NESS Token’s First Utility Feature Goes Live Through CoinNess

NessLAB
3 min readJul 3, 2023

Introduction

NessLAB’s partner CoinNess, a prominent crypto news and information platform, has made a significant development for the NESS token and its ecosystem with the launch of its highly anticipated PEARL service on July 3, 2023.

PEARL, an innovative point system pegged to the Korean fiat currency KRW, introduces a unique set of features that further enhances the user experience on the platform. This milestone achievement not only showcases the tangible outcomes of NESS LAB’s partnership with CoinNess but also represents the initial steps towards creating an information economy.

By integrating PEARL’s distinctive point system with CoinNess’ platform, users now have the opportunity to actively shape and contribute to the information ecosystem while being rewarded for their valuable insights and actions. Through engagements, users play a vital role in generating meaningful information and influencing the flow of knowledge within the platform.

In this article, we will delve into the details of the PEARL service and its implications for the NESS token and its community.

※ See our partnership article at
https://www.bloomberg.com/press-releases/2023-06-08/CoinNess-and-ness-lab-announce-strategic-partnership-for-web3-transition

PEARL: CoinNess’ Unique Point System

CoinNess’ PEARL service introduces a groundbreaking point system that is pegged to the Korean fiat currency, KRW. This integration of traditional finance with the crypto ecosystem aims to provide users with a seamless experience while bridging the gap between the two worlds.

With PEARL, CoinNess users can engage in various actions such as writing community articles, clicking bull/bear marks for breaking news content, and other activities that accumulate meaningful information. These actions, whether direct or indirect, contribute to the accumulation of PEARL points.

Supporting NESS Token Utility

The launch of the PEARL service represents a significant milestone for NESS LAB, showcasing the tangible outcomes of its partnership with CoinNess in facilitating Web3 transition.

NESS LAB’s efforts to integrate the NESS token into CoinNess’ ecosystem are reflected in the introduction of PEARL, which offers NESS token holders exciting new avenues to utilize their tokens within the platform.

Token Inflation and PEARL Distribution

To manage token inflation resulting from user earnings, the PEARL system employs cap ceilings. This means that there are limits on the number of PEARL points and corresponding NESS token earnings allocated to users per day or throughout the duration of specific sub-campaigns. This approach ensures a controlled distribution of PEARL and NESS tokens while maintaining a balanced token economy.

Gateway for Diverse Ad Clients and Token Burns

The unique PEARL system establishes itself as a gateway for diverse advertising clients to fulfill their needs and key performance indicators (KPIs) by promoting PEARL campaigns aligned with CoinNess. This alignment between advertisers and the CoinNess platform will ultimately lead to token burns, as outlined in NESS LAB’s tokenomics. Token burns involve reducing the supply of NESS tokens, potentially increasing their scarcity and value over time.

Conclusion

The launch of CoinNess’ PEARL service marks a significant step forward for NESS token holders and the broader crypto community. The integration of a pegged point system with tangible utility within CoinNess’ platform demonstrates NESS LAB’s commitment to facilitating the Web3 transition and providing users with meaningful ways to engage and interact with the NESS ecosystem.

As the PEARL system evolves and attracts diverse advertising clients, token burns will further contribute to the long-term value and sustainability of the NESS token. With the NESS-CoinNess partnership paving the way for future innovations, the NESS token’s utility continues to expand, creating exciting opportunities for token holders and community members alike.

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