For JOYSO, the most important consideration is the spirit of decentralization. Ethereum’s Smart Contract is used to write the exchange’s functions, where all contracts and settlements take place on the blockchain. Regardless of whether the order is a send, deposit, or withdrawal; the user’s signature is required to operate the transaction, this is to ensure a trading environment that does not require trust. JOYSO also use off chain order matching services to enhance the user experiences by increasing the efficiency and reducing the costs without affecting the nature and essence of a decentralized exchange.
JOYSO believes that decentralized exchanges may be the foundation of the Token Economy. The token economy will bring about a new business model, where businesses can issue tokens, encourage their customers to contribute and to form an ecosystem of mutual interests and benefits, so that customers no longer contest with each other. If companies issue tokens one after another, the market will be flooded with thousands of different tokens exchanged through the decentralization method. However, this phenomenon will not only occur on the Ethereum blockchain. We will see blockchains with different advantages in their application, each developing their own thriving token ecosystem.
Among them, Nebulas is one of these distinctive blockchains.
Co-operation between JOYSO and the Nebulas Blockchain
Nebulas is a smart contract platform similar to Ethereum, with a coin called NAS. It gathered a lot of attention from their concept of “Nebulas Rank”. The Nebulas Rank can be used to measure the contribution of each address in the blockchain to the whole chain, similar to how in the early stages, Google used the PageRank algorithm to measure the importance of the site relative to the search engine. This rank can also evaluate the importance of each smart contract and even estimate and assess the user network effect of the entire blockchain. Nebulas has an indicative system for the decentralized applications (DApps) field, which is still currently considered to be chaotic.
Today, we are pleased to announce the formal co-operation between JOYSO and Nebulas. JOYSO will deploy a new version of the decentralized exchange on the Nebulas blockchain, called NAS-JOYSO. This will also be the first attempt by JOYSO on a project outside of the Main Ethereum Network.
NAS-JOYSO is an exchange completely based on smart contracts; not only does it settle accounts on the blockchain, it will also provide order match making services on the blockchain. NAS-JOYSO will provide any transactions for NRC20 tokens (similar to Ethereum’s ERC20 standard tokens), bringing liquidity to the token ecosystem of the Nebulas blockchain.
Given that the current version of the Nebulas blockchain does not support cross contract calls, NAS-JOYSO will currently offer an internal tokens function. After the next version release, NAS-JOYSO will be able to support NRC20 token transactions.
The first version of NAS-JOYSO was launched on the test net end of June, 2018. NAS-JOYSO will co-ordinate with Nebulas’s new version and go online on the main blockchain as their next milestone.
Development and testing tools
In the process of developing NAS-JOYSO, JOYSO also explored the development tools provided by the current Nebulas blockchain. Below are a few brief introductions of the tools that will be used when writing and testing smart contracts on Nebulas.
Web-Wallet: A tool for deploying smart contracts
Web-Wallet is a client-side web tool that can be used to create new Nebulas wallets, send and view NAS transactions, submit and deploy smart contracts, and more. It has function similar to Ethereum’s MyEtherWallet (MEW). To get the Web-Wallet, you can download it from Nebulas’s official platform on GitHub.
WebExtensionWallet: A plugin to interact with DApps
WebExtensionWallet is an extension function on the Chrome web browser that can be used to send NAS and interact with DApps on the Nebulas blockchain. It has function similar to Ethereum’s MetaMask tool. You can find and download “NasExtWallet” in the Chrome Web Store.
neb.js: Using the API on the Nebulas blockchain
nebpay.js: An API using the wallet plugin
Nebulas Explorer: The Blockchain Browser
Nebulas Explorer (https://explorer.nebulas.io) is a blockchain browser for the Nebulas blockchain that can be used to query current block heights, transaction confirmations, and more. It is similar to the Etherscan service on Ethereum.
The current status of the Nebulas blockchain
In addition, the amount of Gas required to deploy a contract on the Nebulas blockchain is surprisingly very small, which gives the Nebulas blockchain an advantage over others due to lower costs. Although the Nebulas blockchain is relatively young when compared to Ethereum, and there are not as many tools to use on the platform, it is able to deploy most of the simple contracts on the Ethereum blockchain.
The special functions and features of the Nebulas blockchain, such as the Nebula Rank, which provides decentralized search abilities, and the Nebulas Force, a contract upgrade capability, have not yet been realized. The platform is still focused on building a solid and stable main network to attract additional developers. In the past two months, the Nebulas blockchain has held an eight-week project called the “Nebulas Incentive Program” that has attracted thousands of DApps developers to participate. The community is excited and looking forward to seeing the impact after the launches of the Nebulas Rank and Nebulas Force on DApps and affects the token ecosystem in the future.
Article by Pei, JOYSO