This article was first published on Stories by NULS on Medium
Just before the closing of 2020, we announced a new collaboration with BonFi. In the past weeks, they have developed their new NULS-BNF Credit Mining product that is beneficial for both communities. This new DeFi product will be released on Friday, the 15th of January.
Proof of Credit Mining (POCM)
NULS SCO is a platform that uses smart contracts called POCM to distribute BonFi tokens to NULS stakers, and in return, BonFi receives the corresponding NULS. By minting a new BonFi token on the NULS Network (NRC20), BonFi can gain full access and interoperability with several blockchains, including Binance (BSC), Huobi Chain, Ethereum, NULS, and NerveNetwork. In the future, more blockchains will be added, because we believe that the notion of “one blockchain to rule them all” is flawed. The reality is that multiple blockchains will thrive serving different use cases and goals.
The newly minted BNF NRC20 will be governed by a decentralized network of node operators to verify all transactions on this network. NULS token holders will be able to stake their coins with these node holders and receive NRC20 BNF tokens as a reward. Participants never risk their principal as the NULS tokens stay in the user’s wallets.
They want to emphasize that this new offering does not dilute the existing token supply. All freshly minted BNF NRC20 tokens are convertible on a 1:1 basis with native BNF (ERC20) tokens. Through NerveDex, users will be able to convert their BNF (NRC20) tokens to BNF (ERC20) tokens in the near future.
NULS-BNF POCM Program Details
- Program Duration: 730 Days (24 Months)
- Minimum Participation Amount: 100 NULS
- POCM Ratio / Total Rewards: 2.4% / 24 million BNF
- Reward Distribution: Continuous, every 10 blocks.
- Token Locked Days: 7 Days Lockup after receiving rewards.
How to get started?
We have compiled a series of videos that provide a step-to-step breakdown ...
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Stories by NULS on Medium