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White Paper

V1.0 15 July 2022

2. Nova Network’s Native Tokens

2.1 Novas tokens

Novas Token Utility

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Novas token is the basic unit of Nova Network token economy with the following utilities, 

 

  1. P2P Transfer
    You may initiate P2P transfer to tip / contribute to other users as a goodwill gift.
     

  2. Subscribe content or Paywall
    Once you have subscribed a piece of content / paywall within Nova Network social media app, you will pay a pre-set amount of Novas token as transaction fee and 2% of your paid token will be burnt.
     

  3. Pay for “pole position” on comments to a post
    Users can buy and pin their comments to the top of a post. When another user purchases the top comment slot, the original user receives Novas tokens equivalent to the payment amount minus the transaction fee. This allows users to earn Novas tokens by being the top commenter. 
     

You may refer to section 4 below for a detailed explanation in the various features of the Nova Network social media app. 

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Please note that only Novas token in your Saving Account can be utilized. There are three types of accounts to store your tokens. In order to turn your minted Novas token from its initial account to usable token in your Saving Account, you will go through 2 processes,

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  1. KYC of your own + KYC of your teammates 
    Before you pass KYC, Nova's token minted by yourself will be stored in the Unverified Account. Tokens contributed by your Non-KYC-ed /KYC-ed teammates will also be stored in the Unverified Account.
     

  2. Tokens be locked for 12 months since the day the token is mined
    Once you have passed KYC, your related token in the Unverified Account that is minted by yourself and contributed by your KYC-ed teammates will be transferred to the Locked Account. Any further new minting of Nova's tokens by yourself (after passing KYC) and contributed by your KYC-ed teammates will be stored in the Locked Account. Tokens will be locked for 12 months starting from the month the token is minted and then automatically be transferred to the Saving Account accordingly.

Novas Token Account Definitions

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There are 3 types of accounts that store your Novas tokens with definitions below.

 

Unverified Account
= This is the sum of the Novas Token balance that the user (Yourself) has earned from the contribution made by KYC-ed users and non-KYC-ed users (including yourself) when the user (Yourself) has not passed KYC. The tokens in the Unverified Account could not be used yet, but it is an indicator of the maximum of Novas Token balance that could be turned into a Locked Account, once the user (Yourself) has passed KYC. If the related token has passed the locking period and the user(Yourself) has not passed KYC, all the tokens will stay in the Unverified Account. 
 

For example, if you have not yet passed KYC and earned 10 Novas by yourself today, 4 Novas from KYC-ed teammates as bonus earning, and 2 Novas from non-KYC-ed teammates as bonus earning, 16 Novas will be credited to your Unverified Account. 
 

Once you have passed KYC, your corresponding your own earning and KYC-ed teammates bonus contributed by them will be transferred to Locked Account (see definition below).

 

Locked Account
= This is the sum of the Novas balance that the user (Yourself) has earned from the contribution made by KYC-ed users and the user (Yourself) when the user (Yourself) has passed KYC. The tokens from Unverified Account will transfer the token earned by KYC-ed users (including Yourself) to the Locked account once the user passed the KYC. The tokens in the Locked Account could not be used yet, but it is an indicator of the maximum Novas  balance that could be turned into a Saving Account. Once the related token has passed the locking period, it will convert to the Saving Account accordingly.
 

For example, if you have passed KYC and earned 10 Novas by yourself today, 4 Novas from KYC-ed teammates as bonus earning, and 2 Novas from non-KYC-ed teammates as bonus earning, 14 Novas will be credited to your Locked Account. 

 

Balance in Locked Account will be locked for 12 months (from the month that token is minted) and then transferred to Saving Account (see below).

Remark: If the user is KYC-ed and there are tokens contributed by non-KYC-ed team members, those tokens will stay in an unverified account.

Savings Account

= Novas token balance where you can do P2P transfer, engage in other transactions within Nova Network ecosystem, swap to the non-custodial wallet in app and then you can transfer the tokens to another wallet address. 

Novas Token Earning Roadmap
 

Novas is the basic token that everyone can earn (even for users without passing KYC yet). Simply by clicking the earning button on the app’s home screen, you will initiate a 24-hour earning session with the rate of,

 

  • 0.48 N / hour (11.52 per day) during project commencement

  • 0.12 N / hour  (2.88 per day) when Nova Network has recorded 100,000 users 

  • 0.04 N / hour (0.96 per day) when Nova Network has recorded 1 million users 

  • 0.02 N / hour (0.48 per day) when Nova Network has recorded 10 million users 

  • 0.01 N / hour (0.24 per day) when Nova Network has recorded 100 million users

  • 0.005 N / hour (0.12 per day) when Nova Network has recorded 1 billion users

 

The rate cuts at various milestones is a measure of sustaining token value’s consistent growth.

Novas Token Team Bonus

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In addition to your own earning, you can earn Novas tokens by inviting new users to register with Nova Network using your invitation code and hence join your team in Nova Network.


You will earn a 25% bonus earning rate per active user in your team. For example, if your own earning rate is now 0.48 N / hour and you have 10 active users (active means they have also initiated their 24-hour earning session)  in your team, your total earning rate will be 0.48 (base rate of your own earning) + 10 x 25% x 0.48 (team bonus) = 1.68 N / hour. The bonus earning rate is uncapped, this means the more new users that you have invited to join your team, and you have kept them active, the more Novas tokens that you can earn.

Novas Token Maximum Supply & Token Distribution

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Novas token will be unlimited supply.  When there is 1 Novas token being minted by a Nova Network user, another 0.25 Novas token will be allocated to the Nova Network treasury. Hence, Novas token’s total distribution follows 80% community, 20% treasury.

