Nebulas/Binance Sri Lanka AMA Recap
Binance Sri Lanka(@amanbinance) hosted a community AMA with with Satoshi Bytes(@SatoshiBytes) of the Nebulas Technical Committee (NTC).
Dustin Kritzer of the Nebulas Technical Committee
As a blockchain community facilitator, my areas of expertise include project development & technical support. Being a strong supporter of self-sustainability, I believe that the use of technology can improve the world, both economically and environmentally. “The world is on the cusp of radical change — and it’s our job to change it for the better!”
Nebulas is a next-generation public blockchain, aiming for a continuously improving ecosystem. Based on its blockchain valuation mechanism, Nebulas proposes future-oriented incentive and consensus systems, and the ability to self-evolve without forking.
The Nebulas community is open to the world and all can contribute and build a decentralized world with us at nebulas.io.
Q: What is Nebulas and what’s the difference between Nebulas and Ethereum?
A: Yes, Nebulas is a public chain system and also open-sourced in Github. We aim to provide the next generation blockchain technology, and also bring more and more user-friendly tools to the blockchain ecosystem. In 2008, Satoshi released the first bitcoin whitepaper and E-cash system. Years later, Vitalik brought the smart contract concept to blockchain and created the massive Ethereum ecosystem.
Right now, we believe there is a lot of value to learn about transactions and addresses, and we want to analyze them by using our algorithm named Nebulas Rank. Just like in the real world where we rely on banks for transacting money, and banks use all the information to give individuals a credit score, just like ZhiMaXinYong( Sesame Credit)in China and even FICO in the U.S.
Just as conventional financial transactions have value, we believe there is a lot of value hidden behind all the transactions and addresses on blockchain, and we want to explore that data. To that end, we create Nebulas Rank. We tend to think about blockchain as an emerging technology but in many ways, it’s like a living organism — expanding and exploring potential economic possibilities!
Just like a living organism, we believe that blockchain systems should contain self-evolving capability to improve and evolve autonomously , not only by the developer team, but also by the community. With that in mind, we are developing this capability which we call Nebulas Force. It will improve the Nebulas blockchain based on the consensus of the community resulting in a self-improving ecosystem at a rapid pace.
Q: What’s the function of Nebulas’ token?
A: Nebulas’ NAS coin is a very important part in Nebulas ecosystem. As we know, the source code of Nebulas is public and open-sourced. That means all are welcome to review our source code and find out exactly what’s inside — the good functionality as well as any bugs.
By having an asset worth a financial value, it acts as an incentive to protect the data’s integrity and to keep the network live and stable at all times. Within Nebulas, NAS is used for transaction fees from simply sending assets to another address, deploying or interacting with smart contracts, as a store of value and as incentive for securing the network. Just like many other blockchains, the transaction fees are paid to the bookkeepers (nodes) and in the future, this may be a significant incentive for nodes just like we have recently seen on Ethereum.
Q: What DeFi features does Nebulas offer?
A: Nebulas sees a strong future for DeFi well beyond its current possible bubble phase. For the moment, DeFi is blockchain’s killer use-case and we have been working hard on developing industry leading tools for the blockchain community.
-This includes cross-chain interoperability so users on Nebulas can benefit from features on Ethereum and vice versa.
-We will have our unique version of Uniswap but completely redeveloped.
-Nebulas currently offers a unique staking feature we call dStaking since it’s literally decentralized staking. While dStaking, the users funds (NAS) never leave their wallet but receive an incentive in the form of the NAX asset daily — just for retaining their wallet’s balance. We plan to go beyond that and offer a similar service but for alternative assets via our cross-chain bridge. It’s very exciting with further details to come!
There is more in development as well but in the meantime, I encourage all to take a look at this article published laser month about our DeFi push: https://eng.ambcrypto.com/the-nebulas-blockchain-project-releases-plans-for-a-massive-defi-ecosystem/
Q: What is the Nebulas Roadmap For the second half of 2020
A: Similar to my above response, our active roadmap is heavily focused on DeFi and can be reviewed at: https://medium.com/nebulasio/nebulas-development-roadmap-for-the-second-half-of-2020-4e91f09accfe
Q: As defined by whitepaper, the total number of NAS coins is 100,000,000. Bookkeepers get 3,000,000 each year, while developers get 1,000,000 each year. How to keep incentive when all tokens are released?
