Hey guys, welcome back to my channel!
First off I want to thank everyone for liking, subscribing, and sharing, my
content. You guys rule and I appreciate the constant love and support.
Today’s video will be about Nebulas. I remember there being a lot of
buzz about it during its ICO, but I didn’t know anything about it so I chose to do some
research. Quick disclaimer: I’m not a financial advisor, all investments have
inherent risk. Please do your own research. In the spirit of transparency,
I do not own any Nebulas. If you like my t-shirt and you want to pick one up, you
can go to the merch section on my website. Or if you’d like to support my
channel you can become one of my Patreon’s. I’ll leave all the links down below for
everything, and please hit that like button and that subscribe button
if you have not already. Today’s video is going to be about Nebulas.
Blockchain technology and the crypto space as a whole is getting more complex, and more
involved with each new project that’s coming out. We have a loads of decentralized
applications, also known as “dApps”, smart contracts, new currencies, and all kinds of innovative projects that are constantly being created. When the internet began, hundreds of
thousands of websites started popping up. And early adopters could visit those
sites by typing in a web address. But soon people wanted to know what else was out there that maybe they didn’t have the direct address to. And that’s how search engines came about. Nebulas is striving to solve a problem that we will
likely be experiencing in the near future, but we may not be experiencing quite yet. Let’s start with the team. The Nebulas
platform was built by a team of 14 members. The CEO, Hitters Xu, is a former director
of Ants financial blockchain platform, Alibaba’s financial arm, and part of
Google search and anti-fraud team. Since 2013, Hitter’s has founded
BitsClub, the very first blockchain and Bitcoin community in China.
ICO 365, one of the largest ICO platforms, and FBG capital, one of the
earliest crypto funds. He’s also one of the founders of NEO.
You know, a small project that you may have heard of. Robin Zhong, is the co-founder of Nebulas and the
former head of Ant’s finance department. He also previously worked for the
Dolphin Browser. Aero Wang is another co-founder of Nebulas. As well as NEO. He is the initiator of open IP and the IP community. He’s a self-proclaimed serial
entrepreneur in the blockchain industry. Let’s move on to the ICO. The Nebulas
pre sale started on December 1st 2017. And in just over two weeks they had
hit their hard cap of 60 million. Out of the 100 million available tokens,
30% were sold during the pre sale.
And ICO price was 1 Nebulas token, to $2.00 in USD. The remaining 70% of the tokens were broken up
as follows, 10% for the initial funding round, 5% for the Nebulas foundation, 35% is kept in the
community reserve, and the final
20% is for the team in the advisors. Important note to mention is that the team
tokens are on a three-year vesting schedule. Up next in the technology.
The Nebulas coin is a utility token. Meaning users of the Nebulas
ecosystem will use these coins to pay for transaction fees within the
ecosystem, and pay for computing services. Since moving to their main net, they state that
they can handle up to 2,000 transactions per second. Nebulas uses a “proof of devotion”
or PoD consensus algorithm. I’d never heard of this before so I’m going to
quote directly from the white paper here for accuracy, “PoD gives an influential user on the Nebulas blockchain an opportunity to become a book keeper,
and receive Nebulas block rewards, and transaction fees as revenue.
This will encourage them to contribute to the stability and a security of the
Nebulas blockchain on a continuous basis. Users with Nebulas ranking values
higher than a specified threshold may take part in the bookkeeping selection
procedure. They’ll do this by paying a security deposit. Through virtual mining, each
bookkeeper candidate competes to earn bookkeeping rights. Users with
bookkeeping rights are responsible for block generation and in return receive
block rewards and transaction fees as revenue. If any user behaves in an
inappropriate fashion the users security deposit will be confiscated and
reassigned to another bookkeeper candidate. I may be oversimplifying here
but it sounds to me like Prood of Devotion is very similar to Delegated
Proof of Stake. Nebulas has stated that they are a decentralized platform which
provides a search framework for all block chains. The nickname for this
project is “the new Google”. While the two are very similar in purpose, they hold
two very different use cases. Google is intended for day-to-day Internet
information searches, while Nebulas aims to provide a platform for searching and
finding the most appropriate dApps, smart contracts, and blockchain assets, for each
individual user. The major components of this project are the Nebulas Rank or “NR”,
the Nebulas Force or “NF”, the Developer Incentive Program or “DIP”, and the search
engine for decentralized applications. The Nebulas Rank, it sets up a
standardized measure of value for components on the blockchain. Think like
Google’s PageRank. Nebulas Rank measures values according to three
characteristics. Liquidity, this comes down to transaction frequency and scale.
Essentially the tokens that are transacted in the highest volume will be
valued at the highest. Propagation, it is important to
differentiate between liquidity. Is it widespread? Or is it just
coming from a few users? That’s a better indication of true utilization.
