NetMind Power Update 1 - 2024.02.23

2024-02-23|NetMind

As we continue to evolve and grow, our commitment to keeping you informed remains steadfast. Today, we are pleased to provide detailed updates on the advancements in NetMind Chain, as well as the latest developments in ETH and payment systems.

Clarification on NetMind Chain:

When we launched NetMind Power in April 2023 (PR Newswire Article), the NetMind Chain was also started but without cross-chain features. Early GPU contributors and investors were already active, and we're grateful for their ongoing support.
As our network experiences rapid expansion, driven by a remarkable surge in GPU contributors, we find it necessary to implement a queuing system to effectively manage this growth. This step is crucial for balancing the burgeoning supply with the steadily increasing demand, ensuring the safe and gradual growth of our platform. As we continue to scale and enhance our capabilities, our focus remains on delivering a seamless and robust experience for everyone involved in the NetMind Power ecosystem.

Update on ETH and Payment System:

As we journey through the beta phase of NetMind Power, we're flattered to witness the enthusiastic response from our community. Your confidence and engagement have accelerated our growth, bringing some exciting developments ahead of schedule. Here's an update on our Ethereum cross-chain migration and the NMT-based payment system.

Why BSC: Our initial launch on the Binance Smart Chain (BSC) was a calculated move. With its lower gas fees and efficiency, BSC offered an ideal environment for us to gradually increase traffic and optimize user experience, especially for our GPU users.
Ethereum: We had already developed our cross-chain capability to Ethereum before going live on BSC and Pancakeswap. We are accelerating our integration to Ethereum. This move will unlock greater scalability, interoperability, and the robust features of Ethereum's ecosystem.
Payment system: we are also finalizing our NMT-based payment system. This will allow GPU usage fees to be processed through NMT, and a portion of NMT used for GPU payments will start to be burned through the usage of computing power.

While we're working swiftly to roll out these features, our top priority remains the security and integrity of the platform, especially for cross-chain functionality and a secure and reliable payment system.

Stay tuned for more updates in the next few days. We appreciate your interest and look forward to sharing more news with you soon.