The Declaration of Nebulas Independence: Nebulas Governance is Approaching
In 2017, Nebulas was formally founded under the ideology and commitment of providing all users with a fair system for decentralized collaboration via blockchain technology.
For the past 10 years, blockchain has experienced rapid growth followed by an inevitable but temporary collapse. Even with many projects exploring community governance and consensus, the fundamental question of what blockchain should evolve into and how participants should be organized has not yet been successfully answered. Much like a universe that is lacking fundamental physical laws, the process has been broken and full of chaos.
Technical research over the past two years has given us the knowledge and courage to take the next crucial step in blockchain development, and as a result, we are about to formally initiate our own community exploration for the “Holy Grail”: The Nebulas Autonomous Metanet.
On April 15, 2019, Nebulas NOVA will launch on the mainnet, and at this time, Nebulas will have the core ability to measure the value of on-chain data via Nebulas Rank (NR). In addition, the mainnet will be instantly and dynamically upgradeable via the new Nebulas Blockchain Runtime Environment (NBRE).
All complex systems begin with the development of basic rules that follow logical steps. Since the basic component of blockchain assets is an “address” this is also the basic unit of the Nebulas community governance. Therefore, we formally propose three basic rights for each Nebulas address:
- The right to own and utilize assets on Nebulas
- The right to initiate a proposal
- The right to vote
Nebulas strongly believes that each address has the above listed fundamental rights within the system and will not be infringed upon under any circumstances. Any user who has access to a Nebulas address via their unique private key has a “right” to control their assets. Without any absolute centralized organization or individuals, each and every member of the Nebulas community has the freedom to use the mainnet and participate in the decision making process. Members can also participate in the production and construction of community approved projects. Simply put, anyone can create a proposal, share it with the community, and ultimately, have the community approve their proposal via an on-chain voting system. This means that the future of Nebulas is in the hands of every participating community member!
In general, blockchain is a network that tracks collaboration relationships, as well as a network that tracks “assets” of incentive cooperation. In a system that is absent of any centralized power, public assets should be managed by all community members.
The public assets primarily controlled by Nebulas governance include:
- Intellectual property, including public, open source code (such as Mainnet upgrades and other related codes that affect the public interest of Nebulas).
- NAS funds Reserved for the Community Ecosystem according to the Nebulas Whitepaper (see Appendix for details).
To achieve the goals of ecological development and asset governance within Nebulas, we will reform the three “Nebulas Organizations” with the help of community involvement.
The purpose of each unique organization is to limit the amount of power any entity has over the entire ecosystem and to strictly designate their source of power, organization and power boundaries, as well as mutual restraint over each organization.
- Nebulas Council: Oversees the legitimacy of the Nebulas governance process and the use of public assets within the Nebulas community; providing scaling advantages for the ecological development of Nebulas.
- Nebulas Foundation: Manage the Nebulas foundation’s public assets, pool available resources and use the capital to offer efficiency advantages to the Nebulas ecosystem.
- Nebulas Technical Committee: Entrusted by the Nebulas Council; responsible for the productivity and quality verification of the Nebulas development projects, thereby providing technical guidance and support to the community.
The “Nebulas Organizations” details (initial draft) and the schedule for the first Nebulas Council elections will be announced tomorrow, April 4, 2019. Stay tuned for more details.
We believe that the primary three “Nebulas Organizations,” along the technology pioneered by Nebulas will empower the entire ecosystem to be efficient, transparent, sustainable and scalable. In combination with the distribution of Nebulas nodes and the release of a new consensus mechanism, sometime after 2019, we will realize the goal of the Nebulas Autonomous Metanet!
The future of community collaboration and cooperation is approaching. Are you ready to answer the call?
Stay informed with all Nebulas governance announcements and projects:
- Project Collaboration Platform — Phase 1 online (go.nebulas.io)
- Nebulas Organizations (draft) — announcement on April 4, 2019
- On-chain voting system — further details will be released soon
- Post-restructuring asset disclosure — further details will be released in the future; no earlier than June 23, 2019
Nebulas Asset Supervision Program
Nebulas assets include two parts: community public assets and Nebulas foundation assets.
1. Community public assets
- 35,000,000 NAS (35%): community reserved in Nebulas Whitepaper
- 8,219.1744 NAS/Day: Consensus/block generation issuance
Before Nebulas NOVA goes live on the mainnet on April 15, 2019, the issuance percentage is 3% and is divided over 2 programs:
- 2%: Consensus/block generation issuance
- 1%: Nebulas Council Project Development Fund Reserve
- Unreleased portion for Developer Incentive Protocol (DIP)
Public assets are automatically distributed and managed via the on-chain governance process, and is overseen by the Nebulas Council.
2. Nebulas Foundation Assets
- 20,000,000 NAS (20%): Nebulas team reserved
- 5,000,000 NAS (5%): Nebulas Community Development Fund (Eco-investment Balance)
- Early private equity project development funds
- Early ecological investment income
The “Nebulas Foundation” assets are managed by the “Nebulas Foundation.” The Nebulas Foundation shall ensure that the use of assets is open and transparent.