Interoperability, on the blockchain there will be more information of users assets,
smart contracts, and dApps. And also there will be more frequent
interactions among them. This makes interoperability really important.
Think the more connected a node is to the rest of the nodes on the network,
the more interoperable it is. And the more connected, the higher the Ranking.
Nebulas Force, this provides the Nebulas blockchain and it’s distributed applications built on top,
the capability to self evolve. With Nebulas Force, developers can update the protocol,
preventing divides in the community and preventing hard forks. The Developer Incentive Program was designed to
build a blockchain ecosystem in a better way. The Nebulas token incentives will help top developers to create more valuable applications in Nebulas. Search engine for decentralized applications.
Nebulas constructs a search engine for decentralized applications based
on the Nebulas value ranking. Using this engine, users can easily find desired
decentralized applications from the massive market. By providing the
blockchain a search engine the Nebulas ranking system will allow users to
locate dApps, and smart contracts. For example let’s say that you’re looking
for dApp like crypto kitties, and there’s a lot of other similar apps out
there right now. So the Nebulas search engine would use the data from multiple
locations, and their ranking system to locate the app that’s most likely to be
the one that you’re looking for. That brings us to present day. Currently
Nebulas sits at number 58 on live coin watch, with a market kept value of 207
million. If you’re interested in buying Nebulas you can get it on
Huobi, Binance, and OKEX. The circulating supply is 45.5 million tokens
and the total supply is a 100 million tokens. On march 30th of 2018 the Nebulas main
net was formally launched and Nebulas 1.0 was officially released. They
now have a mobile app which can be found on the Google Play Store as well as the
Apple App Store. They also have a web wallet but you have to go on github to
set it up. I personally used the mobile wallet and it’s very easy to set up
and it’s very easy to use. On May 22nd their token swap started from the ERC 20 NAS token, to their main net token. It was a 1 to 1 swap. The team requested that people leave their
tokens on either Huobi or the Gate Exchange. The first season of their incentive program just ended. The Nebulas incentive program was
created to encourage people to build on the Nebulas blockchain.
This program consists of two streams, the developer incentive. Global developers
are invited to build projects on top of the Nebulas blockchain and then
we’ll be rewarded in NAS tokens. And then they have the referral incentive,
this is a program in which referrers who successfully invite developers to the
ecosystem, will also be rewarded in NAS tokens. The season just ended on July 2nd and Nebulas
was offering weekly and monthly rewards. First place for the weekly
rewards received 10,000 NAS, which is around $70,000 in US dollars. The
top monthly reward was 20,000 NAS, which is around $140,000 US dollars.
That’s a pretty amazing incentive. If anyone is interested in participating
in their Developer Program, I left the referral link down below you
guys should go sign up. On to their partners, most of the companies that have
partnered with Nebulas are companies in which their co-founder acts as an
advisor. The organization’s also offer services relevant to NAS. Loop Ring for
example, is a decentralized platform that aims to become the financial system of
the future. BitsClub, and FBG Capital are organizations that are founded by Xu.
Their advisors, in addition to having a very well-versed team Nebulas has a long
list of distinguished advisors. Edith Yeung is one of the team’s advisors, and
she’s a Silicon Valley lead investor. She’s partnered with 500 different
startups and her contribution to the Nebulas platform is immense considering
she’s a lot of connections in Silicon Valley. Coming up to look forward to, the
Nebulas team has not yet implemented their Proof of Devotion algorithm.
They’re planning to have it completed by Q4 of 2019. While that may be a ways away, we also have
to realize that good innovation takes time. In Q4 of 2018 they’re expected to have the Nebulas rings for each address on the Nebulas ecosystem. This will help users and developers in
finding more value in the ecosystem. On to the pros! So the Nebulas ranking system may be the first to integrate search engine capability into the blockchain. This concept is
really cool and I think it’s definitely one of those things that we don’t know we need yet,
but will be extremely useful when we do. Nebulas supports Javascript for smart contract development, making the entry level easy for all developers. And they have a really strong team,
with a lot of experience in the space. On to the cons, the Nebulas protocol is only
modifiable by the nebulous core developers. Although this isn’t really a negative,
I wouldn’t call the platform self evolving. It’s definitely a limiting factor
and it’s a centralization factor. The protocol updates will be applied via a hard-coded signature into the Genesis block. And this means that there’s a
potential for network compromise. Final thoughts, Nebuals is an impressive project. They have a strong team and
they’ve chosen to focus on something that doesn’t exist yet in the crypto
space and to me that is hugely important. The project is very ambitious, and they
still have a lot to deliver to the community. The roadmap is pushing out
till about 2019. However I do think the project is strong and will have a bright
future. All right guys that about wraps it up for me today, as usual I want to
thank everybody for watching. Please like, please subscribe, if you haven’t and I
will see you all soon!