This is our first post on the Community Forum, and hope you are all enjoying a great weekend.
We are thrilled to announce that our innovative stabilized cryptocurrency (code-named Nebula; see below) will be developed on the Internet Computer platform. It follows nearly seven months of technical discussions and multiple interactions with the DFINITY Foundation, at all levels. We are really thankful to all of the people at DFINITY for sharing their valuable time to discuss with us technical and operational matters in depth, and for the support of the Grants Committee through an initial Developers Grant to kick-start the process.
On the ramp-up to this stage this cryptocurrency has been named Nebula. However, the final name may change, to avoid collisions with any existing cryptocurrencies or crypto assets with similar names. We are mulling having a competition amongst the IC Community to decide on whether keeping the name Nebula, or call it something else. This shall not just be a potential name change but a branding exercise. Stay tuned for more information on this front.
The IC is a unique platform that redefines blockchain scalability and efficiency, where we believe applications like Nebula can thrive. Hence our choice.
Nebula is not a stablecoin in a traditional sense, but a stabilized digital currency. The definition is subtle but important in many dimensions. It basically means that Nebula’s price will evolve within a very narrow corridor (or target zone). This will be accomplished via algorithmic interventions, based on a highly sophisticated mathematical model and a dual-asset system (which, under specific Lipschitz and growth conditions, has a proven unique strong solution).
The IC architecture enables the fast computation of Nebula’s coupled stochastic differential equations (SDEs). This is essential, both in terms of scalability and finality. Because the IC canisters execute at web speed (approximately millisecond latency) processing SDE steps in seconds (e.g., using Euler-Murayama with delta(t)=0.01, say) matches the network’s 1-2 second finality. In traditional L1’s, delays would lag Nebula’s responsiveness. Not only that, but Nebula’s architecture requires persistent state and computation, something that IC canisters can handle natively. In other words, Nebula can be theoretically hosted entirely on-chain thus eliminating any reliance on centralized servers.
Both features ensure tamper-proof operation and real-time responsiveness, which are key for Nebula’s operation.
Nebula’s dual-asset system involves minting a secondary instrument, governed by issuance/redemption dynamics that will leverage IC’s threshold relay consensus to enforce stability with minimal latency. The platform’s ability to process transactions across subnets also critically supports Nebula’s operational needs, from supply adjustments to market maker incentives, all while preserving decentralization.
In summary, the IC’s operational edge would allow Nebula to achieve the following:
- Scalability: Virtually unlimited capacity for dApp execution, as canisters or subnets could be allocated to handle any computational load (only resource constraint being node hardware or ICP economics).
- Security: Tamper-proof canisters ensure price integrity (through chain-key cryptography) and resilience against external shocks, as the IC subnet architecture should distribute risks (e.g., those posed by DDoS attacks) while node geographical dispersion add an extra layer of security.
- Efficiency: Low-cost cycles, reducing operational overhead.
If we achieve these objectives, Nebula could quickly become the de-facto digital currency for the digital future. The future conceived by the IC.
We are now slowly setting-up Nebula’s social media presence, and we already have a dedicated website available. Go to nebula-coin dot com for more information. The website also features a contact form.
We look forward to hearing from, and working with, the IC community as we progress on this journey. We are open for meetups, engaging with the community, answering any questions and hearing any suggestions you may have. Part of our effort is to help springboard product development on the IC, and to take an active role in pushing the network to new heights.
Looking forward to engaging with you.
