Recently, the Nebulas blockchain project which was founded in 2017 completed a milestone in its development by formalizing the specific details of its original and unique consensus algorithm entitled Proof of Devotion [PoD].
Led by a long-time believer and leader in the blockchain space, the Nebulas ecosystem was created for the goal of expanding the utilization of blockchain technology while enabling all who are part of the ecosystem to receive value directly via decentralization and unique on-chain mechanisms, thereby creating a true Autonomous Metanet.
The entire blockchain ecosystem is rapidly evolving both technologically and philosophically, and with this evolution, many who participate in the ecosystem – even if it’s just holding an asset are not receiving any incentive for their devotion to the project. While many may wonder how devotion can be measured within a blockchain ecosystem, it is in fact the hidden force behind most digital assets including Bitcoin and Ethereum.
Some in the blockchain landscape believe that only the few should receive direct value from the technology, but Nebulas is taking an alternate approach by incentivizing all who are willing to show some level of devotion to the Nebulas ecosystem. In fact, the greater the devotion, the more value there is to gain!
What is Proof of Devotion [PoD]
Nebulas’ new consensus algorithm is partially based on the well understood and mature Delegated Proof of Stake [DPoS] consensus algorithm but while most projects who depend on this powerful consensus algorithm, authority is usually constrained within a small portion of the community allowing for governance manipulation and ultimately corrupting the foundation of the blockchain and suppressing those within the ecosystem.
Instead of suppressing the devotion of many within an ecosystem, Nebulas has defined devotion in a practical and methodical approach which encourages and incentivizes all those who can verifiably show their devotion to the ecosystem via a public ledger.