Nebulas (NAS) is the new project of the founders of NEO with which they want to become the Google of blockchain. When the internet came out, Google solved the problem of finding the best for your search among all those millions of websites. Nebulas now wants to solve this problem to find exactly the right one among all DApps.

How To Buy NAS

So you’re interested in buying Nebulas? Currently, there is no way to buy NAS directly with fiat, so the best way to buy NAS is to first purchase Ethereum, transfer it to your chosen trading platform and change it to NAS. We’ll show you how.

1. Firstly you will need to visit Binance and create your account.

2. Once your account has been created and confirmed, log into your Binance account. Once you have logged into the account, go to the menu, click on the funds section and then deposit on the drop down bar.

3. Once you’re on the Deposit section, click the drop down menu labeled “Select Deposit Coin” and look for Ethereum, or type ETH and select.

4. This is your Ethereum Deposit Address, we have chosen Ethereum instead of Bitcoin due to the lower fees and transfer times. Next we’re going to look at buying Ethereum and depositing it into your Binance account.

Buy Ethereum

To buy Ethereum, we’re going to use an exchange called CEX.io. Here you will be taken to the purchase page, where you can buy your Ethereum.

1. First change the Buy option from BTC to ETH for USD and then choose your amount.

2. When you have chosen the amount of Ethereum you want to purchase (A minimum of 0.05 ETH is required), you will need to register and confirm your CEX account and payment details.

Once that has been confirmed and the ETH has been deposited into your account, we will then need to move it over to Binance.

3. Select the Withdraw option at the top of the site and select Ethereum as your currency. You will then be given a field, where you will add a wallet. This is where you can transfer your money to Binance.

4. Go back to your Binance Account and copy the alpha numeric code under your Ethereum Deposit section and paste it into your Ethereum Withdrawal section on CEX.io. Confirm that this address is correct and press “Withdraw“.

Your Binance account will now be credited with Ethereum.

Purchasing NAS

1. Now you’re back on your Binance account click the Exchange section and choose Basic. This is the Binance trading platform.

2. On the trading platform, select the ETH section and use the search function to search for NAS/ETH and confirm.

3. On the NAS/ETH trading section you can now choose how much NAS you want to buy with your Ether. Once you have chosen your amount, press Buy NAS and place your order.

Once your order has been fulfilled, your account will be credited. Congratulations you’re now the proud owner of Nebulas.

What is Nebulas (NAS)?

In the white paper Nebulas states that their mission is to “lead us to a better life with more freedom and equality”. With this they want for example to completely eliminate public data. This means that superpowers like Google, Amazon and Facebook can no longer be the only ones to benefit from our data. The Nebulas white paper is one of the most impressive white papers we have seen and is no less than 60 pages long. In the video below CEO Hitters Xu gives a short speech about his great pride.

The Search Engine

Currently there are hundreds of different DApps built on Ethereum. In addition, there are hundreds of other DApps based on, for example, NEO, Waves and Qtum. It is expected that this could still be tens to hundreds of thousands. There will also be a lot of extra platforms on which these can be built, such as EOS and Zilliqa. This can cause a huge problem when you are looking for a specific app. In the Apple Store, for example, you have Apple’s search function to easily find your app with their own way of ranking. On the internet we now have Google, but for the DApps blockchain network there is no solution yet. This is where Nebulas Rank (NR) comes in.

Nebulas Rank

Whereas Google is the search engine for websites on the internet, Nebulas Rank wants to become this for DApps on the blockchain. In fact, this is an open-source algorithm. In other words, a piece of code that can be seen by everyone. This algorithm ranks the DApps on the basis of:

  • The liquidity. They look at how much dollars the DApps trade for a day.
  • The distribution of users. It looks at how many people use the DApp and how much it is talked about on social media.
  • Interoperability. This is largely determined by the ease with which the DApp can communicate with other DApps.
  • The picture below shows how they have this in mind at Nebulas itself. If you are not so technical or mathematical, this may look like abacadabra.

Nebulas Force

Another revolutionary function of the crypto project is Nebulas Force. The project started with a few basic protocols like NR, PoD and DIP. This may not tell you anything at all, but the point is that these basic protocols can be upgraded automatically. This is a wonderful step for block chain companies.

