The background of NetMind, NMT and early miners
I have been sharing our progress and challenges in personal meetings with investors, advisors, and business partners but haven't had the opportunity to speak publicly until now.
Since our launch in Apr 2023, NetMind has been on a continuous journey of growth and adaptation, diligently working on refining our tokenomics and enhancing our platform, and doing research on NetMind Power.
No early miners intentionally mined tokens for months. There are a few reasons launching on DEX got delayed.
- Security and feature on web3: We’re developing a cross chain feature to be able to trade on ETH or BSC. And waiting for auditing to be done. The original plan was to put on ETH, but we see a high gas fee, so we decided to do further development for BSC.
Full audit report:
skynet.certik.com/projects/n…
- Our core algorithms research: Developing and testing our asynchronous training structure to allow us to use all low-grade GPU cards to train AI models in an async way, which is different from all other platforms (but limited by bandwidth, it’s not super helpful right now for large AI models). We have been working on this since 2020 and could also share later with all benchmarks. We are willing to make it also work for LLMs before launch.
- Lack of web3 and marketing knowledge: Starting from May 2023, we started hiring web3 agencies to help us build community and learn more web3 knowledge. There is a big disagreement about the focus on marketing, because personally I want to put focus on is AI and less web3. We canceled our agreement with the agency in late December 2023. There has been lots of negotiations between my team and a third-party agency. We spent months discussing the plans, which I don’t agree with.
- Waiting for Legal structure set up: Our priority has always been the legal protection of our team and company. Establishing a robust legal structure was crucial before listing our token on trading platforms like Pancakeswap or Uniswap.
All the above led to an unexpected delay of launch on DEX since Apr 2023, initially planned for no later than August 2023. By February 2024, we successfully listed NMT on PancakeSwap. The long delay led to an imbalance in rewards from the early miners. In response, before putting on Pancake, we've initiated discussions about long-term locking and burning strategies, aiming to rebalance and ensure fairness for all contributors. That's another reason 80m of tokens from early miners are locked for 10 years. More negotiation is on the way.
As we move forward, our proposal includes locking and burning additional rewards from the first year, covering mining, staking, and team funds, as part of our commitment to sustainable growth and value for our community.
At NetMind, we are deeply committed to transparency and integrity.
We assure our community that NetMind and team have not made any profit through tokens by any means. Regarding our team tokens, which are still locked, we are planning both locking and burning to ensure stability and trust.