Everything about
the Nebulas Council Election


The first Nebulas Council Election

Nomination Period : 15:00 April 20 ~ 15:00 July 7, 2019 (UTC+8, Beijing)

Final Election Voting Period : 15:00 July 8 ~ 15:00 July 16, 2019


About the Nebulas Council

The Nebulas Council oversees the Nebulas governance process and the use of public assets of the Nebulas community to provide scale advantages for further ecological development of Nebulas.

Power:

1. The Nebulas Council has the power to submit a proposal for a second vote.

2. Appoint organizations such as the Nebulas Technical Committee or individuals to handle public affairs for the Nebulas community.

Obligations:

1. Supervise the governance process.

2. Supervise the safety of public assets such as the community reserve funds.


Seats, term in office and income of Nebulas Council Directors

The first directors of the Nebulas Council will comprise of 7 seats and will serve a two-year term. The seven directors will have to cooperate together to make decisions about the governance and the future of Nebulas. The income from being a Nebulas Council Director consists of 10,000 NAS distributed over the 2-year term.

Read the Orange Paper - Nebulas Governance to learn more >


Requirements of Elected Directors

1. Desire to be a Nebulas Council Director.

2. Directors must meet the minimum financial requirements: 100,000 NAS.

3. By the end of the Final Election period, the top 7 voted for candidates who meet the above listed conditions will be appointed council members.


How to become a candidate

1. If you would like to be a candidate, you can apply now >

2. If you are interested in Blockchain governance but you do not meet the above requirements or are unsure if you want to be a council member, you can be a VOB (Voice of Blockchain) author as well as joining the support group. Submit your VOB article >


What is the support group?

In an effort to better include more community members within the Nebulas Council election, Nebulas will be launching a support group ecosystem. By becoming a member of the support group, you can become a candidate for the Council election or choose to support a candidate via voting for them or even to pledge your NAS to that candidate which will be used as their colloratal for entry onto the council. Any NAS pledged to a candidate will receive NAT distribution based on the Pledge NAS smart contract.


What is NAT on-chain voting?

Community members can support or oppose candidates as well as support group members via NAT on-chain voting. Candidates and support group members will win the NAT on-chain voting rewards. Continue reading for more details.

In addition, candidates and support group members can receive NAT on-chain voting incentives.
Learn more about NAT distribution >

Voting will take place over five sessions which will end on July 7th, 2019 at 3:00pm Beijing Time.


What is NAT?

The Nebulas Autonomous Token (NAT) is a NRC20 token that is derived from Nebulas Rank and is the only voting medium within the Nebulas ecosystem.

NAT on-chain voting is an important collaboration component of Nebulas’ on-chain governance.

Read the Orange Paper - Nebulas Governance to learn more about NAT on-chain voting >


What is NAT on-chain voting rewards?

The Nebulas Foundation has chosen to support this election with 15,000,000 NAT.

All candidates and support group members will receive NAT according to their total amount of NAT on-chain votes that they receive weekly.


How to use NAT rewards?

Candidates have the authority to choose how to use their NAT rewards.


What is pledging NAS?

To become a Nebulas Council Director, all candidates must have a minimum of 100,000 NAS that will be placed into colloratal. Community/support members can pledge NAS to their chosen candidate; candidates can also partially or fully sponsor themselves. All pledged NAS will be locked up for the candidates two year term in office and will be returned once their term is complete. Candidates can continue to receive pledges until July 26, 2019 which occurs after the final election - this allows for time for the elected candidate to raise the required colloratal.

If a candidate does not meet the minimum colloratal amount by July 26, 2019, they will not qualify to become council members.


Will supporters receive rewards?

If you pledge NAS to a candidate, you will receive the weekly NAT distribution.

Optionally, a candidate can choose to share their NAS income to those who supported their candidacy by pledging. NAS is distributed to council members every 6 months in the following amounts: 1,500 NAS, 2,000 NAS, 3,000 NAS, 3,500 NAS - totaling 10,000 NAS over the course of two years. If the candidate does not choose to share the financial benefits of being a director, you will still receive NAT distribution based on how much you pledged to them.

If the candidate you support is not elected, the pledged NAS will be returned to the original pledging address after the Final Election on July 26, 2019.


How to pledge NAS

Click the Support button.

Step1: Check Your Pledge Status.

If there is no active pledge from your address, you can immediately pledge. If you have already pledged and want to pledge more via this address, you will first need to cancel your existing pledge; once your NAS is returned (within minutes), you can create a new pledge.

Step2: Pledge / Cancel Pledge via QR code.

First, you must set how much you would like to pledge with a minimum being 5 NAS. Once you click the Generate the QR code button, you can scan the QR code via NAS nano Pro. Once your transaction is on-chain, your pledge is deemed successful.

Download NAS nano pro >

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How to be included on the final shortlist of candidates during the final election?

The short list of final candidates will be announced after 15:00 July 7, 2019. The candidate should:

1. Be on the candidate list.

2. Agree to be a candidate and submit their proposal before the final election begins.

3. Have not withdrawn before the beginning of the final election.


About the Final Election

The final election will utilize via NAT on-chain voting. More details will be announced before the Final Election.