On March 30, the mainnet of Nebulas Voyager Proof of Devotion (PoD) went live and the decentralization of the Nebulas network began. Just six month later, the entire network and governance is fully decentralized.
Today, we would like to share some stats that have been achieved in just six months!
7 governance votes
38% of proposals approved
Governance participation rate is nearly 99%
Since the first PoD governance vote which was launched on April 29th, 2020, seven governance cycles have been voted on by the Governance Committee. A total of 149 proposals, 18 projects and 7 node claims have been reviewed.
On the proposal side, 57 of them were passed with an average approval rate of 38%.
With regard to the project and node claims, only one project did not pass the governance vote and all the node claims were approved.
For more details about projects and proposals, check out go.nebulas.io or view the previous PoD Governance cycles at https://node.nebulas.io/govern.
The Nebulas blockchain currently has 71 live nodes with all but the foundation’s node participating in governance.
The Nebulas Community has held a total of 12 node meetings in Chinese and English, with the participation from the node operators, Nebulas Technical Committee, community members, Nebulas Foundation and more.
For meeting recaps, visit the Nebulas forum at community.nebulas.io.
56% of all votes have been approved
Product development and community operation proposals share a 1:1 ratio
Stats of all 57 approved proposals:
- 9 pertain to node governance and Nebulas economics,
- 24 pertain to product improvements and new product development
- 24 pertain to content creation and operational promotion.
In total, 20 of the proposed projects have been completed with 12 in progress.
Effectively improving PoD Rules
Through the governance mechanism, node operations including penalties and governance rules were updated from November 2019. After several adjustments to the PoD basic rules, it entered a stable stage.
- Adjust PoD block generation penalty rules NIP199 — Delay penalty; nodes can obtain exemption from penalties via continued stable block generation. After the automatic process was enabled, node claim proposals were reduced to zero.
- The governance nodes approved the addition of a lucky node NIP355 — this makes it more probable that a lower ranked node is selected for the consensus cycle thereby better distributing rewards and increasing decentralization.
- Adjust the initial block stability index of new nodes NIP302 — Improves the efficiency of new nodes entering the ecosystem
- PoD governance voting pass rate statistics do not count abstain votes NIP293 — After the proposal is passed, abstention affects the participation of the proposal in voting, which is distinguished from opposition.
The Governance committee also voted to adopt the Nebula Technical Committee Recruitment Program NIP205 — forming a community-based Nebulas Technical Committee to support the implementation of proposals and projects on Go Nebulas.
From Utility to Finding Breakthroughs
The following products have been released:
- Nebulas Godot Game Engine Plug-in NIP146 — github.com/chiguireitor/nebulas-godot/releases/tag/alpha
- Telegram Alert Bot NIP407 — notifies users of Transfer Transactions, Voting, etc. You can receive Telegram Alerts via t.me/nebulasbot
- Ethereum Bridge, More Liquidity NIP403 — DeFi tool. Check it out at link.nextdao.io
In addition, upgrades of existing products such as NAS nano pro, Web Explorer, Chrome Extension will be revised with a coordinated vision. This is currently in development.
All the results were achieved through the joint efforts of the Node Governance Committee, the Technical Committee, community members and more.
Multilingual content creation and community incentives
- New content: Russian translation of official website, PoD node plan and other major documents; Visual design.
- Sri Lanka Community established, including Telegram operations, content translation, online activities such as Nebulas AMA in Sri Lanka Community.
- Multi-channel Expansion: Includes displaying and correcting NAS and NAX information, and creation of Blockfolio’s Signal for Nebulas channels. Updated data sites include simpleswap.io and coingecko.com.
- Community Activities: Organize online AMA Technical Committee & Foundation community-oriented meetings.
- Incentives: The Swap.nextDAO incentive mechanism and the Swap fee for repurchase and destruction of NAX were passed, pending the launch of Swap on the mainnet.
Continued progress and consideration
- In this half-year of operation, what are the practical problems with the Nebulas community governance?
- Where are the boundaries of decentralized governance?
- How to achieve long-term governance?
Stay tuned for Nebulas’ continued development!
- Nebulas English community DeFi AMA with founder Hitters Xu and Foundation member Becky (discord.gg/pnn7NVs).
- Nebulas Chinese community DeFi AMA with members of Nebulas Foundation and Technical Committee (source — not translated).
- Monthly report — October 2020
- nextDAO Cross-Chain Asset Conversion Link and Decentralized Conversion Swap Details!