Chainfir Capital Announces Investment in Nodle
Published：Sep 07, 2021
We are pleased to announce our investment in Nodle, the world's largest interconnected IoT (Internet of Things) ecosystem.
As the largest decentralized IoT network of Polkadot, Nodle creatively proposes a low-energy, low-cost global network that turns mobile phones into IoT base stations, providing perfect ecological solutions for object positioning, outdoor IoT terminals, smartwatches, health tracking devices, household appliances, etc.
For instance, it has helped Paris track public furniture for building a "smart city", reached a partnership with Constellation Brands, a Fortune 500 company, to track hundreds of displays across the country, and launched Coalition, an app for tracking COVID-19 close contacts, to help curb the spread of COVID-19.
Chainfir Capital believes Nodle is a promising blockchain project and is willing to work with Nodle to create a better blockchain ecosystem.
Cofounded in 2017 by Micha Benoliel and Garrett Kinsman, Nodle is the decentralized wireless network of Polkadot, providing infrastructure, software, and access to data for the IoT. The Nodle Network leverages Bluetooth Low Energy (BLE) via millions of smartphones and routers to allow enterprises and smart cities to connect IoT devices to the Internet at a low cost while maintaining privacy and security.
The overall vision of the project is to build a new economic model for the Internet, in which every node that contributes data is rewarded for data liquidity securely in a privacy-preserving way.
Nodle's core advantages
● Low cost
Deploying infrastructure that connects millions of remote devices and sensors requires expensive equipment and maintenance costs. Nodle effectively leverages the existing physical infrastructure, securely connects remote sensors and devices through millions of smartphones around the globe, and forwards the latest data to the Internet. Because the Nodle network is software only, there is a huge cost advantage compared to deploying hardware-dependent networks.
● Privacy & security
Over the past few years, smart home devices and smart remote devices have shown serious security vulnerabilities. Nodle has been fighting for a privacy-first and secure IoT market and its IoT security stack allows users to encrypt, sign, and verify data generated by each IoT device, as well as anonymize those devices in a wireless environment. Nodle supports encryption engines common in many cost-efficient, off-the-shelf chipsets and holds numerous proprietary defensive IP addresses, making Nodle’s core competence of security and privacy difficult to be replicated in decentralized data exchange.
● Convenient interconnection
At present, other IoT networks are built around dedicated hardware devices. Nevertheless, Nodle is not restricted by any hardware device or complex blockchain architecture, which supports almost any wireless protocol. Nodle can run on any device with a BLE interface, such as a smartphone or router. Once the user’s mobile device is connected to Nodle, Nodle will move the user's data from nearby IoT devices to the cloud through a simple network library. Millions of people and devices connect and interact with nearby IoT devices, bringing data liquidity to the IoT, and at the same time enabling the Nodle network to process data more efficiently.
● Token incentives
Nodle tokenizes the value of its network by using the network's cryptocurrency Nodle Cash, and increases its value by appropriately incentivizing its users and partners. Nodle Cash can create huge growth momentum, provide liquidity and increase network effects swiftly and safely. Currently, 6,000 new smartphone nodes are estimated to be added to Nodle's network on a daily basis.
● Powered by Substrate
As the number of Bluetooth-connected devices continues to grow, Nodle urgently needs to build a scalable and upgradeable blockchain. With the help of the Substrate framework, Nodle can customize a fast and secure blockchain and send incentives to its millions of users per day, allowing the user base to grow infinitely while maintaining the decentralization and security of its blockchain. In addition, Nodle can easily connect to Parity’s Polkadot public chain, which boasts many advantages, such as cross-chain transactions and shared security.
In just two years, Nodle has built a gigantic wireless IoT network, with 10 million active smartphones acting as base stations every day. These base stations connect 25 to 30 million IoT devices and sensors every day, and transmit 40GB to 80GB of data in more than 100 countries and regions. Although its counterparts can eventually build a solution similar to Nodle's, it will take a plethora of time and investment.
Nodle Cash currently has 850 million coins in circulation. The official announcement of the token distribution plan is as follows:
· The share of un-mined tokens accounts for 60%;
· 4.5% goes to early investors;
· 10％ goes to its founders and team members;
· 24% goes to Treasury
Source from Nodle Whitepaper