A: Right, so retaining value while rewarding the community is important to us. When Nebulas was born, it was released with 100 million coins in its ecosystem. The supply was proportionally distributed to different parts of the network including a community development fund, early investors via a private sale, etc… Today, our supply has actually reduced to about 60 million via multiple token burns which has resulted in a more scarce supply when compared to projects like Ethereum which have well over 100 million ETH.
With the launch of the community node program, our network is now fully decentralized and all the bookkeepers (nodes) share a yearly supply of 3 million NAS. The great part of our consensus mechanism entitled PoD, a large portion of that 3 million go right back to the community and helps with the common problem of the rich getting richer.
In addition, Nebulas developers should be directly rewarded via our Developer Incentive Protocol where the most popular smart contracts share a portion of 1 million NAS. We believe this will drive users to develop on Nebulas when compared to other chains and create a positive feedback loop where dev’s keep improving their product to earn a larger portion of the incentive.
Lastly, we all know how unpredictable the blockchain ecosystem can be and while the current rewards are fair, when NAS has a high value increase, the community can propose a revised incentive structure. We want everyone to have a voice within the Nebulas ecosystem!
Live question & answers session
Q: Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for Nebulas and how could you overcome this barrier?
A: So the first question actually caught my eye due to it’s long term relevance.
ETH is the king of blockchain at the moment and for good reason — it’s honestly amazing but has severe limitations. I know we are all waiting for ETH 2.0, things will get better but we’re talking a year+ being optimistic for the “good features.” I do believe Nebulas has what it takes to be compete with Ethereum today and in the future. Nebulas is pure layer 1 and retains awesome speeds and low tx cost. I know other project compete in this sector but Nebulas is very forward thinking with Nebulas Rank, Incentives and much more.
Q: Southeast Asia is a very vibrant market and most exchanges are competing campaigns here to entice users and grow, with Callisto you see how Southeast Asia is and do you plan to develop & expanding here?
A: I believe there are vibrant markets around the world but we need to find the niche ones where Nebulas can be of true value. With that said, we strongly welcome the community to support the continued expansion of Nebulas by making local communities and in fact, those truly interested in making a difference, I encourage them to create a proposal on go.nebulas.io and if approved by our community, it will be funded.
In addition, I have been working with another member of the community on a “secret plan” that we hope will encourage small, local Nebulas communities! More details coming soon on this.
Q: What elements of the Nebulas project do you feel most proud of since no other project currently offers it?
A: Nice question. Now, I touched on this earlier but Nebulas has MANY features in development that other chains have not yet considered.
I’m very proud of our governance system, the future of our DeFi ecosystem that will support decentralized staking of some assets while being rewarded — for those who know NAX, this would be a expansion on this idea but with more cross-chain assets (initially Ethereum).
Q: Everyone knows, if you want to go fast, go alone, but if you want to go far, you go with your partners, so with Nebulas, which partners will promote and help Nebulas a reach and achieve the project’s goals?
A: Great saying and very true! There has been a divide between blockchain communities — we have seen this as tribalism and it’s bad for the entire ecosystem!
Nebulas tried REAL hard to make partnerships but it’s not as easy as it sounds. We offer a great product for end users but at the current stage of blockchain, it’s more about speculation that real-world usage. I’m located in the States and we see nearly no real usage besides trading.
Now we have and had partner projects but some chose to develop their own chain (some using our core tech) because they want their own token to speculate on. We’re not interested in one-way partners but a collaborative relationship to benefit the ecosystem but most importantly, the community!
Q: NAS total supply is 72 million, but the NAX total supply is 1.4 billion. Is there any reason for this, and is there any plan for buy back program or token burn on NAX in near future to increase the value of a token?
A: So, NAX is used in the ecosystem for multiple purposes and is very important.
