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Official Interpretation of Nebulas Incentive Program Implementation Details Season 1

Nebulas officially announced the start of the Nebulas Incentive Program on April 27, 2018. From 00:00 on May 7th, 2018 to 00:00 on July 2nd, 2018, Beijing time, all developers and their referrers who successfully submit DApps on the Nebulas mainnet can receive NAS coin rewards.

For developers, the Weekly Excellent Application rewards 10,000 NAS, and the Monthly reward, 20,000 NAS, while referrers can get monthly rewards of as much as 10,000 NAS.

The total reward of this program amounts to 460,000 NAS (according to the price on May 1, it’s more than $4.5 million).

The Nebulas Incentive Program has attracted a lot of attention since its announcement. There have been huge increases across the board in the number of transactions on the Nebulas testnet, developer activity of in our community, as well as media coverage. This positive feedback from the market illustrates the blockchain community’s recognition for and interest in the Nebulas Incentive Program.

In this article, the core messages in the implementation details of the Nebulas Incentive Program will be interpreted and given a closer look.

Idea:

As a next generation blockchain, Nebulas is dedicated to building a robust blockchain ecosystem for sustainable evolution, so that everyone may benefit equitably from decentralized collaboration.

We are future-oriented.

Unlike traditional centralized companies and organizations, the construction and development of the Nebulas blockchain depends on the contribution and cooperation of the decentralized community. Nebulas always puts the interests of the whole ecosystem first, and is clearly aware that short-sighted behavior is not reasonable. The sustainable and healthy growth of the community over the long term is crucial to the blockchain world.

We side with real contribution.

Blockchain should be a robust ecosystem that everyone can benefit from, instead of a cake for the privileged few to enjoy. To achieve a sustainable and robust ecosystem, those who really use the blockchain system and contribute to the community should benefit sustainably. And both early value investors and subsequent developers and users who contribute to the ecosystem can share the growth dividend of Nebulas blockchain development.

We believe in technology.

The blockchain community has long been controversial, but Nebulas is determined to justify this technology’s bright future for the world. Nebulas regards this original incentive program for the community as the first driving force in the evolution of blockchain. Compared with centralized blockchain incentive programs, where a handful of authorities cast the deciding vote, the Nebulas incentive is more closely aligned with the philosophy of blockchain.

It is with this in mind that Nebulas team launched the first season of the Nebulas Incentive Program.

Reward source:

Nebulas will adopt the Proof of Devotion (PoD) based on Nebulas Rank (NR) and the Developer Incentive Protocol (DIP) to achieve the original incentive for the decentralized communities. Currently, Nebulas mainnet just launched one month, and the development of Nebulas ecosystem is still in its early stage. The pioneering design of Nebulas Force and Nebulas Incentive needs to be further verified. At this time, to ensure the positive and stable development of Nebulas ecosystem, the DPoS consensus mechanism will be adopted in the transition period before PoD is officially completed.

The current DPoS node is managed by the Nebulas team and generates 3 million NAS in bookkeeping revenue per year, and representing 3 % of total NAS supply. Nebulas has established the Nebulas Incentive Fund, which uses the DPoS bookkeeping revenue to fund the Nebulas Incentive Program, in order to reward and motivate the developers and promoters (referrers) of our ecosystem. According to the annual 3 million NAS bookkeeping rewards, the system will generate 8219.1744 in NAS bookkeeping rewards per day. The total reward of the first season of the incentive program will amount to 460,000 NAS over an eight-week period, equal to about 29 million RMB, based on May 1 prices.

Interpretation of rewards:

Nebulas is a technology-oriented, new generation of blockchain system, operating with full knowledge that technology development is the top priority of a blockchain ecosystem. Only when community developers continue to develop more and better DApps and continue to research and innovate, can the whole ecosystem of blockchain develop in a rapid and sound manner. Nebulas attaches great importance to the role of promoters in the development of the Nebulas ecosystem.

In this decentralized cooperation model, promoters (referrers) and community leaders can function as child nodes, which can speed up the flow of information and knowledge and better promote the communication and cooperation among and between developers and other community members. This can result in a self-organized distributed development group, colliding with better ideas, developing more excellent DApps and attracting greater numbers of users to these DApps and the ecosystem at large. With this in mind, we formulated the Nebulas Incentive Program to offer significant rewards to developers and referrers alike.

The Developer Reward is divided into three categories: 1) New Dapplication reward, 2) Weekly Excellent Dapp reward and 3) Monthly Excellent Dapp reward. For these rewards, we also take into account both the quality and quality of DApps into consideration.

New Dapplication reward:

This reward provides generous remuneration to developers. As long as a developer builds and submits a Dapp that meets the basic requirements, they will be able to gain 100 NAS as a reward.

The Nebulas blockchain allows smart contracts to be written in JavaScript language to write the smart contract, and Nebulas has published a series of development tools and guidance documents, to make it easier for virtually anyone (including people who have no programming experience) to quickly learn how to develop a qualified Dapp on the Nebulas blockchain within 2 months and receive NAS rewards.

