After inviting the community to participate through the unique voting mechanism, Nebulas is now opening the last session for the election of the Nebulas Council, a governance body to guide the future of the project.

Nebulas Project is opening the final session for the election of the Nebulas Council, a blockchain-based governance body tasked with overseeing the future technology, as well as the spending of public funds. The election process of the Nebulas Project is a unique invitation for community building, and for direct participation in blockchain governance.

The evolution of blockchains is ongoing, happening in a very young sector. For each step in the evolution, important decisions are made. Even for Bitcoin, making a decision to change the rules has led to gridlocks, as well as open enmity. Nebulas Project has taken another path – that of community voting, ensuring that a body of representatives moves the project in the direction approved by token owners.

Nebulas is calling all enthusiasts, as the voting deadline is approaching fast. The next, and final election session for the Nebulas Council opens at 3:00pm July 8 and closes at 3:00pm July 16, 2019 Beijing time.

Nebulas has built its voting mechanism into the Nova 1.0 MainNet, launched on April 2, 2019. The Nebulas (NAS) token, listed among the top 100 largest assets on CoinMarketCap, is instrumental to the voting mechanism.

For NAS owners, participating in voting sessions not only helps build a Council with the most suitable candidates. It is also a chance to win returns in the form of Nebulas Autonomous Token, with the new NAT ticker. NAT is a brand-new digital asset, native to the Nebulas MainNet, built on the NRC-20 standard. The token is only generated through voting – meaning its production is limited to voting events. Voting is also a unique way for any NAS owner to receive the new NAT token, which until now has required the accumulation of Nebulas Rank, a mechanism measuring participation and productivity on the network.

Nebulas, the Google for Blockchains

Nebulas is a first of a kind project that aims to bring a Google-like tool for data sifting. The project has, however, tasked itself with tracking blockchain data – an ever-growing treasure trove of information. Nebulas will start exploring the vast metadata of blockchains, and start with small-scale, boutique tools. As the creation and usage of distributed apps spreads, Nebulas will be able to measure their statistics and impact. Nebulas Rank is also the flagship product, tracking the liquidity, user interaction and asset propagation, essentially creating a score for users of the blockchain.

The Nebulas Council

The Nebulas Council is a community-elected organization that will oversee the Nebulas governance process. The Nebulas Council will be responsible for the distribution of the public assets set aside within the community to incentivize network use, loyalty, and development.

The Nebulas project supports the notion that community building is integral to the success of any blockchain startup. In the past year, some of the most prominent projects have created a culture of voting, thus always keeping their community engaged.

Aero Wang, Co-founder of Nebulas, explained:

“The Nebulas Council is a new community organization and is the core supervisory body of the Nebulas community. The newly formed council will supervise the governance process and regulate the use of public assets in the Nebulas community thereby providing scale advantages for the ecosystem development of Nebulas.”

Top coins like EOS and TRON (TRX), have shown that elections can lead to good governance, fast decisions, and rapid growth and evolution. Building a voting mechanism at the protocol level is, therefore, one of the more recent good practices in the blockchain space. Nebulas is unique for setting aside a new asset to work within the data search economy, as well as serve as an incentive for voting.

The Nebulas project is all about participation and incentives. The new NAS coins, as well as the NAT incentive rewards, are only minted through network activity. There is a special reward for developers, minting NAS through the Developer Incentive Protocol (DIP). Wang said:

“If you are willing to lead the community to create a decentralized and collaborative future, you can participate in the election; additional community members can join the election team, vote or express their opinions via voting and pledging while receiving rewards for participation in the governance process.”

Additional NAS is awarded for active usage, and accruing Nebulas Rank. Thus, Nebulas offers constant opportunities to earn passive income while participating in the development of a unique blockchain-based startup.

The news of the upcoming Nebulas Council election sparked record trading volumes for the NAS token, lifting the price by as much as 100% in the past days. Ahead of the elections, NAS trades at $1.57, boosted by large-scale Asian exchanges such as OKEx, Binance, Huobi, and Gate.io.

For Nebulas, the past quarter brings numerous improvements, and NAS benefited from the market optimism, starting on a new upward climb. Beyond NAS, the NAT token tied to the voting process will offer additional opportunities for growth.

The views and opinions expressed in the article Nebulas Project on Verge of Watershed Blockchain Elections do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.

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