Nebulas AMA Recap — November 11th, 2020
With the initial launch of link.nextDAO and swap.nextDAO currently taking place, the Nebulas Foundation held a live AMA on the Nebulas Discord server. During this event, Nebulas founder Hitters Xu and Nebulas Foundation member Becky Lu answered over 30 questions during the 2 hour event pertaining to DeFi, Nebulas technology, future business model, roadmaps and much more.
This event was a great experience for all involved where the Nebulas Foundation can see what the community is thinking about as well as sharing the direction that Nebulas development is taking. We’re extremely optimistic about the future of blockchain and Nebulas and we hope this AMA event helped the community see the larger vision.
Below is a list of the community asked questions and answers:
1. SilverBlack909: Are there any plans on developing further Defi borrowing and lending capabilities on NAS nano Pro?
Nebulas Founder Hitters: Currently, there are not many assets on the Nebulas network. The DeFi borrowing and lending business depends on strong market demand. I believe that when Link and Swap get more mature, Link can introduce more assets from other networks, or when Nebulas itself generates more new assets, the market will grow due to lending demand, the lending business will naturally increase. Even if the Nebulas Foundation does not do it, other teams will do it.
2. M5j: Any updates on buyback or is it cancelled?
Hitters: There are currently no updates on the buyback; it’s currently suspended. There will be future announcements for the community if there is additional news.
3. DaLiberator1: How will the features in link.nextDAO and swap.nextDAO help developers build apps?
Hitters: Link converts the assets between Ethereum and Nebulas. Tokens on Ethereum can be converted into the Nebulas ecosystem and vice versa. Swap provides the assets exchange within Nebulas’ network. Link and Swap play the role of the basic infrastructure of Defi on Nebulas. Developers can build more functions such as lending & borrowing, insurance, vaults, and much more. Any ideas that need additional consultation and support can contact the Technical Committee members.
4. DaLiberator1: To quote Hitters “Ask not what blockchain can do for you, ask what you can do for blockchain”, what would be the Devs dream vision for how the community could contribute towards the success of Nebulas.
Hitters: To build the products/protocol/dapps/tools which can help to grow the ecosystem and increase the demand of the token. Of course, the devs should be able to explore the business model that they can earn from the projects. As mentioned above, we have a public fund called GoNebulas to support these projects which is managed by the nodes operators who are selected in the governance committee. you can check it out on go.nebulas.io.
5. MalithRanaweera: DeFi integrations are great! How do you build DeFi features into NAS Nano Pro? NAS Nano Pro is still in its basic stage. Are there any improvements coming to NAS Nano Pro?
Hitters: When the new products are released to the market, we hope to get a lot of feedback. First, the smart contract codes and business logic of Link and Swap must be secure and steady, and then we will add more features to the front-end and convenient portals of the products.
6. Tricky-Acanthisitta9: Investors seem to only care about the price of the token instead of the real value of the project. How does your team attract newcomers and keep members long-term with the project? What is the real value of $NAS?
Hitters: It’s understood that most investors only care about the token price, however the price is decided by the market supply and demand. NAS is the utility token on the Nebulas network which pays for gas fees. Another demand is staking $NAS to get $NAX which can be used to vote for node operators.
So adding demand on NAS is adding to the value of it. Link and Swap could add more demand on NAS; There’s also proposals on GoNebulas like building a game app, making DIP protocol V2, which could help in growing the ecosystem and demand for NAS.
We have an open fund called GoNebulas to support those projects, the fund is managed by the nodes operators who are selected in the governance committee. They are very supportive of the proposals that can support growing the ecosystem and increasing the demand of the token.
7. LovaOne: From your documents, swap.nextDAO and link.nextDao are at the latest stages of testing. Did these products have third-party audits? If yes — what companies did audit(-s)?
Hitters: Yes, there’s a third-party audit company working on this. We will release the audit report before launch on the mainnet. The audit company details will be released at that time of the audit report release.
8. LovaOne: The link.nextDao v.1.0 is obviously a trusted and permissioned bridge (aka centralized). Do you plan to introduce the decentralized bridge in the later versions? If yes — please explain some details of how it will work.
Hitters: We need more feedback to improve the usability of the entire system. Link will inevitably move towards complete decentralization. There would be no doubt for this.
9. Peacemaker707: Not really a Defi question, but what happened to NF and will we be seeing it’s release during next year?
Hitters: At present, some NF functions can be utilized via node governance. Simply modifying the mainnet parameters is not the primary significance of NF. We hope to explore effective closed loops in assistance and governance to realize NF, the true meaning of self-evolving networks.
