Categories: Market

What is the NEST Protocol (NEST)? The complete set of NEST cryptocurrencies

What is the NEST protocol?

The NEST protocol is a decentralized oracle system of price data in the chain which uses a “two-way quotation mechanism” to make sure that market costs are created simultaneously in the chain.

Highlights of the NEST protocol

The NEST protocol simplifies the price problem in the string through the price predictor. As follows:

First, the NEST protocol has three parties involved in the mechanism of activity: miner, verifier, and price caller.

Miner: The celebration that gives offers and pays a commission to receive NEST tokens.
Verifier: As a validator of an offer from a miner, the verifier will trade at this price and provide a fresh price for inclusion in the chain if the price of the offer deviates from the market price.
Price callers: Typically, DeFi protocols or organizations pay a fee to use the NEST protocol.

Anyone can become a miner and verifier in the NEST protocol.

To create the idea simpler, let us examine an example of how the NEST protocol functions the ETH / USDT pair.

The miner takes on the task of setting the price in the contract, for example the price of 1 ETH = 450 USDT. Enter those two assets in the contract according to the price ratio, the miner pays a fee for receiving the NEST token.

After the price has entered the contract, and it has waited about 5 minutes for processing, 2 instances happen:

Case 1: If the price doesn’t include any transactions, the price is put in the supply chain for the price caller.
Case 2: If the contract price is traded, it is considered invalid because the price offered in the contract differs from the market price. Verifier sees an arbitrage opportunity that transactions which price and supplies the contract with another, more precise price.
For instance, the provide in the contract is 1 ETH = 450 USDT, but the present market price is 1 ETH = 500 USDT, the verifier transfers an equivalent amount of assets 1 ETH and 450 USDT then gives another result 1 ETH = 500 USDT and pocket the arbitrage gain of 50 USDT.

When operating the NEST protocol, miners must strive to supply the lowest possible trade price so as to cut their costs.

Along with the price verification mechanism, the NEST protocol also restricts attacks by attackers through the price string by raising the attacker’s costs. That is, the attacker must offer a replacement price and an equal asset after the price attack. Because following an assault, the attacker has to define the precise price or give up the arbitrage option.

The possible of the NEST protocol could be implemented to balance tokens, decentralized trading, automated payment mortgages, volatile or futures products.

NEST token information

Key figures NEST

Token name: NEST token
Ticker: NEST
Blockchain: Ethereum
Token standard: ERC-20
Contract: 0x04abeda201850ac0124161f037efd70c74ddc74c
Token Type: Utility
Total supply: 10,000,000,000 NEST
Circulation supply: 1,784,503,819 NEST

Token mission

Token Sale

NEST has no personal and public sales.

Token release program

NEST is printed through mining, the distribution ratio is 80: 15: 5. )

For instance: Miner Mint receives 100 NEST, this token is split into 80 NEST for miners, 15 NEST for NESTNODE holders (Nest Protocol Governance Token) and 5 NEST for programmers.

Attention: If NEST has published 2B tokens, the programmer relationship doesn’t longer exist, today the minted tokens are miners: holders (85:15).

Token use case

NEST is a utility token of the NEST protocol which is only used for incentive purposes. Miners get NEST tokens by paying ETH fees for supplying a price for the contract.

How to make and own NEST. Tokens

Users can take part in staking NESTNODE to make NEST.

In addition, users can purchase from exchanges that encourage NEST.

NEST . Token Exchange and Storage Wallet

NEST token storage pocket

NEST is an ERC-20 token, so that you may save it on pockets that support this Ethereum standard, such as:

Coin98 Wallet: This is a multi-chain wallet merchandise from the Coin98 Finance team. Allows the storage of most tokens of today’s common blockchains for example Bitcoin, Ethereum (ERC-20,. .) .
Myetherwallet Wallet, imToken, Frontier, Metamask.