Nesten $NIT

Nesten is a revolutionary project that is shaping the future of community-based communications by building end-to-end decentralized infrastructures. Taking a unique approach, Nesten operates and manages its network on a private proprietary blockchain platform. This allows everything from node installation and operation to end-device use cases and data consumers to be performed within the network's ecosystem. As of December 2021, it has successfully deployed over 700 of its wireless network nodes not only in the U.S. and South Korea but also in 10 other countries.

History and Objectives

Launched in 2018 in Tustin, California, Nesten's primary aim is to redefine the wireless landscape. To achieve this, the company has seamlessly integrated tokenization to support microservices and complex IoT use cases on a large scale. Tokenization is also used as a currency medium for data transactions produced within the ecosystem and as a means to incentivize network performance maintenance financially.

Financial Architecture and Cryptocurrency

The financial backbone of Nesten's network is built on its native cryptocurrency - the New IoT Token (NIT). Based on the Ethereum blockchain, a total of one billion NIT were created, with 65% allocated for ecosystem functions such as network buildout, coverage verification, and proof reward allocation, and 35% reserved for the company's operations. NIT is currently actively trading on the European exchange, linked to the real economy, and is fully convertible to other currencies. Unlike other cryptocurrencies, NIT operates semi-independently of public blockchains, resulting in nearly instantaneous transactions and minimal fees.

Blockchain Technology and Privacy

Nesten's blockchain utilizes Proof of Authority (PoA) consensus. This proprietary technology validates transactions and blocks via industrial-grade servers that are owned and managed by thoroughly vetted stakeholders, enabling high transaction throughput and scalability. The network also supports decentralized identification (DID), providing a high level of data privacy through cryptographic data encryption and key parity generation.

Applications and Partnerships

The extensibility and reliability of Nesten's network find application in multiple verticals. This includes the company's own patent-pending shared parking and advertising solutions, implemented using the network's crypto wallet and modular payment system. This allows easy integration of NIT payments with application software. Nesten has also established partnerships with industry