What is Neutron project Binance leads investment and token goes live after 4 months.

Neutron project, led by Binance, launches token after 4 months.

Author: LianGuai0xxz

On October 10, 2023, Binance announced that it will launch the Neutron token (NTRN) trading on October 10, 2023, at 20:00 (UTC+8) and become the 38th Launchpool project. In June 2023, Binance Labs announced a lead investment of $10 million in Neutron.

So, what is the Neutron cryptocurrency project?

Neutron: The First Consumer Chain on Cosmos

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Neutron is a cross-chain smart contract platform that utilizes the interchain security of the Cosmos network. It aims to facilitate the deployment of various smart contracts and DApps on the Cosmos Hub, simplifying settlement coordination, data availability, and execution.

Cosmos Hub completed the Lambda upgrade on March 15, 2023, officially launching replicated security, also known as interchain security. This is a shared security model designed by the Cosmos Hub. In May 2023, Neutron successfully launched its mainnet after receiving approval from the Cosmos Hub community.

Application chains that utilize replicated security are also known as consumer chains. They no longer need to maintain the security of their own blockchain but rely on validators of the Cosmos Hub to produce blocks. These validators will also receive additional native token rewards, increasing the value-capturing capability of ATOM.

Neutron is the first consumer chain launched on the Cosmos Hub using replicated security. In short, Neutron enables builders to enter a larger market and leverage the full set of Interchain functionalities in a single, permissionless deployment.

How Interchain Security Benefits Neutron

Interchain security allows validators from provider chains (e.g., Cosmos Hub) to produce blocks for consumer chains (e.g., Neutron). Node operators receive additional token rewards, but they may be penalized if they fail to validate the consumer chain.

In short, Interchain Security provides Neutron with the same level of security as the Cosmos Hub, which is one of the top ten most secure blockchains based on staked value. It also establishes a mutually beneficial relationship between Neutron and the Cosmos Hub, helping to coordinate interests and community.

CosmWasm

Neutron natively supports CosmWasm. CosmWasm is a high-performance virtual machine that allows smart contracts written in Rust, AssemblyScript, and other coding languages to run on the Cosmos blockchain.

CosmWasm smart contracts themselves can resist the most common attacks against Solidity smart contracts, such as reentrancy. It relies on the Actor model, making CosmWasm particularly suitable for asynchronous cross-chain applications.

Neutron Token Distribution and Airdrop

The native token of Neutron is NTRN, with a total supply of 1 billion and an initial circulating supply of 217 million (21.71% of the total supply). NTRN can be used as gas fees in Neutron and has governance rights.

The genesis allocation of Neutron includes the entire supply of NTRN tokens and parameters set to zero for inflation. Therefore, unless governance decides to modify the parameters in the future, no additional NTRN tokens will be created.

1) 54% is allocated to Neutron DAO (tokens held in the DAO’s reserve and treasury. They are mostly liquid and can only be used or transferred with the consent of the majority of voters.)

2) 34% is allocated to the founding team and early supporters: 23% of the tokens are allocated to the founders, locked for 1 year, and then linearly unlocked over 3 years; 21% of the tokens are allocated to early supporters, locked for 1 year, and then linearly unlocked over 3 years.

3) 12% is allocated to the community, where: 7% is for ATOM stakers’ airdrop, and 5% is allocated to launch activities. There is a 3-month unlock period and an optional lock-up period, with voting rights during the unlock period.)

NTRN Airdrop

In July 2022, the Cosmos Hub community approved Proposal #72, supporting Neutron and allocating 50,000 ATOM for its development.

To show gratitude and ensure sufficient representation of the Hub community, 70 million NTRN tokens will be distributed to ATOM stakers at genesis. These tokens account for 7% of the total supply and 58.3% of the initial circulating supply.

The airdrop will be divided into two parts:

• 40 million NTRN tokens, equivalent to 4% of the total supply, will be distributed to accounts that have staked more than 1 ATOM as of block height #12900000 (November 19, 2022).

• 30 million NTRN tokens, equivalent to 3% of the total supply, will be allocated to accounts that voted on Proposal #72, regardless of their vote (yes, no, abstain, or veto), and whether they voted directly or through validators.

Eligible accounts can claim the airdrop tokens within three months after the launch of Neutron.

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