It is no secret that the development of web 3.0 is still in its infancy stages. However, many people are usually misled by their understanding of what web 3.0 actually entails.
Cryptocurrency is not web 3.0, but instead, is a part of web 3.0. In fact, web 3.0 doesn’t necessarily need crypto at all. The concept of crypto is by bypassing financial intermediaries, and this is exactly the function of a web 3.0 internet.
An internet that no longer needs intermediaries or centralized companies is the perfect definition of what web 3.0 is. When we think about the current internet, we immediately think of data/information storage connected via a communications protocol.
That’s all the internet really is. Of course, we can delve deep into the ins and outs of it all, but ultimately the internet is just a giant accessible database, that is owned and controlled by a handful of companies.
As mentioned above, the current internet (web 2.0) is a giant database that stores information on multiple central servers owned and controlled by a handful of companies. As users, we then request permission, via a protocol, to access that stored information.
NetFlowCoin on the other hand offers a similar solution, but instead of information stored in central locations, information is stored on the blockchain that is comprised of thousands of distributed locations.
Users will be able to access these locations to either, store their own data, stream media content, share access of their information with others, and communicate with anyone around the globe, purely peer-to-peer.
The individuals who are offering these locations are called miners, and if a user purchases any of the above services from these miners, then the miner will be rewarded in NetFlowCoins, depending on how much data traffic is generated by the user’s request.
The impact that this technology has is, that users no longer need to worry about their personal data being collected, or hacked and that they can bypass any restrictions set forth by web 2.0 giants.
Furthermore, developers will be able to deploy decentralized applications (DAPPs) by creating smart contracts on the NetFlowCoin network. Users will be able to access these DAPPs similar to how other DAPPs are accessed.
All the information and data generated by the user will be stored on the blockchain, and only accessible by them, no one else. Meaning, that all users will have complete control over their data.
If we dive deeper into data ownership, then, any and all revenue generated by a user’s data will also be rewarded back to the users. For example, if you created a video, and shared it with the network, then any money generated from that video will be given to you, the user.
A good blockchain/cryptocurrency project will undoubtedly have an interesting tokenomics plan behind it.
The mining aspect of NetFlowCoin uses a dual consensus mechanism, which are proof of stake (POS) and proof of flow (POF). There are three types of mining features for NetFlowCoin they are as follows:
– Block generation: This runs on a POS model, whereby block gen miners are verifying transactions across the network and generating new blocks to add to the chain.
– Traffic mining: Miners will need to purchase a dedicated NFC-ready mining machine that has storage capacities. These miners offer their storage space to users and/or media content for users to stream. The more data generated across the network the higher the rewards for the miners.
– Bandwidth mining: These types of miners will still need NFC-ready mining machines, however, these mines contribute their extra bandwidth capabilities to the network, enabling users to experience higher network speeds.
NetFlowCoin has a dual-coin model. The counterpart coin is called FUL, and it is pegged to the US dollar. NetFlowCoin does this to control the inflation/deflation aspect, as, they need to ensure that pricing across the network is not influenced by the influx of the NetFlowCoin coin.
The distribution model is as follows:
There are 2.1 BN NetFlowCoins ready to be mined.
Founding teams 5%
Project teams 15%
Traffic mining 55%
Bandwidth mining 10%
80% of the coins will be burnt, eventually leaving around 400 million coins in total.
The vision of NetFlowCoin is to become the foundational communications layer that will support the entire web 3.0 ecosystem.