Since founded in June 2017, Nebulas has been in continuous development for more than one year in accordance with the roadmap in the published whitepaper. From the earliest non-technical white papers to the stable operation of the mainnet for more than 4 months, the Nebulas team and community have achieved milestones one after another.

We are pleased to see that the current Nebulas mainnet is robust and stable with more than 10,000 smart contracts, more than 230,000 mainnet accounts, and almost 6,900 DApps. However, there is still a considerable distance to realize three technical features of Nebulas, namely, Nebulas Rank (NR), Nebulas Force (NF) and Nebulas Incentive (NI). At present, the entire blockchain industry faces many problems and challenges. As firm believers and pioneers of this great technological change, we are conscious that the construction and development of Nebulas still have a long way to go.

According to the original plan of the Nebulas Whitepaper, 20% of the total amount of NAS (20 million NAS) has been reserved for Nebulas founders and the development team, which will be gradually unlocked over the course of three years. Now after careful consideration by the team, in order to ensure the realization of the long-term vision of Nebulas, we hereby announce the following resolutions of the distribution of reserved NAS for the team.

1. The time to unlock the reserved NAS for all the members of the Nebulas team will be postponed for one year, and the specific unlocking arrangement will be publicly disclosed to the community one month in advance. 2. The lock time for the reserved NAS of Nebulas founder & co-founders will be extended from the original 3 years to 10 years, and will be gradually released over the course of 10 years.

In addition, the Nebulas team will also fully promote transparency, standardization and communitization of the project assets management. To this end, the following initiatives will be launched:

1. Nebulas team will publish the addresses of undistributed Nebulas mainnet NAS. According to the Non-technical Whitepaper, 55% NAS (55 million NAS) is not in distribution, including the reserved NAS (20%) for Nebulas founders and the development team as well as the reserved NAS (35%) for community ecosystem growth. Nebulas is willing to accept public supervision of the community, and hereby promise such part of NAS will remain locked for one year. The specific addresses will be announced separately. 2. Nebulas has reached partnership with professional third-party audit firms, and will further promote the professionalization of the management and governance of project assets. For further information, please refer to our subsequent announcements.

The Nebulas team is fully committed to this project, and will continue upholding our initial intention forging ahead, and will work together with the community to build a incentive positive, and prosperous Nebulas ecosystem.

Nebulas team

August 8, 2018