Categories: EducationFAQ

What Is Nebulas?

Nebulas is, by far, one of the most ambitious blockchain projects in existence today. Although it is completely based on incentives, its team aims to make their blockchain “evolve on its own accord”. Moreover, they want to provide a decentralized search framework which is capable of scouring all other blockchains in existence. One could say that Nebulas aims to become the Google for blockchain technology, but it remains to be seen if that is just a pipe dream.

What is Nebulas all About?

Any blockchain project will eventually bring competition to established networks. In the case of Nebulas, it will become a search platform for other blockchains, as well as a solution that focuses on upgradeable smart contracts. Although most people associate smart contracts with Ethereum, there is growing competition in this area. Especially when it comes to upgrading smart contracts, Ethereum is not the best choice right now.

How Does Nebulas Work Exactly?

Although any project revolving around search will be compared to Google or Bing, Nebulas has an entirely different vision. More specifically, the project focuses on searching for information across blockchains, decentralized applications, and smart contracts associated with other projects. The team aspires to improve worldwide equality and freedom in the process, and it will be interesting to see if they succeed. Their focus on privatizing user data is not unique in the blockchain world, though.

Several key features of Nebulas deserve to be highlighted. Nebulas Rank serves as a measure of value, and will be a “unit of repetition” for Dapps and smart contracts. There is also Nebulas Force, which can prevent forks and help developers improve their blockchains and smart contracts to meet new market demands. Nebulas developers are awarded the native NAS token for making contributions. It appears that Nebulas will also have a Lightning Network wallet to provide atomic swaps between NAS and any currency with similar functionality.

Although Nebulas is a very technical project, it is safe to assume it will find its niche market in the end. Assuming, that is, that the developers deliver on their promise of creating a decentralized search framework with verifiable computing and distributed data storage solutions. So far, there has been some positive progress in this regard, but there is still plenty of work to be done in the coming weeks and months. It is well worth your time to check out the whitepaper for a more technical explanation of how this plan will be realized.

The Nebulas Roadmap in a Nutshell

According to the official Nebulas roadmap posted on Reddit, there will be some interesting developments throughout 2018. The fully functional blockchain with JavaScript-based smart contracts will go live in Q1 of this year, and desktop and mobile wallets will be released during the same period. In Q4, the Nebulas Rank System will be integrated and the Developer Incentive Protocol will go live as well. There is a big gap between those two items, but it is evident everything is being built from scratch. Doing so takes a lot of time, but investors know what to expect in the coming months.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx
Tags: blockchainDecentralzied Search EngineNebulas

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