- It’s used as a governance token
- It’s used to support community nodes
- It’s used to reward users for dStaking (Decentralized Staking)
Now, back to your question. Yes, the NAX token supply is quite high when compared to NAS (which is closer to 62 mil) but actually, every day, over half the NAX supply is destroyed since it’s based on the number of users dStaking NAS.
At this time, there is no plan to initiate a buy back but if you feel strongly about it, feel free to create a proposal on Go.Nebulas.io
Q: One of the biggest issues for dapps is onboarding. What solutions have Nebulas team found to try to resolve this problem?
A: 3rd party developers are very important to us and with this in mind, Nebulas initially created the Incentive Program to directly high quality reward developers based on their Nebulas Rank. Currently these two feature while key to our ecosystem, they are still in development. Instead, devs are welcome to submit proposals on go.nebulas.io.
During the last governance cycle, the community overwhelmingly approved the development of a full-featured game using Nebulas. This shows that devs are willing to submit proposals to continue ecosystem development.
Q: How Nebulas maintains and controls flexibility, cost and security which three important things on blockchain?
A: This is similar to the tri-lemma problem faced by blockchain.
-Flexibility is controlled primarily by the governance committee which are community members
- Cost is managed by the Nebulas Foundation and during 2018, the Nebulas team quickly learned how to manage the financial assets to complete the project.
Q: As a community driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System? Do I get any benefits from holding $NAS token in the long term?
A: Currently, there is no Ambassador program (there was for a short time and I was one of the members). We look to the community for virtually every aspect of the project via our governance system. Not only does this system give incentives to the project managers but we recently launched a program to directly reward those who propose great ideas on go.nebulas.io.
As far as benefits of holding NAS, you can dStake to receive NAX, then stake NAX to one of the many nodes that give NAS incentive for their contribution. It’s a complete cycle system!
Q: Having a good work team is important to achieve the success of any project, which expert professionals make up the Nebulas team?
A: Yes, a good team is important to the survival of a project — especially a blockchain project.
We have some of the best Golang devs developing the mainnet, computer scientists peer reviewing code and concepts, community leaders like @MALITH123, members of the Nebulas Technical Committee which is made up of brillant people that understand more than tech but also users. Lastly. the Nebulas founder, Hitters Xu has been involved with blocckhain for a very long time and was one of the founders of antshares. It’s a all-star team!
Q: How will your team ensure that NAS remains the top platform and keep pace ahead of your competitors, in the next 5 years and beyond?
A: Now this is a tough one! Honestly, we can’t ensure any results but we don’t stop trying. Forget price, forget complexity and focus on what the market demands. Our primary vision is — well massive and will take time to come to fruition. However while we work on our “master plan” we have to stay relevant which is one reason why we want to build new and unique DeFi products this quarter.
Until we are the market, we will move with the market.
I encourage all who asked question that I did not get to (there’s a lot) to ask them on Twitter or our Telegram accounts.
3 QUESTIONS for the QUIZ
1. What asset(s) and quantity are required to operate a node?
- 20,000 NAS
- 10,000 NAS and 25,000 NAX
- 20,000 NAS and 100,000 NAX
- 100,000 NAS and 20,000 NAX
2. What year and month was the initial Nebulas mainnet launched?
- January, 2020
- March, 2018
- October, 2019
- December, 2017
3. What programming language does Nebulas use for it’s smart contract language?
We want to continue to bring high quality AMA’s like this to our users. If you have any suggestions or requests, please feel free to submit your proposal at http://go.nebulas.io or contact us via telegram : https://t.me/nebulasen
Welcome to join in Nebulas community
Official website : https://nebulas.io/community.html
Go Nebulas : https://go.nebulas.io/
Nebulas PoD Node Decentralization Strategy : https://node.nebulas.io/list
White Paper: https://nebulas.io/docs/NebulasTechnicalWhitepaper.pdf
Official Forum : https://community.nebulas.io/
Telegram (Sri Lanka) : https://t.me/NebulasSL
Twitter (Sri Lanka) : https://twitter.com/NebulasSri
Medium (Sri Lanka)：https://medium.com/@nebulassrilanka
Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.