Nebulas AMA Recap with Dr. Xuepeng Fan & Ruby Wu
On April 24th 2019, Research Institute Director, Dr. Xuepeng Fan and Ecosystem Growth as well as Marketing Executive of Nebulas, Ruby Wu took the the time to talk to the community and answered many questions via the Nebulas English Telegram channel.
The topic of the AMA was “The first on-chain vote via Nebulas NOVA” and many other questions where also answered.
We have also chosen the 10 questions submitted via Twitter and Reddit that will receive a 5 NAS reward each. The winners are announced at the bottom of this article:
Okay, let’s get to the questions:
Question 1: What happens if there are not enough applicants for the council, federation and tech committee? The amount of NAS required makes it almost impossible for regular community members.
Answer 1: If not enough applicants, things will be delayed. However, seems we already have enough candidates, so that’s not our main concern now.
Question 2: How many NAT tokens will be issued and what is the formula for determining how many each wallet will get? When is the snapshot being taken for this and how often will it be done?
Answer 2: About 100,000,000,000 NAT tokens will be issued totally. We will uncover the details in the governance paper later, which will be released soon. The issue of NAT happens in every week, so there is no snapshot.
Question 3: I want to create a NRC-721 standard (non-fungible tokens) under Nebulas. What do I need to do in order to make it official?
Answer 3: We really appreciate this work. It’s really simple, you just create the NRC-721 contract and submit it to our official wiki. Then everyone in Nebulas community will appreciate your contribution. Nebulas is opensource and a community project. So we need every one in the community.
Question 4: Is there any plans to push NAS into Shapeshift.io?
Answer 4: Not yet. We’re focusing on technologies on Nebulas. And we wanna leave these ecosystem efforts to the whole community. We believe the community will do a better job than us. We’re not experts in all fields.
Question 5: Is there any really dumbed-down PDF or tutorial that one can read to understand what is Nebulas exactly and how it can help the average Joe?
Answer 5: That’s really a tough question. I think the best way is to read the official wiki. And if you have any questions, just talk to anyone in the community. Yes, we do have some PDF or tutorials, but they are not that easy to understand. The more important thing is that Nebulas is a community project, and it’s not only defined by us. It’s defined by the community, and the community shares their knowledge on the official wiki. We hope you can share your thoughts on the wiki too. In the long run, Nebulas hope to achieve our vision as “ Let everyone get values from decentralized collaboration fairly.” This is not easy, and we are forging ahead step by step towards it, with the support of Nebulas NOVA, our community governance structure and the support of our community, we believe we are one step closer to the goal.
Question 6: I’ve read that Nebulas Rank is impervious to Sybil attacks. Can you say that NR is immune to any other similar attack? And in the event someone discovers a vulnerability in NR, how fast can Nebulas Team fix it?
Answer 6: Seems you have a deep understanding of NR. NR is not immune to all kinds of attacks. The gaming problem on the blockchain is really complicated and we are excited to see new attacks. Fixing a vulnerability in NR shall be very fast since we have NBRE. That means we can update NR implementation in just a few blocks. Let us know if you find such vulnerabilities in NR, :)
Question 7: How will the NAT tokens work? What will it take to vote with these NAT tokens? Do you plan to make a video to show how it will work?
Answer 7: NAT token info is disclosed step by step recently
Check our recently medium announcement and you could know how could you get NAT airdrop, whether you have NR or not
Voting wise, proposals including the parameters of Nebulas mainnet, like our gas fee, the parameters for DIP and the projects on go nebulas, changes on our governance structure and etc. will be decided by community voting and the only voting token will be NAT.
I’d like to share some screenshots of the NAT algorithm
It’s Chinese and we will release the English version later
Maybe someone understand Chinese can translate it first
Question 8: Will users who get voted into the council position receive #NAT on their 100,000 $NAS collateral during the initial 6 month holding period? Also, will the founders have access to the NAT from their locked NAS funds?
Answer 8: A good question. A simple answer is no, only the NAS tokens that locked up in the voting smart contract will be able to receive NAT.
Question 9: What is the plan from the team to increase the visibility of Go Nebulas? The few number of users using the platform is quite alarming and the lack of votes influence the development of Nebulas
Answer 9: We are expecting the issuance of NAT to incentive our community members to be more active in voting, this is also one goal when we design the token economy for NAT.
The visibility of go.nebulas relies on the contribution of our community as well. Currently, all the work within the previous core team of Nebulas is all open on Go Nebulas, and we tried our best to keep all the project updated on the platform. More transparency relies on complete market competition, we hope all community members could come and leave your voice on the platform. We need a bigger market and more participants.
