On October 21st, 2019, the community will vote on the final resolution pertaining to the 34 Million NAS Community Reserve Fund. This will be determined by voting either For or Against the immediate burning of this fund; as a result, this vote will determine the outcome of the largest crypto asset holding of the Nebulas community for the past two years.

According to the Nebulas Whitepaper (2017), 35% of all initially created NAS (i.e. 35 million), has been reserved for the community which still remains locked to this day and was not to be released before June 23rd, 2019. Nebulas pays great attention to community development and thus far has reserved NAS specifically for this purpose. We’re devoted to decentralized collaboration and are making great strides to complete this lofty task.

From August 26th to September 20th, 2019, the community submitted proposals via go.nebulas.io with the intention of what to do with this community fund. In total, 36 proposals were put forward; 2 of these proposals advised a one-time burning of the fund while most proposals suggested a successive or continued burn process. On September 29th, 2019, the community voted and chose a one-time burn with an approval rating of 68% and as a result on October 9th, 2019, 1 million NAS was burned to never be used again. (Proposal ID: NIP37 and NIP41)

The voting cycle has been intentionally divided into two sections as respect to the community which allows for further careful thought and consideration of this important topic. Each Nebulas community member is entitled to the vote to whether or not to burn the remaining 34 million NAS worth approximately 14.96 million USDT (as of market price on Oct. 17th, 2019).

Voting Time:

Begins: October 21st, 2019 at 3:00pm (UTC+8/Beijing Time)

Ends: October 28th, 2019 at 3:00pm (UTC+8/Beijing Time)

Voting Rules:

Voting will take place on the Nebulas.io website with the options of “Immediate one-time burn” or “Not To Burn.” Upon voting, select your preferred option, scan the QR code via NAS nano Pro and initiate NAX transfer. For more details about the voting process, please review the NAX vote tutorial at: https://medium.com/nebulasio/the-first-round-of-community-voting-will-began-today-f124701b440e

There is no limit to the amount of NAX a user may cast

All NAX used for voting will be returned to the voters address approximately two days after the 30th dStaking cycle of the completion of the vote (e.g. 31–33 days/cycles)

Post Voting Process

If “Immediate One-time Burn” is chosen: If this option is selected, the Nebulas Foundation will burn the remaining 34 million NAS within one week of the completion of the vote.

If “Not To Burn” is chosen: The remaining 34 million NAS contained within the community fund will remain locked until a suitable proposal is put forward.

Suggestions are always welcome! Please join the discussion at go.nebulas.io/, community.nebulas.io/ or the Nebulas Telegram Group at t.me/nebulasen/.

Disclaimer:

Nebulas does not assume any responsibility for the loss of assets due to personal operation. For the final solution of the Nebulas community fund, please refer to the relevant announcement issued by nebulas.io (nebulas.io) after the vote has been completed; Please be diligent to identify and avoid fake applications, falsified messages, phishing websites, phishing emails, fake customer service, scams, etc… The Nebulas team will never ask users for their private keys. Nebulas is not responsible for any loss caused by users or third parties.