Blockchain technology is poised to be our new beginning, allowing for collaboration and governance on a scale never before seen. This dream, however, has been difficult for most projects to achieve, leading to autocratic control where only a few people truly have any power. One project poised to change this is the Nebulas blockchain project. Nebulas are striving to create an autonomous network where the global community acts as the project leader and all NAS asset holders have a voice.
Recently, the Nebulas blockchain project completed an exercise in on-chain governance with a lot at stake, and impressively, acknowledged the opinion of the community in rapid succession, leading to a massive USD 20 million burn of the NAS asset.
What was burned?
Back in 2017, the remarkable Nebulas whitepaper was released which detailed Nebulas’ vision of the Autonomous Metanet with many new and unprecedented features. This document also detailed the creation of a fund for the community containing 35 million NAS which equated to 35% of the initial (and entire) supply of NAS.
Since the release of the Nebulas mainnet in March of 2018, this fund has been locked away to be used in the future, but the global blockchain landscape has undergone significant change since then. Therefore, the Nebulas Foundation, which oversees all assets under the control of Nebulas, allowed the community to decide what to do with this fund; should it remain locked away or should it be destroyed, significantly reducing the overall supply of the NAS asset?
How to govern a community?
Like many other blockchain projects, it’s easy for the project leader to make a decision and to execute it regardless of the wishes of the all-important community. To give power to the community,