In order to maintain the sound operation of the entire economy, the Nebulas Foundation has decided that the DPoS accounting revenue will be restored to an annual output of approximately 3 million NAS (from 4 million NAS). These assets will be used in full for the Nebulas Autonomous Metanet plan which includes the decentralization of main network nodes and community governance.
Nebulas is recommending the destruction of the excess NAS which has been generated when the DPoS amount was increased by 1 million NAS annually. The community will once again decide the fate of NAS assets via NAX on-chain voting.
Background of DPoS bookkeeping revenue
Since the Nebulas mainnet went online on March 31, 2018, DPoS has generated 8,219.1744 NAS per day — generating approximately 3 million NAS per year. On May 6, 2019, Nebulas NOVA went online and DPoS was adjusted to produce about 4 million NAS per year (starting from block height 2,307,000).
Nebulas initially supported a fixed amount of 100 million NAS plus DPoS NAS generation. Due to the recent community vote to destroy the 35 million NAS Community Fund, the total supply amount has been sharply reduced. In this regard, if the accounting income remains unchanged, it will cause greater inflationary pressure on the economy. If the DPoS income enters circulation, the inflation rate will reach about 8%, which is beyond a reasonable range.
In order to maintain a reasonable level of inflation, after the unanimous resolution of the Nebulas Foundation, it was decided to restore the accounting income to approximately 3 million NAS per year, which will be carried out when the main network nodes become decentralized. This total amount of excess generated from May 6th, 2019 to 11:00 a.m. on October 21 (Beijing time, UTC+8) has accumulated to 460,796.4018NAS, with a daily increase of about 2,739.7248NAS. This NAS is currently not in circulation, and is being stored on the following addresses:
- n1Rc66BjDF4LSoQ2uC9rbiMDnKMEV8ryG7k
- n1HXQWZbnCwK2QVyFuNSM47CVxEUq1GEhLc
To reduce the inflation rate, Nebulas recommends the immediate and full destruction of the extra 1% generated since May 6th, 2019.
Voting time:
November 5, 2019 3:00p.m. — November 11 3:00p.m. (Beijing time, UTC+8)
Voting method:
Vote on the DPoS income adjustment proposal on the official nebulas.io website. Available options to vote for include:
Option A: DPoS accounting revenue is restored to generate 3 million NAS per year and immediately destroy the exceeded portion from block height 230,700.
Option B: DPoS accounting revenue is restored to generate 3 million NAS per year, without destroying the accumulated excess
After choosing which option to vote for, use the NAS nano Pro to scan the generated QR code to transfer NAX and complete the vote (a voting guide can be found at https://medium.com/nebulasio/the-first-round-of-community-voting-will-began-today-f124701b440e). All NAX used for voting will be returned to the voters address approximately two days after the 30th dStaking cycle of the completion of the vote (e.g. 31–33 days/cycles)
Follow-up:
If the community chooses to destroy it in full, the Nebulas Foundation will adjust the DPoS billing revenue to approximately 3 million NAS during the decentralization of the main network nodes and will publicly announce the destruction of the excess funds shortly afterwards.
If the community chooses not to destroy these funds, the excess that has been generated will continue to be locked up and we will collect opinions on what to do with the funds.
The Nebulas Autonomous Metanet Plan is the practice of the Nebulas concept, including the decentralization of the main network nodes and the decentralization of governance. Nebulas will decentralize network nodes by distributing nodes and selecting community representatives to participate in community governance. Nebulas will become fully self-governing and decentralized according to the contribution of community members.
As always, please be sure to watch the official nebulas.io website to get the latest development updates.
Please feel free to suggest your thoughts and opinions at go.nebulas.io or participate in discussions at the Nebulas Forum at community.nebulas.io or the Telegram Community at t.me/nebulasen.
Nebulas Foundation
October 30, 2019
Learn more about Nebulas:
Official website: Nebulas.io
Smart asset platform nextDAO: nextDAO.io
Github: github.com/nebulasio/go-nebulas
New Telegram(EN): t.me/nebulasen
Community Forum: community.nebulas.io
Instagram: nebulasio
Facebook: @nebulasproject
Twitter: @nebulasio
