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NuBits: achievements after 15 months of operation [part-2]

"- A healthy core mechanism that has been established

NuBits is NOT backed by fiat reserves but by the value of the issuing "bank" like corporation Nu.

NuBits (NBT) get sold by Nu for BTC and the BTC get invested in development (increasing the value of Nu), share (NuShares; NSR) buybacks and very little in marketing and other activities.

While sold NBT are only temporary revenue (the NBT in circulation are a liability for Nu), NBT get destroyed with transaction fees.
Destroyed NBT are final revenue for Nu.
Nu is still young and evolving, but the peg has been kept at exactly 1 USD.

The close peg is a direct result from the compensation that is paid to liquidity providers to put orders with a close spread on order books;

 

- NBT have all attributes good crypto currencies have:

* the blockchain is being run in a decentralized manner.
* NBT owners can have total control over their NBT by sending them to an address for which only they have the private key (an experimental web wallet is available, though).
* multi signature transactions are available to increase security and allow escrowed transactions.
* the source code is open, but compiled wallets for Windows, MacOS and Linux are available (as well as at least 2 apps for Android: Coinomi (btw. the Coinomi developer is one of Nu's core developers) and NuDroid).

 

- If there's need to adjust Nu, there's the incredibly powerful "motion" feature. 
This has been used for a lot of strategic decisions and can be used for anything that requires a consensus of those who have a stake in Nu. NSR holders (the owners of Nu) can decide what to do.
Nu is a corporation with business process on a blockchain - the same blockchain that processes NBT transactions.

 

- Meanwhile you can use NuBits for hedging crypto currency volatility.

 

- NuBits is in a unique position if the following attributes are important: 

* open source
* decentralized
* being pegged to fiat, but not depending on fiat (not holding fiat as collateral)
* stable!
 

- NuBits has successfully proven that it is possible to create a stable crypto-currency. Imagine that the design of Ethereum had been based on a stable coin (tracking say the dollar / euro) which would be used to pay for transactions and a separate share token that is used to stake out consensus.

 

- NuBits is secure:

* Nu is check-point free for over a year with no problem. 

* Relies on Peercoin Proof of Stake, to which the objections  are purely theoretical and bad theory at that. The only real argument against PoS comes down to whether you can trust humans to come to consensus about something over the long term (weak subjectivity). The fact that some governments (a long-term human consensus process) have existed for hundreds of years kinda flies in the face of the 8 years btc has existed for. Note that weak subjectivity is also used in bitcoin (btc core) and is revealing a lot of politics on the long term scale. Basically, the only flaws Peercoin or Nu have are the same flaws that bitcoin and in fact all governments and human consensus processes face."

 

 

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release   2015/12/11   gbboy

NuBits: achievements after 15 months of operation

Since inception on September, 23rd 2014 NuBits has demonstrated that it is the #1 stable cryptocurrency in the world, in terms of marketcap and transaction volume.

Definition: a stable cryptocurrency is a currency issued on the blockchain, keeping a stable value. In this case, 1NBT = 1USD

- Stability is a bliss:

"NBT has been stable since day 1"

"As long as goods and services are priced in USD, Yen, EUR, CNY, etc. the volatility of (most) cryptocurrencies is hindering adoption.
If merchants accept cryptocoin payment, they generally use payment providers who convert the cryptocurrencies in the background to fiat for them."

"So, stability is certainly not a bad attribute of a currency.  "

A user: "I have used NuBits to buy many things. And the NuDroid mobile wallet allows me to hold stable NuBits and then automatically convert them to BTC at the point-of-sale. So I have the stability of the US dollar in crypto form but I have the network reach of Bitcoin. It's really convenient and I don't have to worry about day to day fluctuations of Bitcoin."

NuVentures has used NBT on several occasions to settle the payment for its website design renewal. NBT was used as a cryptofiat or synthetic dollar to conduct an international wire transfer, virtually at no cost.

 

- Distributed direct governance enabled by the peershares/nushares template is a bliss:

"NuShares holders have a unique ability to directly vote on market policy that is aimed to provide an uncommon service to the crypto world. Pegged digital assets have existed in various forms but not to the degree and success of NuBits. It's pretty amazing to see distributed direct governance in action simply by owning a digital asset."

"The supply of stable tokens needs to be inflatable and deflatable to adjust the supply to demand.  Without that mechanism you will always have more or less volatility. Nu has this mechanism."

 

- Top transaction volume

"NuBits have had the top transaction value among stable digital currencies (BitUSD, CoinoUSD, Tether) most days, and have frequently been in the top 3-10 overall during periods of extreme Bitcoin volatility. "

 

The (near) future ahead is very bright for NuBits. 

NuVentures sees NuBits's path to mainstream adoption going through different stages.

