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Nebulas empowers community members in reorganized governance model

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Nebulas empowers community members in reorganized governance model
Source: Nebulas

Nebulas have announced the formation of Nebulas Trinity, a three-sided governance model to oversee the development of its blockchain, working in tandem with the Nebulas community to manage 35,000,000 NAS in public assets reserved for ecosystem development.
The Nebulas Trinity consists of three organizations with separate, independent, and mutual constraining powers. These organizations are:

  1. Nebulas Council, which will oversee the legitimacy of Nebulas’ governance process, including the use of public assets in the care of the Nebulas Foundation to grow and scale the ecosystem.
  2. Nebulas Foundation, which will manage public assets, pool resources and deploy capital for the exclusive purpose of developing the Nebulas ecosystem.
  3. Nebulas Technical Committee, which will promote decentralization, as well as community- collaboration on the research and development, of the Nebulas blockchain.

The purpose of the Nebulas Trinity is to decentralize power throughout the Nebulas ecosystem and provide a system of checks and balances. To accomplish this, the source of power and scope of governance of each organization will be strictly designated.
All Nebulas community members are eligible for election to the Nebulas Trinity. No member may hold a position in more than two organizations simultaneously, and no one organization may make a completely independent decision without the consent of the other two organizations.
With Nebulas Trinity, the foundation of Nebulas governance will be individual community members. The basic component of blockchain is an address that designates a decentralized node and storer of value, and so it is with governance on the Nebulas blockchain too.
Under the Nebulas community governance model, each blockchain address will have three basic claims:

  1. The right to own and utilize assets on Nebulas
  2. The right to initiate a proposal
  3. The right to vote

These claims are fundamental rights that cannot be infringed upon. Therefore, any Nebulas user with access to a NOVA address via a unique private key will be able to not only control their assets and use the mainnet but also participate in the decision-making and shaping of a community-based ecosystem.
More specifically, the public assets under the jurisdiction of the Nebulas community, as represented by the Nebulas Trinity, include intellectual property and public NAS funds. This intellectual property covers open-source code such as mainnet upgrades and other related code affecting the public interest of Nebulas, while public NAS funds are those reserved for the community ecosystem as stipulated in the Nebulas Whitepaper.
The announcement of the Nebulas Trinity anticipates the debut of the Nebulas NOVA mainnet, planned for April 15, 2019, which will bring new levels of functionality and autonomy to the Nebulas blockchain.
Nebulas NOVA will for the first time enable the valuation of on-chain data via the Nebulas Rank [NR] algorithm. The new mainnet will also support instant and dynamic upgrading for NR and the Developer Incentive Protocol [DIP], resulting in a more autonomous blockchain that continuously and automatically upgrades itself.
More information on Nebulas Trinity, Nebulas NOVA, Nebulas Rank, and the Developer Incentive Protocol is available on the official Nebulas blog.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

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