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IoT or the “Internet of Things” seems to be the tech buzzword of the past, peaking in October 2016 on Google Trends, and has slowly been surpassed by blockchain, NFTs, the metaverse, and other hot tech trends. However, IoT devices worldwide are expected to grow from 11.3 billion to over 19 billion by 2025, with other forecasts from McKinsey predicting closer to 40 billion! Before we dive into what this means for society let us first unpack what IoT is. The Internet of Things at its most basic level refers to all the physical objects that are connected to the internet. Twenty years ago this probably just consisted of your phone and computer but not much else. Fast forward to nowadays and practically the only thing not connected to the internet is us humans - queue Elon Musk talking about Neuralink - while our phones, computers, TVs, watches, security cameras, air conditioning systems, speakers, cars, medical equipment, and even our damn vacuums are!
With the amount of internet-connected devices only increasing over the coming years the question then becomes how do we set up the infrastructure to support it? Remember it is not just your phone and computer we are talking about anymore but also your cars, where an interruption in connection is way more serious than not being able to see the latest tik tok trend as fast as you would like. All the major telecom incumbents will be vying for the market leader position in providing users with internet connection but other solutions will be needed to ensure the speed and reliability consumers expect. Nodle, a smartphone-powered decentralized network, is bringing users internet connection by utilizing the more than 6 billion smartphones in the world using their Bluetooth Low Energy (BLE).
Nodle Network
Nodle is a decentralized network made up of millions of smartphones. By downloading the app, you become a “node”, participating in the network and earning rewards in return. The more people join, the more powerful the network becomes.
By leveraging the billions of smartphones around the world Nodle does not have to set up any physical infrastructure or endure any upfront costs while waiting for the network to be built out. This model mitigates the friction often associated with distribution as the only barrier is downloading a mobile app, for free, and setting up your profile all within five minutes.
Become a Node
Every smartphone is a “node” just waiting to get to work. Smartphones become nodes by locating and connecting devices within the network. The nodes receive rewards based on connectivity and availability, which varies by location.
To become a node all a user has to do is download the Nodle Cash mobile app and start providing internet connection to nearby IoT devices through Bluetooth Low Energy.
Earn Rewards
Nodle’s connect-to-earn app rewards you with NODL tokens - Nodle’s native cryptocurrency - for connecting and powering the network with your smartphone.
Users will earn rewards after downloading the app and turning on Bluetooth and location in their phone settings. The app collects data from nearby IoT devices using Bluetooth Low Energy and will send that data back to the owner of the IoT device.
The app tracks how much data your phone transfers for the IoT device(s) and awards your account with Nodle Cash accordingly. The amount of each award is dependent on many variables such as: quality of the connection, how much data is transferred, 'value' of the IoT device in question, and more.
NODL Token
The total supply of NODL tokens is fixed at 21 billion. Currently, users can only earn tokens by providing internet through the downloaded app but the NODL team has plans to enable staking, governance rights, and “smart missions” to earn more tokens.
There are plans to list NODL on several centralized exchanges this year which will be something to lookout for.
NODLE Roadmap
Nodle has an impressive and extensive 10-year roadmap on their site detailing how they plan to become a mature, decentralized network providing internet to billions of users. With millions of users already using its platform Nodle is moving into Phase 2 of the program where it will focus on network growth, more decentralized apps, and advanced virtual machine capabilities.
The IoT world is growing at exponential rates and the need for network solutions like Nodle is of the utmost importance. With free distribution already in place and seamless user onboarding, Nodle has a tremendous advantage in expanding the coverage of its network. However, the questions on Nodle’s success will be determined by how it incentives the millions of nodes (users/smartphones) to continuously provide connection to its network and how the network will operate as it gradually becomes decentralized as a DAO. It seems thus far that the team has been calculated and smart in implementing incentive mechanisms to ensure the longevity of the first decentralized network powered by smartphones!
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