Nebulas and Constant drive for blockchain meritocracy.
“Ask not what blockchain can do for you, ask what you can do for blockchain.”
Nebulas network, often referred to as “Google for the blockchain”, was created with the above slogan in mind. They are on a mission to bring order to the crypto-verse by:
- Turning public data into decentralized, on-chain data that can’t be used for profit.
- Providing a comprehensive cross-chain ranking and reference system for Dapps and programs.
- Creating a reward system for quality Dapps on the Nebulas chain.
Today, Nebulas is expanding the utility of its NAS reward token by collaborating with Constant P2P lending. NAS tokens will now be a collateral option for USD or stablecoin loans on Constant’s platform.
“Constant prides itself on being one of the most comprehensive crypto-lending institutions in the industry right now,” said Constant founder Duy Huynh. “We offer loans against an ever-expanding list of over 60 different cryptos as well as most major stablecoins. Every single one was thoroughly vetted by our team to make sure it was a quality project investors could count on.”
So why take out a NAS-backed loan on Constant?
Crypto-backed loans are designed with a focus on the long-term holders. Unlike in an exchange where you can trade-in your coins for their current market rate, Constant loans let a borrower obtain the USD value of their assets without selling them.
By escrowing their NAS as collateral for a loan, holders can get extra money and still take part in staking on networks like Nebulas with their coins. Getting a loan against crypto can be a great tool for experimenting with staking in other projects, buying more NAS, or simply freeing up extra funds to make a real-world purchase.
“We see a bigger use case for our service as more solid projects like Nebulas have entered the playing field,” said Huynh. “Holders really believe in what these platforms stand for and would rather not sell off their stake if they can help it. We aspire to”
Nebulas network’s two main contributions to the blockchain are its Proof of Devotion (PoD) consensus protocol and the Nebulas Ranking (NR) system.
In Proof of Devotion, Nebulas essentially rewards users for being popular. If a user is well-known on the network, then they will be allowed to run a node and receive rewards from voting. If they behave poorly, their stake will be divided among other stakers on the network.
For their Nebulas Ranking system, Nebulas hopes to create an in-depth ranking of Dapps across all major protocols based on factors like liquidity, speed, and usability.
This is where the comparisons to Google usually come in.
Nebulas also wants to create a search engine for Dapps that ranks search results based on their NR. Dapps created on the Nebulas network are rewarded based on their NR, ensuring an incentive to make high-quality Dapps on the chain.
Like Nebulas, Constant recognizes that we live in a world where reputation can mean the difference between adoption or obsolescence. Users borrowing on Constant aren’t just receiving liquidity for their assets. They are participating in a platform that is always working to offer the best rates and service in the industry.
About Constant
Headquartered in California, Constant is an alternative financial services platform designed to strip out the inefficiencies of the traditional banking industry and help people get more out of their money. Constant was founded by a team of scientists, economists, engineers, and designers, fully devoted to the mission of building simple, elegant financial tools for an increasingly interconnected world. They are backed by PrimeTrust and the FDIC and work closely with custody services like Bitgo to insure collateral.
About Nebulas
Nebulas is an incentive-based, self-evolving blockchain system with “a decentralized platform which provides a search framework for all blockchains.” Founded in 2017, the Singapore-based Nebulas IO Foundation’s project highlights include a search engine and up-gradable smart contract capabilities — things not currently feasible on Ethereum.
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