As research that explores the blockchain value spectrum, the Yellow Paper has been significantly updated to expand upon the concept of “Nebulas Rank,” first proposed in the “Nebulas White Paper” published in Q3 2017. The Yellow Paper is a milestone, following in the footsteps the release of the Nebulas Mainnet [1.0 Eagle Nebula], and represents Nebulas’ ambition to be a leading global blockchain for value discovery among blockchain users, smart contracts, and decentralized applications [dapps].
What is the ‘Yellow Paper’ about?
The Yellow paper of Nebulas is an insight of the Nebulas Researches. It is explanatory of what Nebulas Rank offers, implements and possesses. Nebulas in their Yellow Paper have presented a detailed working of their algorithms along with the explanation of its various calculations and methodologies on graphs.
The Theory of Nebulas Rank divides Nebulas Rank into Core Nebulas Rank and Extended Nebulas Rank. Core Nebulas Rank defines the algorithm to calculate an account’s contribution to the whole blockchain system in a particular timeline. Extended Nebulas Rank is for different applications and scenarios, it is based on Core Nebulas Rank.
The Yellow Paper provides an insight into the working, processing and engaging of the contents of ‘Nebulas Rank’.
With the rapid growth of various Dapps in the blockchain, users lack efficient search methods for blockchain applications and smart contracts. At the same time, in the face of the high complexity of the economies built on blockchain technology, the PageRank algorithm in the Internet age cannot solve the problem of the lack of information and value evaluation criteria in the blockchain world.
In response to the pain points in the industry, Nebulas independently proposed the concept of “Nebulas Rank” in September 2017 as a solution for value measurement and discovery on blockchains.
On the 11th of June, it took the lead in opening the “Nebulas Rank” key code, which is the core component of the Nebulas development team, as the first implementation of the technology of the blockchain value scale in China.
As a measure of the value of blockchain, “The Nebulas Rank Yellow Paper” enhances and expands the set of algorithmic systems constructed by Nebulas Rank. First of all, to address the problem that the characteristics of the blockchain economy system still cannot be accurately reflected, Nebulas Rank has been developed to measure the contribution of account addresses to a blockchain economy of circulating cryptocurrency.
The model proposed by Nebulas Rank takes account of the digital currency in circulation, the output of the economy, and the degree of account contribution. Secondly, the Wilbur function designed by Nebulas Rank is able to resist manipulation to guarantee the fairness of standards on which the blockchain incentive mechanism is based.
Finally, to meet the need for diversity, this Yellow Paper describes a dual taxonomy of Nebulas Rank: Core Nebulas Rank and Extended Nebulas Rank. The former refers to two factors: “the median value of assets of a factor account over a certain period of time” and “measures of the degree of access of the account within a certain period of time.”
The latter gives different calculation methods for the value scales of various applications in the blockchain ecosystem. These two categories of Nebulas Rank better meet the actual needs of different application scenarios.
The “Nebulas Rank Yellow Paper” is the first important research result since the founding of the Nebulas Foundation, further improving the core algorithm of the Nebulas blockchain. The Nebulas Foundation brings together top research talent in the blockchain industry, fully embodying the importance of Nebulas innovation and research.
Xuepeng Fan Head of Nebulas Research, said that Nebulas Rank represents the further improvement of the original value chain measurement system of the Nebulas. The new iteration of Nebulas Rank will be used for cross-chain data exchange, digital asset transfer, to effectively measure the individual or organization’s contribution to the community’s growth and other aspects.