NuBits – World's Best Stable Digital CurrenciesWebsite • Forum • Wallet • Explorer • Whitepaper • Press KitNuBits was released September 23rd, 2014.Architect: Jordan Lee
Development: Michaël (sigmike), Sam (woolly_sammoth)
Liquidity Operations: Phoenix, Esko (jooize)
Nu is building an automated shareholder-controlled decentralized bank issuing stable digital currencies.Price volatility has been one of the most significant barriers to mainstream adoption of cryptocurrency. Nu solves this problem by separating the network into currency units and shares, NuBits and NuShares.
- US NuBits are pegged at $1.00 against the United States dollar.
- CN NuBits will be pegged at ¥1.00 against the Chinese yuan.
- EU NuBits will be pegged at €1.00 against the European euro.
- NuShares are for investors to govern Nu, support NuBits, and benefit from.
NuBits – Stable Digital CurrenciesSee exchanges where NuBits are traded.Buying: Imagine you see a cup of coffee selling for $1.79 USD. How much will it cost in NuBits? 1.79 US NuBits of course. No complex math at the point of sale is needed (paying 0.003287198 BTC for a $1.79 USD cup of coffee is not as intuitive as 1.79 US-NBT for example). Buying and using US NuBits at $1.00 USD means you will no longer need to keep track of tax gains or losses on each purchase too, unlike other digital currencies.
Selling: Price items using an exact amount of NuBits without needing to worry about price changes. No vendor fees, no customer chargebacks, and no cost to transfer received funds to another location.
Trading: Purchase NuBits as a stable hedge rather than liquidating holdings to fiat money. These NuBits are quickly transferred off exchanges into private wallets. NuBits makes trading digital currencies easier.
NuShares – Investment and GovernanceNuShares are available at exchanges listed on our website.Shareholders control Nu, and their votes have direct effects on the network. Voting shareholders can grant NuBits or NuShares to custodians they trust in carrying out missions such as liquidity operations or development. Motions specify what shareholders want, and the expectations of custodians.
LiquidityEvaluate network health: Supply, Reserves, Equilibrium • CoinMarketCap • NetworkNu has reduced external reliance down to the properties of a value transfer asset, reserve asset, backing asset, and method of exchange. Today, they are Bitcoin and the NuShare. Those enable Nu to function independent of regulated entities which may cause issues with frozen transfers or bank accounts. Value transfer and reserve assets can be switched out, and it doesn't matter what the NuShare is traded for as long as it can be converted to one of the value transfer assets.
Any reserve asset will either have volatility risk or be centralized. Nu avoids holding excessive reserves in volatile assets by creating a dynamic where backing the NuBits leaving circulation by purchasing NuShares is in the interests of existing and new shareholders.
Customers buy NuBits with a value transfer asset. Shareholders specify a ratio of those proceeds to keep in reserve assets as tier 1–4, and transfer the remainder as tier 6 via buybacks into the NuShare market cap or via dividends to shareholders. Incentives to purchase NuShares when NuBit demand is in decline include proceeds from future NuBit sales, revenue from exchange trades, transaction fees, and any additional sources of value shareholders choose to pursue.
Investors who expect benefits from a continued NuBit economy will support NuBits in times of declining demand.
You are encouraged to ask questions and discuss with us in our forum.BackgroundOn September 28th, 2013, Jordan Lee introduced his plan to develop Peershares, a template for building customized distributed autonomous organizations (DAOs) and corporations (DACs). In its most simple state, Peershares can be issued by businesses in order to raise funding and track share ownership in a decentralized way. Any profit made by the company can then be distributed back to shareholders in the form of any cryptocurrency. Each Peershare implementation has its own independent blockchain secured cheaply and easily using Peercoin's proof-of-stake system. Shares can be transferred and held just like any other cryptocurrency unit.
On January 23rd, 2014, Jordan Lee announced that he had obtained around $500,000 funding from an investor and entrepreneur to develop a highly customized implementation of Peershares. Jordan hired several members of the Peercoin community and began work immediately. Details of this major project remained unknown for eight months while Jordan and his team continued development. Finally, on September 23rd, 2014, the Nu network was unveiled as the world's first decentralized bank. Unlike traditional non-transparent central banks, Nu allows anyone the chance to own part of the network and participate through decentralized voting in decisions that will impact the future of the network.
Bitcoin was a phenomenal innovation. For the first time individuals could hold an asset without counterparty risk and transfer it to anyone else on the network quickly and privately, if desired. It had some flaws, which include a high cost of maintaining the network and the disassociation of control of the network (given to miners) and ownership of its assets (Bitcoin holders). Peercoin improved upon Bitcoin by dramatically reducing the cost of network maintenance and giving control of the network to the owners of network assets.
Both of these networks contain a critical flaw which Nu resolves. These networks permit the purchase of scarce units used in the networks which function much like shares. If the value of the network rises, the value of these "shares" rise. This dynamic has been critical to the success of these networks as it allows anyone to purchase a stake and benefit from promoting the network. These networks have simultaneously been promoted as currencies but have not functioned well as such. Currencies must have a stable value to be effective, while Peercoin and Bitcoin have exhibited exceptional volatility. The critical flaw is that Peercoin and Bitcoin use the same fungible unit for share and currency functions. Shares must have the capacity to appreciate and reflect changes in the perceived value of the network while currency must remain stable regardless to be effective. It is impossible to accommodate these diverse pricing needs in a single unit.
— Jordan Lee, architect of Nu
