Nebulas aims to change the way blockchain is perceived in modern times, bringing groundbreaking features to the table. It aims to revolutionize the blockchain and catapult it into the future by introducing features such as Nebulas Rank, Nebulas Force and a revolutionary new consensus algorithm known as Proof of Dedication.
The Nebulas blockchain is built from the ground up to allow for future scalability and self-improvement of the blockchain. It boasts of a well-designed block structure, allowing for the achievement of upgradation through the addition of low-level data. It also allows for interoperability with Ethereum smart contracts with zero migration fees.
The Nebulas platform also features an incentive program for developers to build on the platform known as Developer Incentive Protocol or DIP, along with a blockchain search engine feature which utilizes the Nebulas Ranking algorithm. It implements the Lightning Network and aims to provide the world’s first Lightning wallet.
Nebulas Ranking [NR]:
The Nebulas Ranking [NR] system is an integral part of the Nebulas blockchain that aims to add more dimensions to the blockchain’s data. It determines the rank based on speed, liquidity, depth and width of the capital on the blockchain.
Nebulas Rank is the measure of value on the network, using which developers can measure the importance of each user, smart contract and decentralized application on the platform. It also acts as an algorithm for more important algorithms, such as the Consensus algorithm and also for the Developer Incentive Protocol. It is also used for the blockchain’s native search engine to rank the importance of applications on the platform. It offers a deeper insight into the blockchain ecosystem.
The key determiners of the Nebulas Rank are:
- Liquidity: which is determined using the frequency and scale of transactions. Liquidity also bolsters the growth of transactions on a higher scale, which in turn boosts liquidity.
- Propagation: which measures the speed, scope and depth of the liquidity on the platform. Powerful propagation results in deeper asset liquidity, which in turn influences the quality and scale of assets.
- Interoperability: which is representative of recognizing information from a higher dimensional perspective. Better interoperability will become more important in the future, as seen by the state of the Internet today.
The Nebulas Rank also involves the collection of transaction data and the calling of smart contracts. The properties of Nebulas Rank is as follows:
- Truthful: Parties that are involved must pay a reasonable cost to increase Nebulas Rank. Truthful ranking, in turn, encourages users to contribute truthfully.
- Computable: As it will be applied widely, it requires low computational complexity.
- Deterministic: Due to the high level of clients on the platform, the computing result of Nebulas Rank is identical on every client.
Nebulas Force [NF]:
Nebulas Force will self-evolve the Nebulas blockchain through the addition of data to the Nebulas blockchain. This involves the Nebulas Virtual Machine, the upgrade of protocol code in the blockchain, and the upgrade of smart contracts running on the system.
An LLVM will be introduced to implement the NVM, which will then allow developers to use familiar programming languages to implement safer and high-performance smart contracts. The LLVM will be optimized using JIT compilation functions.
The upgrade of the protocol code will occur by adding protocol code to the block structure. This will supplement additional data on chains to avoid the split between developers and the community. NF will then be gradually opened to the community, which will then determine the opening concept of NF.
Smart contracts will evolve through cross-contract access to state variables, which will allow Nebulas to upgrade the smart contract. This will provide faster developer response and prevent losses caused by hacking.
Developers will be rewarded for creating smart contracts which attract high-value accounts. The value of accounts will be determined through the NR system. These developers will be rewarded using the NAS token that is native to the platform.
Recently, the Nebulas team announced that they will be launching the first installment of this incentive program. It will take place from May 6th to July 1st.
Developers need to submit a dApp that can be run, has an interface and does not infringe on Intellectual property rights of others.
This is to encourage people who share their values and to help build the Nebulas blockchain. The project consists of two streams:
- Developer Incentive. Global developers are invited to build projects on top of the Nebulas blockchain and they will be rewarded in NAS.
- Referral Incentive. This a global referral program where referrers who successfully invite developers to our ecosystem will be rewarded in NAS.
The total prize pool of the program is 460000 NAS tokens. The weekly champion for the developer incentive gets 10,000 NAS, with the second and third prize being 5000 and 3000 NAS respectively. The weekly champion for the referral incentive program gets 10,000 NAS for first place, with a prize of 2500 and 1000 for the second and third place. The referrer of a developer will receive a 40 NAS prize with a 20% commission based on the developer’s reward.
Proof of Devotion Consensus Algorithm [PoD]:
The Proof of Devotion algorithm indicates the focus of Nebulas to community fairness, along with a focus on rapidity and irreversibility. It fixes problems present in current consensus algorithms, such as the high electrical charge associated with Proof of Work and the inequality associated with Proof of Stake.
The Proof of Devotion algorithms determines the bookkeeper based on the devotion of the peer. It grants equal probability of being bookkeepers to curb monopoly in bookkeeping.
Nebulas Token [NAS]:
The Nebulas network has its own token known as the NAS token. The NAS token. The NAS token provides asset liquidity among users and functions as the incentives for the Proof of Dedication bookkeepers. It is also charged as the calculation fee for running smart contracts.
The Proof of Devotion offers 3%x incentive per year for bookkeepers. The NAS token will also be rewarded as a 1%x for outstanding smart contract developers under the DIP.
Nebulas developers believe in the organic growth of the blockchain, prone to exploration and discovery. The blockchain is an organism and an economy and is one of the most disruptive technologies in modern times.
To know more about Nebulas, click here!
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