Nomic BTC Bridge

Nomic's first product is the BTC Bridge, bringing Bitcoin to Cosmos. The bridge creates a new asset, nBTC, which supports IBC and is fully backed by BTC. We designed a unique, permissionless protocol that allows anyone to easily deposit BTC in exchange for nBTC, or withdraw nBTC in exchange for mainnet BTC.

We expect Osmosis BTC pairs, DAOs and DeFi protocols that use BTC as a reserve asset, as well as easy access to the ecosystem due to Bitcoin's wide availability and liquidity.

To achieve this vision, we designed a system that is more secure and permissionless than any other existing BTC sidechain, combining Proof of Work and Proof of Stake to achieve the best of both worlds. By leveraging Bitcoin's hash rate and Tendermint consensus protocol, the Nomic network is able to provide high security and instant finality. It also creates a unique opportunity for proof-of-stake validators to earn BTC rewards.

network boot

To launch Nomic, we will be rolling out the network in stages over the next few months.

Phase 1: Stakenet

January 31, 2022

Stakenet bootstraps the network by airdropping NOM staking tokens to ATOM holders and stakers, allowing them to stake NOM and start accumulating rewards. During this phase, the bridging function and NOM token transfer are disabled to allow for a controlled start, minimizing the impact of potential problems.

The second stage: cross-chain upgrade

February or March 2022

The first upgrade of the network connects Nomic to other Cosmos chains (via IBC) and the Bitcoin blockchain (via our bridge protocol). This will be a major milestone for the Cosmos ecosystem, as Nomic will be the first IBC network not based on the Cosmos SDK, and the Bitcoin blockchain will officially be part of The Interchain.

NOM token transfers (both locally and via IBC) will also be enabled at this time - however, nBTC will still not be available for deposits or withdrawals.

Phase 3: The Complete BTC Bridge

March or April 2022

In this upgrade, the network will fully enable the BTC bridge, allowing anyone to deposit BTC in exchange for nBTC, and withdraw nBTC in exchange for BTC. nBTC will also be available for mobile IBC, so at this point we expect BTC to be used immediately for osmo pools and other protocols.

We are excited to see all the potential that can be unlocked at this time when Bitcoin becomes a key part of the Cosmos and Terra ecosystem.

Airdrop Details

The launch of Stakenet includes an airdrop to ATOM holders and stakers to start circulating NOM staking tokens.

qualified:

• ATOM holders/stakers with a balance of at least 1.5 ATOM
• Snapshot: Cosmos block 9,150,000 (21 Jan 2022 11:22:43 UTC)

distribute:

• Total: 3,500,000 NOM
• formula:
• (min(liquidBalance, 1000) + (4 * min(stakedBalance, 1000))) / 20.299325
• (The upper limit of current balance and pledge balance is 1000 ATOM, and the pledge balance is 4 times)
• Decay: Linear decay starts 1 month after nBTC launch

Claim the airdrop and start staking NOM in the Nomic web app: https://app.nomic.io (requires Keplr Chrome extension).

Please note that staking rewards will start accruing before 20:40 UTC on February 1st .

Two more airdrops are planned in the coming months - see the Token Economics section below.

Token Economics

NOM tokens are used to support the proof-of-stake security of the Nomic network.

The NOM distribution is modeled after the OSMO token. The network will start with a supply of 21,000,000 NOM, with a maximum supply of 210,000,000 NOM after 9 years of inflation (as a tribute to Bitcoin’s 21,000,000 BTC).

initial allocation

Total: 21,000,000 NOM

• Airdrop I - 3,500,000 NOM

For ATOM holders and stakers - see details above.

• Airdrop II and III Reserves - 7,000,000 NOM

Details of these airdrops are pending and will be included in an upcoming network upgrade. Until then, the tokens are reserved, but not in circulation.

• Strategic Reserve - 10,500,000 NOM

According to the standards of $OSMO and other Cosmos projects, the strategic reserve is used to create strategic partnerships for Nomic. It is held in multi-signature by the directors of the Nomic DAO Foundation and is solely to achieve Nomic's long-term goals. It will not be used for marketing and strategic partners will be subject to vesting periods. All funds raised from the Strategic Reserve will be used to fund Nomic's development efforts.

At the discretion of the multi-signature members, reserves can also be used to delegate to validators who provide high-value services to Nomic, such as operating infrastructure such as block explorers and relayers, or contributing open source tools/resources to the ecosystem. In order to keep the network decentralized, the strategic reserve will not be "excessive" to control the network's share.

Inflation Schedule

Total distribution after creation: 189,000,000 NOM

NOM will be distributed over 9 years, reducing inflation by 1/3 each year.

Inflation starts 24 hours after Stakenet launches - 20:40 UTC on February 1, 2022. This gives the community time to delegate so the original validators don’t gain an unfair advantage by claiming staking rewards.

• Staking Reward - 47,250,000 NOM

Rewards will be distributed to NOM validators and delegators in a similar manner to other Cosmos chains.

• Protocol Incentive - 85,050,000 NOM

This portion of the NOM supply will be used for future incentives, determined by governance or proposed in future upgrades. For example, potential incentives for nBTC pools on NOM or Osmosis may be paid to nBTC holders or liquidity providers.

Since no protocol incentives will be activated at Stakenet launch, NOM issued will be accumulated into a pool for distribution later.

• Developer Attribution - 47,250,000 NOM

Developer shares will be distributed to the Nomic team over time. Note that since the network is decentralized, if the Nomic team is no longer the main contributor to the development, the developer's share can be redistributed to other teams or individuals.

• Community Pool - 9,450,000 NOM

A portion of NOM will be collected into a pool that can be used by network governance. The Stakenet phase will not include a mechanism to use these funds, so they will accumulate to a later upgrade that adds a governance system (e.g. futarchy).

long term vision

Nomic has been developed by early Cosmos employees since 2018, and while at first glance similar to other Cosmos chains in many ways, it has a fundamentally different DNA. Other chains are based on the Cosmos SDK, which is a standard framework with many advantages but also its own weaknesses. Nomic uses Tendermint consensus, but otherwise is built on a completely custom stack written in the Rust language, focusing on performance and the ability to rapidly develop new features.

While the Nomic BTC bridge is a valuable product in itself, we see it as a cornerstone for future projects. Nomic's real long-term focus is on building innovative DAOs, which we believe are the most important new ideas in the crypto space, and whose potential has yet to be unlocked. We hope you will join our mission in the coming years by participating in the Nomic Network as we will surpass other platforms and projects in the crypto space.

Run a Stakenet full node or become a validator: https://github.com/nomic-io/nomic#readme

Summarize

You can pay attention, the airdrop can be pledged, there is no need to sell it, after all, there are not many.

website

Twitter: https://twitter.com/nomicbtc

Homepage: https://nomic.io/

Sidechain: https://app.nomic.io/

Blog: https://blog.nomic.io/

https://twitter.com/mappum

refer to

nomic-stakenet-launch