Nebulas (NAS Token) ICO Founders to Defer Crypto Payday For 10 Years
Cryptocurrency Paydays To Be Deferred For Ten Years In An Unusual Choice By ICO Founders
The cryptocurrency industry is largely synonymous with quick returns, as a result, patience is in essence an infrequent commodity. In this regard, the last week declaration by the Nebulas project, which is powered by the top one hundred crypto NAS came as a very extraordinary development.
The founders of the project, which is valued at $64 million, will willingly have to be patient for ten years before they can access their blockchain tokens to earn from their hard earned labor. This is actually 7 years longer than the initial plan. Late last year, the team, which is based in Beijing, raised $60 million in an ICO for a general purpose blockchain with extra structures.
According to the team, this type of blockchain would go a long way in accelerating advancement as well as market adoption. In the initial allocation of tokens, 20% of the initial supply, were to be left for the team and founders, which would be gradually released over a period of three years.
However, according to a blog post publication carried out last week, the timelines for the token release have been drawn-out significantly. The team of developers will have their gradual distribution of tokens deferred about twelve months. On the other hand, the founders of the network will be patient to have their token distribution to commence after ten years.
The positive move, is already getting acknowledgements from the crypto industry, which is desperately seeking for the development of good ideals. According to Ryan Selkis, the founder of Messari, a data token source, the multi-year investment scheme ought to be the guiding standards for budding token firms.
He asserts that one of the best ways of aligning founder incentives is by vesting time-based schedules, which are currently being followed by many firms. Alternatively, milestone-based schedules can also be applied to incentivize founders.
Hitters Xu, one of the founders of Nebulas, said that the team is conscious that the development of the firm still has a long way to go. There is great need to concentrate on the technological and ecosystem development of the bionetwork.
Becky Lu, the marketing director of the project also echoes the same sentiments, asserting that at the moment, the team is largely focusing on the technical vision of the project. This is due to the dynamic nature of the blockchain technology, which still has some elements of risk.
One of the reasons why the project founders decided to delay their payday is due to the fact that the project’s core idea is strong, being that it is based on the creation of blockchain ranking system that assists users to lift up the finest decentralized applications. The system works like the Google ranking in the blockchain industry, where data is quite a lot.
By using a system through which interactions are analyzed between smart contracts and addresses, the project leaders are of the idea that it can create a more sophisticated system for the users of the innovative technology. The contrivance could be of help to entrepreneurs behind token projects, who have developed interest in sophisticated user aiming at their airdrops.
According to Lu, it is possible to reach out to more people the moment you are able to grasp your target audience. The mainnet of the project went live in the first quarter, though there are yet a myriad of tools which were promised in the ICO that yet to be accomplished. These include the Nebulas Rank, Nebulas Force and the Nebulas Incentive.
Developing Decentralized Applications
Information from the project’s mouthpieces indicate that almost 7000 dapps have been established on the blockchain at present. Nebulas ran an incentive program from May to July, in which it was able to distribute NAS tokens to over 1400 diverse applications.
A number of the dapps still require some time before they can be of considerable use, mainly due to the migration of the project’s token, which is still underway. A number of users are reported to have run into barricades.
Due to the fact that most of the token holders are based in the US, where regulatory frameworks are still uncertain, it has been difficult for them to swap on exchanges. However, the team has still continued in the development of tools to assist in interacting with users.