10. Letskeepitthisway: If the Nebulas DeFi team would get one wish for Christmas, what would it be?
Hitters: Receive at least 100 feedback suggestions from users to improve the Nebulas.
11. Keerthi1997: In your article there are two types of conversation. First one is Link.NextDAO and Second one is Swap.NextDAO. What are the differences between these two types? And Why do you need these two types of conversation in your ecosystem?
Hitters: Link plays the role of a cross-chain bridge. It helps to convert the assets between Nebulas and other blockchain — currently Ethereum and can be used for other chains in the future.
Swap meets the demands for exchanging assets within the Nebulas network. It is an AMM-based (automated market maker) decentralized exchange.
12. Keerthi1997: Defi is a very useful concept right now. Both finance related blockchain projects are going to build with defi inside. So Why are you going to integrate Defi into Nebulas Platform? Are there any special reasons for that?
Hitters: We notice that many public chains are integrating Defi applications, but due to the lack of sufficient users and infrastructure, the overall performance has not been satisfied. Simply copying and pasting existing code will not solve the problem and the Nebulas foundation cannot be responsible for 100% of the ecosystem development, which is not healthy.
Link and Swap are the most basic components to build further Defi. We hope that more developers can participate in building useful applications.
At the same time, the foundation is also looking for valuable and unique breakthroughs and it does not rule out connecting to larger networks such as Ethereum and Binance Smart Chain to capture more users and value.
13. Peacemaker707: Why isn’t NAS aiming to get listed on more exchanges?
Hitters: NAS has already been listed on most of the top exchanges such as Binance, Huobi Global, OKEx which can meet the most of the demand. It’s not helpful to list on more small exchanges which would not add liquidity to NAS.
14. Peacemaker707: When the new altcoin season is coming, do you have any marketing plan on how to make noise and buzz about nebulas?
Hitters: We focus on finding real value and innovation of blockchain and will consistently do that.
15. Peacemaker707: Do you think interoperability is important for Nebulas? What happened to NR and search engine function?
Hitters: Interoperability is important for all blockchain systems and is the key factor to build a big ecosystem like the Internet. The big issue that we are currently facing is the lack of feedback and users. For that reason, we decide to become more connected with another chain like Ethereum first which will help to get more feedback and data. NR should be built on real use cases and demands.
16. Udeshan123: NAS nano Pro and Nebulas are hot topics among defi lovers. How are you going to develop this for the benefit of users?And what are the unique features of it?
Hitters: We noticed that NAS nano Pro is an effective app to get connected with token holders and users. In the future we will make this app more dev friendly while our mainnet will help more dapps get connected with users.
17. Udeshan123: Defi integrations nicely match with the future trends. What are the gaps filled by Link.nextDao and Swap.nextDao for development of nebulas defi platform?
Hitters: Link introduces the assets converted from other chains, Swap provides decentralized assets exchange within Nebulas network. They’re basic infrastructure for Defi. When we have stable coin within the Nebulas ecosystem, it’s easier for devs to build more products.
18. Ahihi133: Nearly all exchanges have been hacked, such as kucoin, okex, bithumb, bitmex. What is Nebulas’ plan for DEX security and how can you protect your user?
Hitters: Link and Swap is the basic infrastructure to meet the demand for decentralized assets converting and exchanges. The exchange fees belong to the liquidity provider, and there’s incentive for the LP stakers. There could be more features added and improve the convenience to the product to make it stronger.
19. Ahihi133: There are so many problems to create a Mainnet Coin such as TPS, Fee, Security,.. ? How Does Nebulas solve those problems which are very hard ?
Hitters: Building the mainnet is not a problem, we launched it March 2018. At present, our TPS has also reached 1200, and the gas fee is basically close to zero. These are all competitive. The biggest challenge is the lack of sufficient feedback and user scaling. This is also the reason we hope to further connect with public chains such as Ethereum. Link and Swap are the most basic infrastructures of the ecosystem.
20. Yaumani: Security of Funds has become an important issue of crypto. What is Nebulas’ plan to avoid the hacker and make people trust Nebulas’ Security system ?
Hitters: The Nebulas mainnet was launched in March 2018. The mainnet code is open source and has been audited by a third party. The stability of the Nebulas mainnet can be said to stand the test. NAS nano wallet and other supporting facilities have also been audited and many are open source.
21. Yaumani: It’s quite unfortunate that many projects have infiltrated the market with just white papers without having any genuine use cases. What are the main utilities of the Nebulas?
