In the early morning of May 6, 2019, Beijing time, first technical proposal on the Nebulas mainnet entitled the “Arthur Proposal” completed successfully. This proposal marked the first upgrade through the Nebulas Blockchain Runtime Environment (NBRE) on the Nebulas mainnet. On April 15, 2019, the proposal was submitted to the community and on May 6th, 2019, the network was successfully upgraded through the NBRE and the community voting process. The total time for this upgrade was just 20 days.

This upgrade modified the parameters of Nebulas Rank (NR) and the Developer Incentive Protocol (DIP). Due to the successful upgrade of the Arthur proposal, starting from the block height of 230700, the NR algorithm on the Nebulas mainnet will be calculated according to the parameters within the Arthur proposal. The release of NAT will use the new parameters for distribution calculations. This upgrade does not affect other parameters of NAT. Based on the NR value of the entire network on May 6, 2019 and the new NR algorithm, the total circulation of NAT is still 100 billion.

According to the previous parameters, the correspondence between NR and NAT was about: 1NR≈ 0.0029NAT (this was based on the NR value of the entire network from April 15 to April 21, 2019; the date in the original announcement was incorrect).

After the Arthur proposal was successfully upgraded, the calculation methods of the two parameters “Xe” and “Xne” in the original function were adjusted. The adjusted relationship between NR and NAT is now about 1NR≈12.663NAT(according to the NR value of the whole network from April 29 to May 5, 2019).

In addition, the pledge portion of NAT distribution has been adjusted accordingly(the original calculations can be viewed here).

Based on the new calculations, NAT distributed via pledging is:

1NAS ≈4.181 NAT

10NAS≈ 115.701 NAT

100NAS≈2622.513 NAT

1000NAS≈ 43748.252 NAT

10000NAS≈554686.174 NAT

On May 6th, 2019 12:00 Beijing time, the total number of NAS pledged for the first distribution cycle was 1,597,397.41718755 NAS. During the first cycle of NAT distribution on May 13th, 2019, a total of 92.4 million NATs will be distributed based on pledging and the above table.

The portion of NAT distributed via Nebulas Rank scores will be calculated based on the NR of the entire network during the the cycle of May 6 to May 13, 2019. In total, approximately 7.9 million NATs are expected to be distributed via NR based on the data from April 29 to May 5, 2019.

Note:

All values ​​are estimated based on the NAT algorithm and historical NR data. The actual amount of distribution will be based on the NAT smart contract calculation and the real-time Nebulas Rank of the network. All times and dates referenced are Beijing time.

For more information, about NAT, take a look at the Nebulas Medium blog and the Nebulas Governance Orange Paper.