The Nebulas PoD Node Decentralization Strategy Has Launched
Nebulas PoD Node Decentralization Strategy launches today! This is a milestone for Nebulas enter the Autonomous Metanet stage. At the core of Nebulas’ PoD Node Decentralization Strategy is the Proof of Devotion (PoD) Consensus Mechanism. This idea behind Proof of Devotion is to provide a measurable value of all users based on the size of their contribution to the ecosystem which includes pledging, consensus and governance mechanisms. With PoD, we plan to not just decentralize Nebulas’ blockchain nodes but to also decentralize community governance via the formation of a representative system and government committees.
Nebulas is building a new Decentralized Autonomous Organization (DAO) for complex data networks that will fully embrace the community, decentralization and autonomy on a contribution measured basis.
The DPoS consensus mechanism generates 8,219.1744 NAS in revenue per day; generating 2,999,941 NAS per year.
This generated revenue will be used exclusively for the Nebulas PoD Node Decentralization Strategy.
The incentive ratio of the two PoD Executive Committee (Consensus and Governance) will be about 5:1. This equates to:
- The total incentive amount for the consensus mechanism per year will be: 2,499,951 NAS
- The total incentive amount for the governance mechanism per year will be: 499,999 NAS
The consensus mechanism utilizes smart contract management which is primarily comprised of node selection rules and the consensus algorithm. This smart contract jointly completes the block generation and ensures the normal operation of the mainnet.
The node selection rule consists of two steps:
- Candidate node selection: During each polling cycle, all nodes that meet the minimum requirements will be eligible to become a Consensus node; a total of 51 nodes are selected according to the comprehensive candidate node ranking algorithm via smart contract;
- Consensus node selection: During each polling cycle, the algorithm selects 21 consensus nodes from 51 candidate nodes which is based on the consensus node selection algorithm via smart contract. The consensus nodes are responsible for block generation and can obtain consensus incentives as long as they participate in the process of block generation.
The minimum requirements for a node to be part of the candidate selection process include:
- A server running a Nebulas node that meets the minimum requirements (detailed within the official PoD Node Strategy document (listed below));
- The server is guaranteed to be in operation;
- The node pledge (vote) is not less than 100,000 NAX;
- Pledge of 20,000 NAS as deposit;
- No record of severe level abuse or manipulation on the network (detailed within the official PoD Node Strategy document (listed below)).
The implementation of governance mechanisms is managed by the Governance Committee and is made up of governance nodes. Governance nodes are selected from the 51 consensus nodes where the largest number of block generators for the past 820 consensus node polling cycles are eligible to become governance nodes in the governance cycle.
The Governance Committee is responsible for the Nebulas ecosystem and community governance, voting on proposals and projects within the Nebulas ecosystem via the Nebulas collaboration platform Go Nebulas (go.nebulas.io) in the form of NAX voting. All community members can present their opinions and suggestions on the future development of the Nebulas at Go Nebulas.
The DPoS revenue generated since the launch of the Nebulas mainnet will be used for the Go Nebulas Community Collaboration Fund after node decentralization.
In order to best complete the decentralized transition of the mainnet nodes, the Nebulas PoD Node Decentralization Strategy will gradually open the node applications to all. Initially, we invite active project parties, partners and community members within the current Nebulas ecosystem to deploy nodes and explore the governance processes in advance to the public release to provide valuable advice for testing and improvement. The roadmap is as follows:
- November 20, 2019 — Nebulas PoD Node Decentralization Strategy — Based on the Proof of Devotion (PoD) Mechanism officially launched;
- Early January 2020 — Launch of test bounty program on the testnet;
- January 2020 — Node application by invitation, consensus mechanism initiated;
- End of February 2020 — Open application for community nodes;
- End of March 2020 — First governance vote, governance mechanism initiated.
For more details on node selection rules, incentive allocation, penalties, exit mechanism and governance mechanism, please read the full version of the Nebulas PoD Node Decentralization Strategy.
English Documentation: http://nebulas.io/docs/PoDNodeStrategy.pdf
In January of 2020, the first batch of node registration will be carried out through an invitation system. For the security and stability of the Nebulas mainnet, registration to all will be gradually opened. The Nebulas Foundation will invite active project parties, partners and community members within the current Nebulas ecosystem to deploy nodes and explore the governance processes.
Everyone is welcome to give suggestions and feedback via go.nebulas.io and to join the discussion at community.nebulas.io or t.me/nebulasen.