If you are interested in building a collaborative future and supporting an innovative blockchain governance model, you have the opportunity to join in the first Nebulas council election. Get your nomination in before July 7 15:00, 2019 [Beijing time].

What is Nebulas

Built on groundbreaking innovation, Nebulas is an incentive-based and self-evolving next-generation blockchain. It allows everyone to get values from decentralized collaboration in a fair way. People are empowered to claim ownership of their data through tokens, which enables data to be valued and exchanged by everyone on the blockchain.

With the rise of smart contracts and various dApps, the blockchain world is in dire need of a universal measurement of value. Nebulas Rank [NR] is a core feature of the Nebulas blockchain that provides a necessary value measurement for blockchain. It is used to measure the contribution of an address to the entire blockchain economy over a period of time. It will also help others to discover valuable data in the blockchain world.

The Nebulas Council

The Nebulas founders believe that blockchain represents the social contract of the future. It will lead to a civilization where cooperation, inclusion, and the interests of society converge. As the core guardian of the legitimacy of the Nebulas governance process, the Nebulas Council will therefore have great responsibility. It will be responsible for the use of public assets within the community and provide scale advantage for development of the ecosystem. This means that the future of the Nebulas community depends on the Council members who are elected.

Founder and CEO of Nebulas, Hitter Xu, says “Do not ask what blockchain can do for you. Ask what you can do for blockchain.” All members of the community who control at least one address on the Nebulas main-net have the right to vote and to run for a seat on the Nebulas Council. Four of the seven seats on the Council will be elected via on-chain public voting within the community.

How to become a candidate

If you want to be a candidate, you need to complete the Council Election Application form. This involves submitting a personal bio and a photo as well as an overview of your proposal – what you want to accomplish and any previous contributions to Nebulas. Your proposal will be open to the Nebulas community and all information will be on-chain prior to the promotion period.

The ways to support

If you’re a member of the support group, you can become a candidate for the election or pledge your NAS to a candidate of your choice that they can use for entry onto the council. If you pledge NAS to a candidate, you will receive the weekly NAT distribution.

If you’re interested in Blockchain governance but you do not want to be a council member or you don’t meet the requirements, you can still join the support group, or be a VOB [Voice of Blockchain] author.

Community members can support group members and support or oppose candidates via NAT on-chain voting. Candidates and support group members win NAT on-chain voting rewards and incentives. Voting will take place over five sessions and ends on July 7, 2019, at 3:00pm Beijing Time.

What is NAT and how to use it

The Nebulas Autonomous Token [NAT] is the only governance token within the Nebulas ecosystem. It is the asset derived from Nebulas Rank [NR]. With value assigned by NR, NAT can be fairly distributed to those who have a higher impact within the ecosystem.

How to receive NAT – All users who control Nebulas Mainnet addresses [except blacklisted addresses] can receive NAT by improving the Nebulas Rank score of the address, participating in Nebula’s on-chain voting and by pledging NAS via a smart contract. The issuance of NAT happens according to the weekly calculation cycle of Nebulas Rank. It is one of the many ways Nebulas rewards those to help to add value to the ecosystem.

The Nebulas Foundation will support this election with 15,000,000 NAT. All candidates and support group members will receive NAT according to their total amount of NAT on-chain votes that they receive weekly.

The final election

The short list of final candidates will be announced after 15:00 July 7, 2019. The final election period will take place 3:00pm July 8-3:00pm July 16, 2019, Beijing time. By the end of the final election period, the top seven candidates who meet all the conditions will be appointed council members.

As a nascent economic system, blockchain needs transformative ideas and creative solutions to various issues. Nebulas is playing an important role as a next generation incentive-based and self-evolving blockchain. The First Council Election will determine its future and have an impact on the blockchain community which embodies the values of collaboration, openness and transparency.