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On September 28th, 2013, Jordan Lee
introduced his plan to develop
Peershares, which was a template that could be used to build highly 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 Peershares implementation would use its own independent blockchain secured cheaply and easily using Peercoin's proof-of-stake and shares can be transferred and held just like any other cryptocurrency unit.
On January 23rd, 2014 Jordan Lee
announced that he had obtained around $500k 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 on this implementation immediately. The 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 daily decisions that will impact the future of the network. The Nu Network's major functionality is its capability of issuing multiple digital tokens that are pegged to real world currencies like the Dollar, Euro or Yuan, effectively creating price stable digital currencies. Jordan Lee explains in his
whitepaper:
| "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
Nu Architect |
Watch Our Introduction Video to NuBits:
Price volatility has been one of the most significant barriers to mainstream adoption of cryptocurrency and Nu solves this problem by separating the network into currency units and shares. These two units are called NuBits and NuShares. NuBits are the world's first stable value digital currency. One NuBit is equal to $1 US Dollar in value. There are many reasons why a stable value digital currency has a larger chance of gaining mainstream adoption. Here are just a few:
| Buying – Imagine you see a cup of coffee selling for $1.79 USD. How much will it cost in NuBits? 1.79 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 NBT for example). Buying and using 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. Buying products and services using digital currencies has just been made easier with NuBits.
Selling – The ability to 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. Advertising acceptance of digital currency at a place of business is a way to appeal to technologically-literate demographics like Millennials.
Transferring & Remittances – Nearly instantaneous global money transfer for just pennies per transaction. All that is needed is a sender who has NuBits in his wallet, and a receiver with a valid NuBits wallet. Transferring NuBits is cheap, near-instant, and frictionless. Traditional remittance companies like Western Union will no longer be able to compete with NuBits and could eventually become obsolete.
Saving – No documentation requirements, no geographic limitations, and no cost to download a NuBits wallet. These are all limitations on access to traditional banking services for the 50% of adults worldwide who have no access to formal banking institutions. Those who save their money in NuBits over a longer period of time will also have peace of mind that their hard earned money won't sway in value and will be worth the same as the day they put it into NuBits.
Trading – Traders can purchase NuBits as a stable hedge rather than liquidating their holdings to fiat money. These NuBits can then quickly and easily be transferred off exchanges into private wallets. NuBits makes trading digital currencies easier. |
The biggest reason why NuBits could eventually succeed over other digital currencies is simple convenience. What is truly convenient for people is familiarity in price. NuBits can provide something familiar to people, the digital equivalent of the fiat currency that they already use in day to day life. This removes the need for people to do price conversions and makes using NuBits a lot more simple and convenient for the average person. In the future, Nu will be able to provide many different stable value currencies to specific regions all over the world. Providing a US Dollar digital equivalent is only the beginning.
So by now you may be asking yourself how NuBits are able to maintain their stable value. The answer to this question is NuShares. While NuBits is the stable value currency, NuShares represent ownership and equity in the network and allow shareholders the ability to vote in a decentralized way on decisions that will impact the future of the network. Just like central banks, NuShareholders have a variety of tools available to them to manage monetary policy, such as NuBits and NuShares grants, burning and parking rates. Together, these tools allow shareholders the ability to effectively manage the supply and demand of NuBits, helping them to maintain the peg. Unlike central banks though, the daily operations of Nu are open to everyone and anyone has the opportunity to contribute to the network by owning NuShares. All of the available tools are controlled by shareholders through decentralized mechanisms built into the protocol itself, allowing for true distributed democracy and decision making.
NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description NuBot Description
- Introducing NuBits - Our animated intro to NuBits video.
- Whitepaper - Jordan Lee's whitepaper, which details the design of Nu.
- Nu FAQs - Frequently asked questions about the Nu Network.
- Documentation - Technical documentation for NuNet.
- Source Code - Delve deeper into the source code that Nu runs on.
- Process Map - A visual diagram of the Nu Network.
- NuBot Roadmap - A roadmap detailing NuBot's evolving development.
- Jobs - Current available positions that NuNet is hiring for.
To get started with Peercoin, you'll need to download a wallet client so you can send and receive coins. There are currently two options available, Peercoin-Qt and Peerunity. For the majority of users, the best option for a wallet is Peerunity. Peerunity is a wallet that is developed and maintained by the Peercoin community. It includes features beyond the core protocol wallet, such as one click minting and coin control. Future releases will contain a redesigned theme, Peershares integration and a dedicated minting tab.
The official NuBits Android v2.0 wallet. This app allows you to send and receive NuBits on your Android device. This release features deterministic wallets (BIP0032) & HD wallets, the ability to encrypt your wallet with a PIN code, as well as various interface and performance enhancements.
Coinomi is a beautiful new wallet that effortlessly stores your NuBits and NuShares without compromising your security. It also supports other cryptoassets such as Bitcoin, Litecoin, and Dogecoin.
- NuExplorer - Nu Block Explorer.
- NuBot - Official automated trading bot for NuBits custodians.
- NuBippy - Encryption for NuBits & NuShares addresses.
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