctions http://parachain.nodle.com and we’re confident in securing a slot

We need your help on this :-) , join the auction!

Outside of continuous Nodle Cash app updates, we plan to improve our rewards system, we expect our first on-chain services and revenues, and we will launch staking and an independent validator network.

We are actually onboarding our first independent validator nodes on our test network as we speak. Every wallet user will be able to stake their Nodle Cash tokens. We’re targeting Q2 2022 for this

8. Who is your project's biggest rival? In the future, does your project have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for your project.

Micha Benoliel:

We released our white paper prior to Helium and they have been growing pretty fast

I consider them as our first competitor and potential partner too since many IoT devices use LoRaWan and Bluetooth

Our main difference and competitive advantage is that we are 100% software, so there’s no hardware to purchase

In fact, we have many community members that are also Helium miners or used to be

In the live questions sections, Micha Benoliel did answer several short questions from the Polka Warriors community.

1. Have you been audited ? Have not heard you talk about that the security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?

Micha Benoliel:

We have been audited several times already and we are working with an external well known firm that audits the security of the network and chain, you can check them: Halborn Security

We are also working closely with Ledger and Zondax, we have a Ledger app pending release to secure the holding of your Nodle Cash tokens on our web wallet.

2. For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough funds for the development? Can you tell us how your project generates the profit?

Micha Benoliel:

We raised multiple rounds and today we are a team of 50 people contributing to the project. We have more than 3 years of runway. The first revenues on-chain are planned for this year.

3. Most users are still not aware of Blockchain & its related projects ! So, How Your Project platform creates awareness about their project with NON-CRYPTO users too?

Micha Benoliel:

We are lucky to have a mobile app, Nodle Cash, that you can download from the playstore or the appstore and that enables you to become a node in the network and to start generating Nodle Cash tokens. It is probably one of the easiest way to generate cryptocurrency today for soemone who is not familiar with crypto

4. Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, do you have any technological solutions or plans to enhance user trust in these issues?

Micha Benoliel:

We put privacy at the core of our values. If you saw some of our previous replies our team also made the app FireChat in the past that helped many students in Hong Kong.

Our app doesn't ask for any personal information, you can stay anonymous on the network and participate and generate Nodle Cash Tokens. Try it out: nodel.cash

On security we have regular audits and work with Halborn security and we are about to release our app for Ledger to help users secure their Nodle Cash holdings.

On the business side of things we got a grant from the Web3 foundation for a public Key Infrastructure to secure IoT devices traffic and authenticate them

5. What is the most ambitious goal of your project? What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? I would appreciate it if you could share with us any upcoming updates?

Micha Benoliel:

We have a big vision. If you consider Ethereum to have become the first largest distributed computer.

Nodle is envisioning building a giant distributed network of smartphones. Imagine all the things that can be done with a smartphone that can't be done with a traditional computer.

That can give you an idea of the amplitude of this project

6. What corner of the world do you plan to arrive? That is, to what extent in the world do you think your Project will be solving people's problems with their infrastructure?

Micha Benoliel:

We have reached more than a 100 countries today with the app. Once the network reaches 300 Million smartphones globally, we would have built the largest distributed infrastructure out there and we should be able to solve many of the connectivity issues globally for IoT devices and sensors.

And at some point we expect the protocol to be used to provide free access to people or at least provide enough revenues to smartphone users so they can pay their data plan with the Nodle Cash app revenues.

7. According to the roadmap, what are your most important next priorities? Does your team have enough funds and a strong community to achieve those milestones?

Micha Benoliel:

We have 3 years of runway and among the important milestones coming we have:

  • The listing of the token
  • Nodle Parachain
  • Nodle independent network of validators
  • On chain revenues
  • Hypergrowth of the network by number of active nodes

Follow Nodle Network:

Website | Twitter | Telegram | GitHub | On DMC

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