NETS token
NETS TOKEN
No. 1 coin of the NETSBO network
NETS is the native coin of the Netsbo network.
The NETS coin is used to service the network as a commission for transactions related to sending funds, for interacting with smart contracts, and as a reward for staking on the Netsbo network. Thanks to technological mechanisms of Netsbo, fund transfers in the network take less than 1 second and are inexpensive.
NETS is also used to reward network validators and those who delegate tokens to them. Netsbo fees are very low, but sufficient to prevent network attacks and transaction spam.
NETS is the main resource in a secure and fast environment for creating decentralized applications.
The Netsbo network is based on the aBFT consensus algorithm and is ready for use in real-world applications without the risk of congestion or long confirmation times. It is compatible with the Ethereum Virtual Machine (EVM) and provides full support for smart contracts. The network is designed to overcome the limitations of older generation blockchains while maintaining compatibility with Ethereum for seamless migration of dApps.
Fast transaction confirmation
Previous consensus mechanisms, such as Proof of Work, used by Bitcoin and Ethereum, are based on probabilistic finality. The process of approving the irreversibility of a transaction in them takes a certain time. Thus, processing a transaction for Bitcoin takes on average 60 minutes and requires 6 confirmations. In the NETS network, a transaction is processed and considered completed in 1 second.
Compatibility with EVM and Solidity compiler support
Thanks to full compatibility with the Ethereum Virtual Machine (EVM), developers can write, deploy, and run smart contracts just like on Ethereum, but with a faster consensus mechanism. The EVM we use is an implementation of the go-ethereum virtual machine.
Open Source
The Netsbo source code is fully available on our GitHub for review and use. This makes it easy for developers to create dApps on the mainnet.