Exploring the Network Nervous System (NNS) of the Internet Computer (ICP)

Exploring the Network Nervous System (NNS) of the Internet Computer (ICP)

The Internet Computer (ICP) is revolutionizing the blockchain landscape with its innovative Network Nervous System (NNS). As one of the largest Decentralized Autonomous Organizations (DAOs) globally, the NNS is a fully on-chain, permissionless system that continuously upgrades the Internet Computer based on the collective voting of ICP token holders.

Understanding the NNS

The NNS eliminates the need for complex forks to enhance the Internet Computer's capacity. Instead, it allows anyone to submit proposals for protocol-level changes. Once these proposals receive approval from ICP token holders, the NNS automatically implements the changes, ensuring a seamless upgrade process. This democratic approach keeps the Internet Computer at the forefront of blockchain technology.

How to Participate in Governance

Participation in the NNS is accessible to anyone willing to stake ICP tokens. By sending ICP to the NNS and locking it in neurons, participants can take part in governance. Neurons must be locked for a period between 6 months and 8 years to qualify for voting and earning rewards. The longer the lock period, the higher the voting rewards.

Neurons can vote on proposals manually or follow the votes of other neurons, a concept known as liquid democracy. This system allows participants to either actively engage in governance or delegate their voting power to trusted neurons.

Earning Rewards through Staking

Voting rewards are distributed daily to participants who have locked ICP in neurons and are either voting manually or following other neurons. These rewards are given as maturity, which is unrealized ICP. Participants can choose to stake this maturity to increase their voting power or spawn it into a new neuron that becomes liquid after a week, allowing the ICP to be used outside of the NNS.

Getting Started with Staking on NNS

For those interested in participating in the governance of the Internet Computer, the process is straightforward. From acquiring ICP tokens to staking and voting, the NNS provides a step-by-step guide to help new participants get started. Additionally, a series of video tutorials are available to explain how to create a neuron, estimate voting rewards, and select other neurons to follow.

Conclusion

The Network Nervous System (NNS) of the Internet Computer represents a groundbreaking approach to decentralized governance. By enabling seamless upgrades and rewarding active participation, the NNS ensures that the Internet Computer remains a robust and innovative blockchain platform. Whether you are a seasoned blockchain enthusiast or new to the world of decentralized governance, the NNS offers an exciting opportunity to be part of the future of the Internet.