What to Expect: NODL balances will increase by a factor of ten. Now, 1 NODL will equal 10 NODL.
- If you hold Nodle Cash (NODL), you will still own the exact same share of the network as you did before the redenomination.
- Your NODL balance will automatically change on November 15th without you having to do anything on your end. You will simply see 10x the NODL in your wallet.
- The distribution of NODL in terms of Nodle Cash app mining rewards, also does not change.
- The total supply of NODL will increase times ten — from 2.1 billion to 21 billion.
- The precision of NODL will change from 12 decimal places to 11 decimal places.
- The main benefit of this change in denomination from 1:10 is to avoid using small decimals when dealing with NODL and to achieve an easier calculation system.
Why It Matters: At Nodle, we seek to make cryptocurrency accessible for all.
Redenomination is something that was suggested by the Nodle Cash community to make the mining rewards more attractive and easier to read for first-time Nodle Cash app users. Specifically, owning fractions of “something” can be difficult to understand for the average person. In addition, people were not noticing when Nodle Cash earnings would arrive due to earnings being very small amounts.
We thus conducted extensive research and ran market analyses with Nodle partners, including our crypto data analysis firm, The TIE.
Our research and community feedback confirmed that a redenomination would have an overall positive effect on token sentiment.
To put things in a broader perspective, Bitcoin has long struggled with overcoming that perception that one must own a full BTC to really own BTC — hence the movement to educate the public on Satoshis, or SATS, which represent fractions of BTC (100 million SATS = 1 BTC).
Polkadot, for example, decided to redenominate DOT by a factor of a hundred on August 21st, 2020 (1 DOT = 100 DOT). As a result, the change gave a more straightforward understanding by using whole numbers instead of small decimals.
At Nodle, we believe cryptocurrency should be owned and understood by everyone, redenomination helps us achieve this goal.
Given that there are 6 billion smartphones on the market, and only around 100 million crypto users, we have a long way to go. In order to remain inclusive, we wanted to give every human on earth with a smartphone the chance to generate at least one NODL.
While all these elements were considered in our decision to redenominate NODL, it was conducted — as is core to our ethos — in the service to our users.
Thanks for being a part of the Nodle Network! Onward and upward! 🚀
