Updates

nushares

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."

 

 

≫ 続きを読む

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.

≫ 続きを読む

release   2015/12/04   gbboy