What is Nebulas?
History of Nebulas
Nebulas was co-founded by blockchain developers Hitters Xu, Robin Zhong and Aero Wang, first developed as an idea in 2017. It has a large team of developers and has communities of users all over the world. After a largely successful ICO, Nebulas entered the cryptocurrency markets in August of 2017, briefly surpassing a market capitalization of $500 million in January 2018, making it one of the fastest growing cryptocurrencies to ever be launched. By mid 2018, it was listed very highly in China’s ranking of cryptocurrencies, surpassing several of the top coins by market cap.
How Nebulas Works
In order to help its network process transactions in an efficient manner, Nebulas uses a transaction ranking algorithm in order to prioritize transactions based on the category and contents of their data. The ranking system, known as Nebulas Rank, is also used to determine the importance of user accounts to the network. Nebulas Rank is also the basis for Nebulas’ Proof of Devotion (PoD) consensus algorithm, which is used to not only secure the network but reward “influential” users of its blockchain with new coins and transaction fees for verifying transactions and adding them to blocks.
Nebulas is loaded with features not normally associated with cryptocurrency platforms. In addition to acting as the ledger system for a cryptocurrency (NAS), the Nebulas blockchain also contain the following elements.
Community ecosystem. Nebulas has created a developer-friendly positive feedback mechanism in order to build a prosperous DApp ecosystem in which developer creations can thrive. It features a large, global community of users that all work by various means at contributing to the overall success of the platform.
Advanced mobile app. Nebulas has a highly-integrated mobile wallet, available on multiple platforms, called NAS Nano, which can not only be used to send NAS to other users but access a wide variety of DApps built on top of the Nebulas blockchain.
Self evolving. Nebulas is very future oriented, designed to incorporate feedback from users in order to make it adaptable for its continued success. It also has internal mechanisms in place that can make changes within the system in order to provide faster platform computations, a more powerful framework and better user experiences.
Developer Incentive Protocol (DIP). Nebulas’ DIP is programmed to award developers of DApps and smart contracts with extra NAS tokens dependent on the success of their additions to the platform. The more times a DApp or smart contract is used on the network, the greater portion of NAS tokens a developer receives for their contribution. This encourages users to contribute positively to the Nebulas ecosystem, thereby enhancing its overall value as a cryptocurrency platform.