Circuit Chip

The Circuit License Chip is a unique, non-fungible token (ERC721 NFT) that is required to operate a Circuit Node within the GR1D network. This Chip serves as proof of eligibility for a node to submit claims and receive rewards. It is minted by sending the correct amount of $GRID, and the price for minting is determined by an increasing threshold system.

The Circuit License Chip plays a crucial role in the GR1D network's reward distribution mechanism. When a node wants to submit a claim for contributing to the network, it must provide its Circuit License Chip ID. The system checks if the Chip is valid and if the node is either the owner of the Circuit License Chip or an approved operator. If these conditions are met, the node's claim is processed.

The Circuit License Chip also plays a role when claiming a reward for successful contributions. The system checks if the owner of the Circuit License Chip is KYC'd and if the claim is valid for a payout. If these conditions are met, a reward is sent to the owner of the Circuit License Chip.

In summary, the Circuit License Chip is a key component in the GR1D network that regulates the operation of Circuit Nodes, the submission of claims, and the distribution of rewards.