In order to make Neuromation’s NTK token more efficient we have taken the decision to migrate from the Ethereum ecosystem to a new chain. We expect to have the details of the move and the identification of the new chain confirmed during January 2022 with the full process underway during Q1 of next year.
Extremely high gas fees on the Ethereum network have had the effect of disenfranchising smaller crypto holders who, when looking to transact, are presented with fees for transferring crypto of upto $200 and in some cases more. To a holder who may have $1,000 – $2,000 to transfer paying out such fees is clearly not an economic choice.
By moving to a new chain we expect to see gas fees fall to a fraction of the current costs that NTK holders are facing with fees in the cents the desired outcome of this move.
We are currently investigating a number of chains with Solana, Binance Smart Chain and Celo, able to offer the sort of gas fees we want our token holders to benefit from.
With the latest NVIDIA supercomputers now installed and operating in our Icelandic data center and fee paying clients starting to use our award winning MLOps and Deep Learning infrastructure we will have a great deal of positive news over the next few months and we do not want a situation to arise where smaller private crypto holders are deterred from transacting NTK to due to very high gas fees.
The move to a new chain will thus have the effect of increasing liquidity and the number of daily trading transactions in the NTK token which will be to the benefit of all NTK holders.
Full details on the new chain and the methodology of transferring your existing NTK to the new ecosystem will be made available as soon as we have established the most efficient and lowest cost option for our token holders.
