Nebulas Will Open A New World of Decentralized Staking — NAX White Paper Released
Today, Nebulas Labs is happy to release the Nebulas NAX white paper which will redefine the token economy via the first Decentralized Staking (dStaking) protocol and will create a more concise, open and effective pledging process.
Different from traditional pledging which requires the transfer funds to a smart contract, decentralized pledging records the user’s pledge via a smart contract, however the assets are still stored at the user’s personal address. Users participating in decentralized pledging have absolute ownership of personal assets at all time. With this method, decentralized pledges will be immune from smart contract failure resulting in asset loss while making it easier for everyone to participate in pledging which will substantially increasing pledge activity.
Decentralized pledging and the simultaneous launch of the NAX token economy will allow for a better DAO (decentralized autonomous organization). All users will be able to obtain NAX by pledging NAS and for better asset circulation, NAX utilizes a dynamic distribution method which is related to the global pledge rate. The number of NAX obtained by users is related to the amount of NAS pledged and the age of the pledge. The flow of NAX will be closely integrated with the Nebulas ecosystem and will create a positive-feedback ecosystem.
The decentralized pledge method will be applied to many on-chain scenarios such as economic contribution incentives, consensus mechanism exploration, chain governance and ecosystem promotion. NAX distribution has been designed to be fair, legitimate, authoritative and economically motivating. It will be utilized throughout the entire Nebulas architecture including ecosystem construction, development, community collaboration and governance. It’s core technology will be inserted into Nebulas’ mainnet laying the foundation for the transition from DPoS to the highly anticipated Proof of Devotion (PoD) consensus mechanism.
Decentralized pledging is the first application of the smart asset platform nextDAO which will launch a series of framework models to redefine the public-chain token economy. By providing decentralized financial instruments and products, these smart assets will allow for the discovery of new business scenarios and the promotion of ecosystem applications.
The first edition of the NAX white paper is available for review at: https://nextdao.io/doc/nax_whitepaper_en.pdf
NAX is expected to be officially launched in September of 2019. Be sure to stay tuned at the nextDAO official website (nextdao.io) to keep up with the latest development progress.