Question 10: What’s the limit of TPS the mainnet can withstand right now?
Answer 10: It’s about 2000 TPS now. But still, we don’t think TPS should be the key focus for blockchain as long as it is not a constraint.
Question 11: Is Nebulas planning on having a desktop and hardware wallet. Just feel like there more options to store NAS would be better than just Nas Nano Pro.
Answer 11: Not yet. However, there are some proposals to develop such alternatives from the community. For example, https://community.nebulas.io/d/74-ledger-nano-support. And we do care about ledger either it is from the community or supported officially by Nebulas Foundation.
Question 12: Hello,
I have a question regarding the on-chain voting system on Nebulas. I was watching today the whole day 1 of the AION Rebuild event, and how all the panelists throughout the day were all talking and praising the concept of on-chain governance and community vote, and it just kept making me think of Nebulas how early they have thought of it and i find it absolutely incredible how ahead of the curve we are and how the Nebulas team has been delivering so far. truly exceptional.
Something did come up during the Polkadot panelist, how he was mentioning how they will have on-chain governance and voting, and how they have a system in place in the event of a low turnout of voters, giving the power to the council as a plan B to vote Ayes or Nayes. It appears that low public voting has been an issue in the space, specifically with the project MAKER early on. My question is how does Nebulas plan to work around the current state of the market with low public votes? hoping that projects just don’t get killed if they do not go through the votes. Surely 1000 votes at the moment isn’t a very realistic number.
Also, is Nebulas keeping a close eye on other projects progress in the space such as AION, Cosmos, Polkadot, amongst others, who are planning to implement the same type of onchain governance as Nebulas? Thank you.
Answer 12: Firstly, 1000 is not a constant number, so don’t be scared. It will only exist during the transitional period before we have the voting token NAT goes live.
Actually, given the current budget supported by Nebulas Foundation for the projects on Go Nebulas, only the projects with budget below 5000 NAS will be considered before June 23, when the 35mln community portion of NAS is activated, For budget below 5000 NAS, you need maximum 100 votes. Secondly, when NAT goes alive, two things will happen:
1. the address who actively involves in voting will get an incentive in NAT from voting, which would largely promote to the participation rate of voting.
2. the voting quorum will not be a constant, it will be decided by the onchain liquidity of NAS and the NR of entire mainnet and the amount of budget the project is planning to claim. It will be a dynamic equilibrium situation.
Question 13: Why is the voting for the DIP and GAS change proposals being done outside of go nebulas? They should have been done inside the platform to bring visibility to it.
Answer 13: Because it is about the parameter in Nebulas mainnet and involves no budget, go nebulas it for community collaboration.
Question 14: I am a normal non-technical community member. How can I help the ecosystem and improve my NR at the same time?
Answer 14: NR could be simply improved by making onchain transactions check here.
Also, even if your address don’t have NR, you still have chance to earn NAT. More details will be disclosed soon.
Hope this is clear.
Question 15: I did read something about NASlockup to receive NAT.
does this mean we will be able in the future to send our NAS to a smart contract and receive NAT?
Answer 15: Pretty much so.
Question 16: Will in June of this year circulation supply be 80 millions of Nas?
Answer 16: Ok, this involves quite profound understanding about Nebulas governance
35mln is reserved as community development as described in our white paper, and from June on, this portion will be handled for Nebulas Council to supervise and have the entire community to govern.
Question 17: What is the most motivation should be for the people to buy and hold Nebulas aside from airdrops and Binance promotions? will holders have any way to grow their NAS by launching a node or delegation system?
Answer 17: I think different people have different motivation. For you I think it should be NAT. You could get NR by holding NAS, and therefore NAT. Besides, NR means a lot of things on Nebulas, like DIP and PoD.
Question 18: Will you be able to trade nat tokens?
Answer18: Technically, NAT is just another NRC-20 token, so should be able to trade.
Question 19: When will we be able to launch a node?
Answer 19: Not decided yet. Basically shall be launched around July this year.
Winners of the 5 NAS reward!
prior to the AMA, We asked the community to submit questions via Twitter and Reddit and the questions with the most combined up-votes/retweets would receive 5 NAS each. Here is the list of the winners.
If your name is above you will receive a message via twitter/reddit.
Be sure to reply and claim your reward!
Thank you to everyone who participated in this AMA. It was great to see all the questions and support from the community. Please be sure to join us at the next AMA and if you have any questions prior to then, please post them on the Nebulas community forum at https://community.nebulas.io.
We’ll see you next time!