NEST is an Ethereum token that powers the NEST Protocol, a price prediction platform that aims to improve the crypto market. NEST is used to meet liquidity needs for the platform.
What Is Nest Protocol (NEST)?
NEST Protocol is a secured decentralized oracle built on Ethereum that provides creative solutions using different modules. The NEST oracle primarily solves the problem of price on-chain through a decentralized incentive solution, the price predictor. To simplify, DeFi protocols depend on price data to reflect the asset price on an exchange. As per the whitepaper, price prediction oracles are important to the future of blockchain finance. Price data is generally manipulated and not verified, leading to the possibility of data attacks. Thus, the Nest Price Predictor directly verifies the price of the asset to ensure the information is timely and accurate. The system also avoids the risks of centralization.
The NEST Oracle determined price is captured on the blockchain, with each block recording a price. The price on each block is generated by a certain algorithm. This price is called the block-price or the Nest Price, which is the verified price of the asset.
NestNodes are an important part of the NEST Protocol ecosystem. As the source of power for NEST development, it provides numerous resources and funds for the early research and development of NEST. NestNodes provide benefits and influence from the NEST ecosystem including the governance rights to the NEST protocol via initiating and exercising votes on the network.
NEST is the native token of the Nest Protocol. NEST is a token issued on the Ethereum ERC20 protocol, with a total value of 1500 integers (to better reflect the decentralized characteristics of NEST Protocol). NestNodes carry out NEST transactions and circulation freely, and the holder group is distributed as follows:
Miners who participate in the prediction machine of NEST quotes are referred to as quoted miners.
Development refers to the NEST Protocol Developers Group.
Holders of a Guardian Node are early funders and supporters of the NEST Protocol.
Given that the quoted NEST mining quantity is 100, the quoted miner would receive 80, while the developer would receive 5, and the guardian would receive 15.
History of Nest Protocol
The total supply of NEST tokens is ten billion NEST.