The first stage is replacing Bitcoin as the primary intermediary currency (liquidity token for trading) in the crypto market. That shall be achieved through NBT price stability and liquidity operations. 

NuBits aims at becoming the number 1 crypto-currency. NuShares the number 1 crypto-share. Bitcoin being the number 1 crypto-commodity.

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release   2015/12/04   gbboy

Why we funded Nu

Having a cryptocurrency with a fixed value is so important.

"So that it can move beyond the realm of a speculative asset and become an important facilitator of commerce. Businesses and consumers need to know what their money will be worth in a month and a year. Bitcoin has solved the volatility problem by partnering with banks via Bitpay and Coinbase, both those are centralized solutions. This will allow commerce without banks on either side of the transaction.

A currency must be fungible, transportable, divisible and a stable store of value. NuBits possesses these attributes more than any other currency in the world. We have a lot of work to do in encouraging them to be widely accepted, however. Soon, we hope NuBits will be used for lending and commerce around the world. It should be very good for international commerce.

Whereas most crypto supporters believe mass adoption will eventually stabilize price, the creators and supporters of Nu believe they have it backwards, that price stability will encourage mass adoption.

Business Model: NuShareholders provide the service of a price stable crypto. This service costs shareholders as one can see from the monthly fees Nu pays out to provide for decentralized liquidity. The job of shareholders is to continuously increase demand and adoption for NuBits. As demand increases, new NuBits are created and sold. The proceeds are then either distributed to shareholders in the form of Peercoin or NuShares are bought back and burned. The transaction fee is also one way that users of the network pay for the service we provide them. The transaction fee slowly decreases the supply over time, which then allows us to create and sell more NuBits again for profit. In the future, NuShareholders will also decide to add more pegged currencies, such as the Euro or Yuan to target different markets."

 

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release   2015/09/02   gbboy
タグ:NuBits , Nu

Why we funded B&C Exchange

Blocks & Chains Decentralized Exchange is the first Decentralized & Distributed Exchange native to the Satoshi-based Blockchain, without the use of proxy assets.

"Unlike centralized exchange websites, exchange operators will have zero access to funds and zero responsibility for customer account information.

If an exchange website disappears suddenly, a user can simply go to another site that uses the same open source exchange software, or use another application that supports B&C Exchange and continue using
the same account without interruption.

There are no privileged nodes, although certain BlockShare (BKS) addresses will be assigned a reputation score by minters, and those with the best reputation will be chosen as deposit address signers.

A highly responsive reputation system combined with security deposits and a tolerance of up to 7 rogue reputed signers in the case the network is configured to use 8 of 15 multisig addresses means the chance of exchange default is exceedingly low."

B&C is a service that caters to all blockchains.

"In order to sign for foreign blockchain deposit addresses, a client must be connected to the foreign blockchain. One signer may choose to sign for Bitcoin deposit addresses, which means his client must be able to connect to a Bitcoin client. Another signer may choose to only sign Litecoin deposit addresses, which means his client must be able to connect to a Litecoin client.
People who just want to use exchange services don't need to have their B&C Exchange client connect to any foreign blockchain, such as Bitcoin or Litecoin.

A particular individual might choose to be a reputed signer for the Nu blockchain. To do so effectively, he will need to make sure his B&C Exchange client is always running and always able to connect to his Nu client. He will need to convince shareholders to upvote his reputed BlockShare signing address. This reputed address will be used to sign reputed signer deposit public key lists, or deposit key lists to be brief."

Also remarkable is the ability to resverse transactions and to act as escrow, in an extreme secure way.

"The B&C Exchange architecture is well suited to provide reversible or escrowed transactions on any supported blockchain. It can do this without any protocol changes on the blockchain in
question. Non-reversibility of transactions is desirable in some contexts, but has been identified as a serious flaw of Bitcoin and other cryptoassets in other contexts. A reversible payment could be made to a multisig deposit addresses.
"

 

"B&C Exchange will become the first decentralized stocks market place in the world.
Imagine the revolution.
On B&C Exchange, not only btc and other crypto-currencies will be traded but also any crypto-asset that is "Satoshi-based."
Crypto-shares that are based on peershares blueprint, included.
Not only can we imagine that nushares will be traded on b&c, but also its own shares, b&c shares, and any shares that belong to any DAOs.
The consequence of that is that b&c could spark a revolution in the IPO funding of any business.
A business that needs to raise funds will create its own peershares blockchain and then go IPO from day one and float its shares on b&c.
Also, as Jordan Lee envisions it, it seems natural that NuBits will be used to get in and out of the market...as a synthetic dollar as one uses the USD to buy google stocks and sell them back for dollars" -cryptog

 

 

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release   2015/09/02   gbboy