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What is the issuance and circulation of NYM coins?
NYM coins were initially distributed through a public token sale in 2020, with a total of 1 billion coins created, 50% sold and the remainder managed by the supporting non-profit NYM Foundation.
Dec 01, 2024 at 06:42 am
What is the Issuance and Circulation of NYM Coins?
Introduction
NYM is a decentralized privacy network that enables users to send and receive messages, make payments, and interact with decentralized applications (dApps) without revealing their IP addresses or other identifying information. NYM coins are the native cryptocurrency of the NYM network and are used to incentivize participation in the network and to pay for transaction fees.
Issuance
NYM coins were first issued in 2020 through a public token sale. A total of 1 billion NYM coins were created, and approximately 50% were sold during the token sale. The remaining 50% of NYM coins are held by the NYM Foundation, which is a non-profit organization that supports the development and adoption of the NYM network.
Circulation
As of January 2023, there are approximately 400 million NYM coins in circulation. This number is expected to increase over time as more people adopt the NYM network and use NYM coins to pay for transactions.
Use Cases
NYM coins can be used for a variety of purposes, including:
- Paying for transaction fees: NYM coins are required to pay for transaction fees on the NYM network. These fees are used to incentivize miners to process transactions and to maintain the security of the network.
- Staking: NYM coins can be staked to earn rewards. Staking helps to secure the NYM network and to ensure that the network remains decentralized.
- Governance: NYM coins can be used to vote on proposed changes to the NYM network. This allows NYM coin holders to have a say in the future development of the network.
Conclusion
NYM coins are an essential part of the NYM network. They are used to incentivize participation in the network, to pay for transaction fees, and to stake to earn rewards. NYM coins are also used for governance, which allows NYM coin holders to have a say in the future development of the network.
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