The bottom line is that Nebulas can develop itself without the need of forks. We have already experienced with Bitcoin that a hard fork can’t always run smoothly. These kinds of problems with Nebulas do not have to happen again in the future. Moreover, this way the community can easily develop along. With the help of voices they determine which upgrades are or are not implemented and thus determine the direction that Nebulas is growing up. The Nebulas Force essentially ensures that Nebulas can continue to grow forever, making it a project with infinite potential.

Nebulas Cluster Polymorphous Evolution

In addition, the team behind the Cryptocurrency is working hard to design a forward-looking mechanism in which different side chains can be implemented. These can then verify the most important technical innovations before they are finally added to Nebulas. Think of a new consensus algorithm or a lightning network. In the image below you can get an idea how they have technically set this up within the Nebulas Force.

Developer Incentive Protocol (DIP)

In doing so, they made it as interesting as possible for developers to develop for the platform. For this they developed a reward system called Developer Incentive Protocol (DIP). In the second week that the mainnet was live, a total of 226 people were rewarded with 250,000 dollars of NAS rewards. The first prize went to a game developer who within ten days had developed a decentralized game called “Cell Evolution”. With this he won 10,000 NAS.

Meanwhile, 2100 DApps have already been developed on the platform in the first two months that the mainnet is live. There are more of them now than on Ethereum(!). This is a very important feature of Nebulas, because normally the (crypto) platform that can attract the most and best developers is the platform that will be the most successful. Examples of this are Apple and Microsoft.

Summary

In short, Nebulas consists of:

Nebulas Rank (NR) – Ranking DApps in a good way.
Nebulas Force (NF) – The possibility of infinite self development.
A search engine – The ability to look up DApps ranked on the basis of NR.
Developer Incentive Protocol (DIP) – A reward system for developers, so they are motivated to develop good applications.

The Token of Nebulas: NAS

The token of Nebulas goes through life under the ticker name NAS. When the token first saw the light of day, it was still an ERC20 token. Meanwhile, however, it has already become a coin with its own blockchain when the mainnet went live in May. The token is mainly used as:

  • An ‘in-app’ currency or
  • As a currency within the Nebulas economy.

It is the intention to build an entire economy around Nebulas and its token, like Ethereum did with Ether.

The team does indicate that they have the possibility that they will generate extra NAS in the future. They think this will be about 3% annually. However, it is not possible to say whether this will actually happen, because NAS owners should first agree to this.

Team, advisors and partners

If you have the ambition to become the Google of the new economy, you should also be able to support that with an all-star team. Nebulas certainly does not disappoint in this. The founders consist of almost exactly the same founders as NEO. Both the CEO (Hitters Xu) and COO (Aero Wang) also designed the AntShares of the time. They have a wealth of experience, especially when you look at how young the crypto world is.

Hitters Xu, for example, is a real blockchain pioneer in China. Already in 2013 he founded BitsClub, which is the very first blockchain community in China. He is also the founder of ICO365 (one of the largest ICO platforms) and FBG Capital (one of the first crypto funds). The entire team can be found via this link on their website and below you will find the three most important names with their experience.

Criticism

Nebulas is not very popular on social media yet. One of the biggest criticisms it gets is that they do too little marketing and provide too little support. This criticism came to life during the sharp decline of the cryptomarket in January 2018.

Because crypto is decentralized and therefore everyone’s, the community is one of the most important parts of a project. Unfortunately, at Nebulas they don’t seem to realise this well enough yet, so many people have lost faith in it during the market crash.

Another point of criticism is the current way in which Nebulas Rank works. The criteria used for this are still determined centrally. This means that the project is not (yet) completely decentralized and there is still a chance of manipulation. In their white paper, they do say that they are open to changing this in the future, but that does not mean that they will actually do it.

Conclusion

We are very impressed by Nebulas. It is perhaps one of the strongest teams in the crypto community and also the problem they want to solve is in our opinion something that (in the future) is in great demand. Moreover, it is one of the best whitepapers we have seen so far and the technology behind it is of a very high level. The only big disadvantage that can be mentioned is that they underestimate how important their own community is. A project can still be that good, without a community you are nowhere in the crypto world. If they get this on the road, Nebulas can sometimes surprise us very positively.

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