What you need to know about the Nebulas Autonomous Token and Nebulas Rank
This article is based on a translated version. For the original article, visit: https://mp.weixin.qq.com/s/bTeGOJCR0DcP4d4gc0dJEA
Nebulas has been gradually releasing information about the Nebulas Autonomous Token (NAT) to the community. The amount of information is overwhelming and there is still is some confusion within the community. To simplify things, this article compiles all the pertinent information into an easy to understand list.
How to improve your Nebulas Rank (NR)?
NR is based on your on-chain behavior. By increasing your transaction count of your address increases ecosystem activity and in turn, improves your NR. To learn more take a look at: https://community.nebulas.io/d/175-nas-nr
When can I see the results of trying to improve my NR?
Nebulas Rank is updated weekly. Any transactions you make this week will be reflected in your NR score for the following week.
Will my NR score be displayed in my wallet?
Only your on-chain Nebulas assets are viewable within your wallet and will not display your NR.
Where can I see my NR?
Visit https://nr.nebulas.io/nr/#/ to view any accounts NR. Simply enter your on-chain address and your NR will be displayed.
Let’s take a look at how to obtain NAT
How many NAT will there be?
Based on the current Nebulas Rank of the entire network and the current initial parameters, the upper limit of the total amount of NAT tokens to ever exist will be 100 billion.
How to get NAT by increasing NR value?
Users can continue to actively utilize their mainnet address to increase its NR score organically.
What is the distribution rate of NAT?
The number of NAT obtained from an address will be based on its calculated NR score of the previous week. Based on the NR stats of the entire network on April 16, 2019, the airdrop ratio of the first week is about 1NR = 0.0029NAT. For more details about the NAT airdrop calculation, visit: https://medium.com/nebulasio/check-your-nr-see-how-many-tokens-you-can-receive-from-the-nat-airdrop-a45b0efdd697
Will cryptocurrency exchanges receive NAT?
All addresses with a NR score will receive the weekly NAT airdrop and, yes this includes exchange addresses as well. However, based on the 3 core principles of Nebulas, the exchange does not have the right to vote. These 3 principles are:
- The right to own and operate assets on the Nebulas chain;
- The right to initiate a proposal;
- The right to participate in the voting of the proposal.
According to the first basic rule, the exchange address can collect NAT, however the NAT belongs to the exchange users.
According to the second and third basic rights of the Nebula address, the exchange’s collection address is excluded until the exchange can prove that the collection address fully represents the corresponding custody asset the users proposal & voting willingness.
How to pledge NAS to get NAT?
Some users who have attempted to increase their NR have been met with limited success due to either low transaction volume or attempted manipulation of the system. Instead, Nebulas has released a program for users to increase their NR by pledging their tokens within the Nebulas ecosystem.
On May 6th, the Nebulas Pledge smart contract will become available and users will no NR score can transfer their NAS into the smart contract and in return receive the weekly NAT airdrop based on their deposited/locked NAS.
To begin a pledge, users will need to send a transaction to the voting smart contract via the Nebulas wallet NAS Nano Pro or other wallets that support the Nebulas mainnet. In return, the pledged NAS will be locked in the smart contract until the pledge is canceled by the user.
For more information on the Pledge program, visit: https://medium.com/nebulasio/how-to-receive-nat-without-a-nebulas-rank-5d8cbd931cb9
How to cancel a NAT pledge & have the locked NAS returned?
If a user wants to cancel their pledge and unlock their NAS, NAS Nano Pro or other supported wallets can call the smart contract to cancel the pledge. After canceling, the pledged NAS will be unlocked and will become available to the user. After the pledge is cancelled, the NAT airdrop will also be stopped.
Reminder: In order to guarantee the acquisition of NAT, the user must send the NAS to the Nebulas smart contract address via a user controlled address which you hold the private key for. Do not send NAS to the pledge smart contract directly from a exchange or address you do not fully control.
How to vote and receive NAT incentives?
In order to encourage community members to participate in voting, users will receive NAT incentives based on their activity!
If a person utilizes their NAT for voting, they qualify to receive a NAT reward; however, if the same address would receive the NAT airdrop due to their NR score, they would not receive both the airdrop and the additional reward. Instead, they will receive the lower amount of the two.
During the first week of NAT incentive distribution on the maninet address, the following formula will be used: μ*min(NATv,NATnr).
Above Formula breakdown:
- μ is the incentive index, μ=10 under the initial parameters
- min() will use the smaller of the two values in parentheses
- NATv is the amount of NAT that was sent out from the address for the week
- NATnr is how much NAT the address will receive this week based on the previous weeks NR score.
When NATv (sent by the address in the week) is less than or equal to NATnr, the number of incentive NAT obtained will be μ*NATv. When the NATv of the address is greater than NATnr, the amount incentive obtained will be μ*NATnr.
An address obtains 10 NAT via airdrop based on its NR score from the previous week and there is a total of 1000 NAT held within the address.
This week, the address votes 10 NAT and in return, will receive a 100 NAT voting incentive (10*NATv).
If the address votes 1000 NAT, the incentive would still be 100 NAT. This is due to the address receiving 10 NAT this week via airdrop due to their NR score(10*NATnr). Since the NATnr is 10, this is the maximum multiplier that will be applied.
For more information, visit: https://medium.com/nebulasio/participate-in-nebulas-ecosystem-voting-receive-nat-incentives-7235fdc65439
What happens utilized NAT?
Any NAT used in voting is burned; however the users can still be rewarded incentives for participating.
After reading this summary, you should have a good understanding of the NAT token. If you still have questions, please visit the Nebulas community forum at https://community.nebulas.io.