Hitters: The blockchain industry is still at a very early stage and it is very difficult to have scalable applications for now. In fact, blockchain has not really entered most people’s daily lives. We will continue to work hard to introduce more features to attract more users. The community is also welcome to embrace innovation and the future with us.
22. Sayhaka: Can you list some of the features that you are most confident about on your platform? How can you advertise your project worldwide and make it popular?
23. Sayhaka: Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?
Hitters: We believe that infrastructure such as a public chain is essential to the blockchain industry, so Nebulas has its own life by being decentralized resulting in it being free of regulation. With regard to global regulatory issues, we will continue to keep an eye on it and be friendly to regulation requirements.
Nebulas Foundation member Becky: Is there any pressure for the projects in China?
Hitters: The regulations seem to be tightened more than ever before which can be seen from the cancelation of the Ant Group IPO due to government pressure. Regardless, we have faith to keep doing innovation for blockchain, which is the real fintech to fight monopolies over the Internet.
24. Namihaya3: What’s the story behind Nebulas’ success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Nebulas updates that you want to show/share with us?
Hitters: Our vision is: Let everyone receive value from decentralized collaboration fairly.
Based on this vision, Nebulas can further expand into a brand on the basis of the public chain to promote the reach of end users. We already have some very interesting ideas. I think I can further explain and communicate more about this with the community in early January of next year.
25. Moose-Visible: Why humiliating top 400? When moon?:)
Hitters: It is answered above that price is decided by the market supply and demand. Any project that aims to grow the ecosystem and add demand for the token would be helpful to adding the value of NAS.
26. GreatIceBlow: Why are you sure that your Swap.nextDAO will be used? Why is it better than others? For example Uniswap? What is the main value of your product and why do you think Swap.nextDAO will be in demand? How strong is your economic model?
Hitters: Swap is a necessary component of the Nebulas ecosystem because it supports the decentralized exchange of assets via the Nebulas network. It meets the demand for people who don’t want to face the risks of centralized exchanges. Furthermore, there’s exchange fee reward and incentives for the liquidity providers on Swap.
(You can learn more about the swap incentive proposal here: https://go.nebulas.io/proposal/564 )
27. Rainbow (Discord Question): I am an investor, can you share the advantages and great features of Nebulas over other competitors enough to make me decide to invest in Nebulas?
Hitters: It’s easy to use for developers especially for those with zero blockchain experience. Low gas fees and high TPS are very important. We are expanding the boundaries for NAS as we are doing via link and swap as well as connecting Nebulas to more blockchain and users.
28. YANNI (Discord Question): Yield farming is a new trend so do you have any plan to yield farming system development?
Becky: Actually, the Swap incentive proposal is a sort of yield-farming, we’re not planning to issue a new token for it. Because we find the most yield-farming tokens in the market do not work well overall. It’s too risky for the community.
29. Yamamoto kasi (Discord Question): Which markets is your project focusing on now? And do you have plans to bring your project to other markets?
Hitters: Yes, I mentioned that we are thinking about this to develop Nebulas as a brand to get connected with real use cases by leveraging our blockchain’s features.
30. VietNamracingboy (Discord Question): What do you think is the main difference between Nebulas & Traditional systems?
Hitters: To make it simple, that is centralization vs decentralization. That is the big trend for now and the future.
31. Covid-Banano19 (Discord Question): How is long-term stability guaranteed in the governance of Nebulas?
Hitters: The whole process of governance is decentralized by node.nebulas.io and we have sufficient funds to support the future development of Nebulas.
32. johnny Mathis (Discord Question): What is the business model of your project? How does it work? Who are your potential customers and which markets are you targeting on?
Becky: Nebulas is a public chain project which is not built for profit. But products like Link and Swap as well as Lending could be a profitable business model. The Foundation is not charging swap fees from users, but we could do that when the market is available. All the token holders on Nebulas who have demand on assets exchanges are the target market.
33. Chansu (Discord Question): Can you tell us the roadmap of #NAS project? and what have been achieved and what are you trying to achieve?
Hitters: I believe that we mentioned that on nebulas.io. A future roadmap will be released by the end of 2020. Currently we are focused on making the whole experience smoother and building a fundamental infrastructure such as link and swap — including nas nano pro later.
Learn more about Nebulas:
Official website: Nebulas.io
Node Platform: node.nebulas.io
Smart asset platform nextDAO: nextDAO.io
Nebulas Wiki: wiki.nebulas.io/en/latest/go-nebulas/README.html
Discord server: discord.gg/dsxGkBk
Telegram Node Operating Group: t.me/nasnode
Community Forum: community.nebulas.io