Although nearly everyone is talking about the blockchain space now, the sector actually remains in the its early stage, and only a few people really understand blockchain. At the same time, a lot of people want to enter the blockchain world, but have no idea where to start. Therefore, Nebulas is encouraging a wide base of people to join the blockchain world by introducing a developer-friendly ecosystem with low barriers to entry — including a relatively easy learning curve — and generous rewards.

Weekly Excellent Dapp reward:

The flooding of low-level DApps into the Nebulas blockchain would also be detrimental to the ecosystem. Consequently, the Nebulas Incentive Program targets high performance DApps. We will publish a list ranking the scores of different DApps according to their performance each week, and accordingly select the champion, the second prize and the third prize winners.

The weekly champion can receive 10,000 NAS. We believe high rewards will mobilize the enthusiasm of developers, making them more focused on Dapp creativity and quality improvement. We also have 20 excellent rewards per week, which gives more developers a chance to win, in the hopes of mobilizing the enthusiasm of the developers all around.

In order to give more excellent developers the opportunity to showcase themselves, a single Dapp can only get the weekly champion and second prize once. If a very successful Dapp always wins the weekly champion award, other developers may lose the enthusiasm to participate. This runs counter to the philosophy of the Nebulas Incentive Program, which aims to motivate a wide number of developers to build more and better DApps.

Monthly Excellent Reward

Top DApps may not be able to win the champion every week, but they are still eligible to win the Monthly Excellent reward of 20,000 NAS. The winner may also have the opportunity to join Nebulas Labs, and get the full support of funding, technology and community resources offered by Nebulas. We are here to help you to achieve success with your project.

The Referral Reward program gives rewards for each successful invitation and a monthly reward too:

Referral rewards:

Referrers can obtain personal referral code from the Nebulas Incentive Program event registration page on Nebulas website, and use this code to invite and recommend more developers to join the program and submit DApps on the Nebulas mainnet. We will confirm the connection between the referrers and the Dapp via the referral code provided by the developer when he registers.

Referrers can get 40 NAS from a successfully submitted Dapp. What’s more, the referrer can also get 20% commission based on the rewards (weekly or monthly) given to the Dapp, if any. Even if the referrer knows nothing of programming, as long as they share the same principle with Nebulas and are willing to invite more developers to join the incentive program, they also stand a chance to gain NAS rewards.

Monthly Referral reward:

Outstanding referrers who successfully recommend more than five effective developers to Nebulas per month will have a chance to win the top 10,000 NAS referral reward. The purpose of the monthly reward is to enable outstanding referrers and community leaders to continue to contribute to the Nebulas community, to constantly encourage more developers to join the incentive program, to deepen the communication between referrers and developers, and to organize and mobilize developers and collaboration. Referrers also play an important part in verifying and shaping a more effective and reasonable decentralized cooperation model, like the early evangelists of Bitcoin, and are likely to become a key players in building the Nebulas ecosystem.

Interpretation of the Excellent Dapp selection algorithm:

The selection of excellent Dapp in the Nebulas Incentive Program is mainly considered from two perspectives: the number of different account addresses called by a DApp, and the number of important account address called by a DApp. The higher both of these metrics, the higher the DApp will rank in the Nebulas Incentive Program scoring system.

Meanwhile, Nebulas also takes an anti-cheating mechanism into full consideration. For the specific algorithm design information, please refer to the algorithm design section of the incentive plan on Nebulas official website. The Nebulas research team will give a detailed explanation of the smart contract ranking algorithm soon. Stay tuned.

Summary:

The Nebulas Incentive Program is aimed at encouraging more developers to build more and better DApps on the Nebulas mainnet, and to establish broader and closer links between referrers and developers, and developers and developers. With this, we can encourage each other to explore and grow a broader decentralized collaborative Nebulas community, so that developers, referrers and all users of Nebulas mainnet can benefit equitably. Ultimately, this will lead to the growth of all ecosystem participants together, resulting in the long-term sustainable growth of the Nebulas ecosystem.

Disclaimer

  • 1) Nebulas Foundation reserves the right of final decision on the interpretation of this Incentive Program.
  • 2) During the implementation of the Incentive Program, the Nebulas team reserves the right to adjust the reward settings, selection criteria and DApp ranking algorithm in accordance with the actual operation conditions;
  • 3) Bonuses will be issued in the form of NAS. Nebulas will not be responsible for any changes in the price of NAS caused by the market;
  • 4) Nebulas is entitled to disqualify any participants found to be in violation of the laws and regulations of the Incentive Program and/or infringing on the rights of others;
  • 5) Bonuses that cannot be issued due to rules and other reasons are reserved by Nebulas for the ecosystem development of the Nebulas community;
  • 6) All taxes related to rewarded income, if any, are your sole responsibility;
  • 7) In no event will Nebulas be liable to you for any direct, special, incidental, exemplary, punitive or consequential damages;
  • 8) You grant Nebulas the necessary intellectual property and use of personal information for the implementation and advertising of this Incentive Program for free;
  • 9) You agree to indemnify, defend and hold Nebulas Foundation harmless from any claims, injuries, damages, expenses or losses of their users.

Learn more about Nebulas:

Official website: Nebulas.io
Github: github.com/nebulasio/go-nebulas
Slack: nebulasio.herokuapp.com
Telegram(EN): t.me/nebulasio
Twitter: @nebulasio

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