2.2 Novas Plus Tokens

Novas Plus token is the most important token in Nova Network’s token economy. The majority utilities of Novas Plus token are as follows: 

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  • Nova Plus tokens serve as utility tokens within the Nova Network Ecosystem. Advertisers must purchase Nova Plus tokens to display ads on the Nova Network social media platform. This mechanism aligns with Nova Network's mission to redistribute platform ad revenue from centralized power to all token holders, ensuring that users benefit from the commercial advantages of the ecosystem.

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  • Content creators & Advertisers can use Novas Plus tokens to pay for advertising fees for promoting their content / doing advertisements and enjoy a 25% discounted fee rate when compared with paying with fiat currencies.

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  • Novas Plus tokens are entitled for staking so users can further grow their Novas Plus token balance.

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  • Nova Network project governance. In the future the core team will make major decisions regarding project development open to voting by users. User’s voting weight will be counted by their Nova Plus token balance.

KYC

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Users are entitled to KYC after logging in Nova Network and initiating earning sessions of Novas tokens for a consecutive number of days. After a user has successfully passed Nova Network’s KYC compliance process, they can also initiate a 24-hours earning session for growing Novas Plus token balance on the app’s home screen. Once you have clicked the mining button, you will earn and mine both Novas and Novas Plus tokens together once you have passed KYC.

Novas Plus Tokens Earning Roadmap

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The earning of Nova Plus tokens represents future sharing of Nova Network's advertising revenue. As advertisers must purchase Nova Plus tokens to place ads, the project's feasibility depends on considering the advertising value in different countries.

 

Nova Network has launched a unique mechanism in the distribution of Novas Plus tokens by adjusting the allocation with the weighted advertising value of different countries. All countries are categorized into different tiers. Your earning formula of Novas Plus token follows.

Base Rate x Country Multipliers (from 1x to 10x)

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The multiplier depends on the averaged advertising value of your registered country. This country multiplier is subjected to adjustment for maximum 10x.

 

The base rate of Novas Plus token balance is as follows, 

 

  • 0.048 N / hour (1.152 per day) during project commencement

  • 0.012 N / hour  (0.288 per day) when Nova Network has recorded 100,000 users 

  • 0.004 N / hour (0.096 per day) when Nova Network has recorded 1 million users 

  • 0.002 N / hour (0.048 per day) when Nova Network has recorded 10 million users 

  • 0.001 N / hour (0.024 per day) when Nova Network has recorded 100 million users

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And cease supply when 15 billion of Novas Plus is minted by users as launching incentive (please refer to detailed description regarding Novas Plus token‘s  maximum supply and allocation in section below)

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For example, users in the United States of America are categorized into the top tier given its advertising CPM (cost per thousand impressions) ranks one of the highest in the world, users in the US are entitled to a multiplier of 10 in the earning rate of Novas Plus token balance. Another example is a user registered in Burundi, one of the countries with the least advertising value, he will be earning Novas Plus tokens at the base rate with 1x multiplier.
 

Given the base earning rate of Nova Plus token is 0.048 N / hour,

The user registered in United States ‘s earning formula = 0.048 x 10 = 0.48 N / hour

The user registered in Burundi ‘s earning formula = 0.048 x 1 = 0.048 N / hour

Novas Plus Tokens Team Bonus

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Similar to the team bonus as Novas token, In addition to your own earning, you can earn additional Novas Plus tokens by inviting new users to register with Nova Network using your invitation code and hence join your team in Nova Network.

 

You will earn a 25% bonus x earning rate per active user in your team x teammate’s corresponding country multiplier after passing KYC.    

 

For example, given the base rate is 0.048 N / hour,

 

A user with 40 active users in his team and all of the 40 users are registered in Burundi, the team bonus earning will be

 

0.048 x 25% x 40 x 1 = 0.48 N / hour

 

A user with 40 active users in his team and all of the 40 users are registered in United States, the team bonus earning will be

 

0.048 x 25% x 40 x 10 = 4.8 N / hour

 

A user with 40 active users in his team, 20 users are registered in United States and another 20 registered in Burundi, the team bonus earning will be

 

0.048 x 25% x (20 x 10 + 20 x 1) = 2.64 N / hour

 

The bonus earning rate is uncapped, this means the more new users that you have invited to join your team, and you have kept them active (being active means they have also initiated their 24-hour earning session), the more Novas Plus tokens that you can earn. 

Novas Plus Token Account Definitions


Locked Account

= Your own earnings plus team bonus contributed by KYC-ed teammates. 

Balance in Locked Account will be locked for 12 months (counting the month that token is minted) and then transferred to Saving Account.  

 

Savings Account

= Novas Plus token balance where is eligible for P2P transfer, engage in other transactions within Nova Network ecosystem, swap to the non-custodial wallet in app and then you can transfer the tokens to another wallet address. 

 

Staked Account

= Novas Plus token balance that you have decided to transfer from your Savings Account for staking. These amounts will be locked according to the staking schemes that you have chosen, the principal and the interest will be transferred to Savings Account upon staking period’s maturity. 

Novas Plus Token Maximum Supply & Token Distribution

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The maximum supply of Novas Plus tokens is 50 billion.

The total allocation of the 50 billion Nova Plus tokens will be as follows, 

 

  • Launching Incentives/ Staking / Airdrops / Ecosystem Grants (rewarding content creators and voters): 30.00%

  • Public & Private Sales: 25.00% 

  • Treasury & Ecosystem: 30.00% 

  • Founders, Advisors, Team: 15.00% (unlocking linear in 48 months)

White Paper

V0.6 May 2023

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