Nebulas Project Delays Crypto Payday by 10 Years
Last week, the Nebulas project, powered by the global top 100 crypto NAS, made a quiet announcement that its founding team would voluntarily wait for 10 years before the get the tokens they will earn for all the work they have done for this project.
A Rate Step for a Crypto Project
The founding team, based out of Beijing, has raised $60 million via an ICO (Initial Coin Offering) and is focused on creating a general purpose Blockchain protocol with some added features that they believe will speed up market adoption as well as accelerate the development of the platform. The protocol is currently valued at $64 million.
The original plan was that 20% of the initial supple of NAS tokens (which equals 20 million NAS) would be kept aside for the founders and developers of the project, to be disbursed over a period of 3 years to them. However, the timelines for the token release are now being extended considerably.
According to the official blog announcement, the developers’ paydays would now be delayed by a year, but for the founders that payday would now happen a full 10 years later.
In an industry where fast cash is the norm, this is a rare move that is already winning approval from industry experts. In fact, according to founder of Messari, a token data source, such a multi-year vesting schedule should become the norm for new ICOs. He said that this was the best way to align founders’ incentives.
Risky Move in an Innovative Industry
According to the marketing director of Nebulas, Becky Lu, this was not an easy decision that they made and it only underlines the founders’ determination to make this project a success. The nascent cryptocurrency and Blockchain industry is extremely innovative and still carries a lot of risk, which is why most ICOs don’t look at the long term.
However, the founders of this project say that one of the main reasons they have taken this step is because of the strength of Nebulas’ core concept. The protocol is focusing on creating a Blockchain based ranking system that will help users elevate as well as choose the best DApps (decentralized applications).
Nebulas believes that a more sophisticated view of users of the Blockchain can be created by analyzing interactions between addresses and smart contracts. According to Nebulas, there are already 6,900 DApps that exist on Blockchains, and more are being developed every day.
The founders at Nebulas believe that their protocol could be very useful for entrepreneurs who wish to launch new crypto projects and are searching for more sophisticated ways in which to identify users for their airdrops.
Thus, despite the current bear market and investor sentiment, the team has gone ahead and made such a massive commitment.