NuBits

NuBits
Denominations
Symbol USNBT (prev. NBT)[note 1]
Demographics
Date of introduction 23 September 2014 (2014-09-23)
User(s) Worldwide
Issuance
Administration Decentralized[note 2]

NuBits is a cryptocurrency which advertises itself as a stablecoin issued by a DAO under the same name.[1][2][3][4] Shareholders achieve stability in NuBits by placing buy and sell orders at $1.00 using revenue from NuBit sales kept in external digital currencies (such as Bitcoin).[5]

NuBits attempts to keep price stability by distributing voting shares (NuShares), which have the ability to vote on motions and network changes. Holders of NuShares earn rewards as an incentive to stabilize the network. Partial revenue is distributed to shareholders to create a mechanism for deep backing by incentive for investment when NuBits leaving circulation exceed the value of Nu's liquidity reserve. Additionally, holders of NuBits have the ability to lock away NuBits to gain interest (from Nu's reserves), which in turn reduces the circulating supply.[6]

Allegedly, US NuBits is the first decentralized cryptocurrency to maintain a $1.00 US price peg for one year,[7] on September 23, 2015.[8] As of March 18th, 2018, NuBits has decoupled from its $1.00 price and has not been able to maintain a stable peg against the US dollar, trading at $0.35 as of June 2018.[6]

Notes

  1. ↑ “USNBT” is displayed by exchanges listing the currency. https://nubits.com/exchanges
  2. ↑ NuBits are issued by Nu shareholders (owners of NuShares) voting on creation of new units via protocol. https://nubits.com/nushares

References

  1. ↑ "NuBits – World's Best Stable Digital Currencies". NuBits. 2017-09-30. Retrieved 2017-09-30.
  2. ↑ "NuBits - A Stable Digital Currency that Central Banks Envy". NEWSBTC. 2016-01-03. Retrieved 2017-08-28.
  3. ↑ "Top 3 Stable Cryptocurrencies Based on USD Value". The Merkle. Retrieved 2017-08-28.
  4. ↑ "NuBits Seeks to End Cryptocurrency Volatility with USD Peg". CCN. 2014-09-26. Retrieved 2018-09-09.
  5. ↑ "If We Can't Use PayPal 100%, What Is the Purpose Then?" – Ronny Boesing, CEO CCEDK". Cointelegraph. 29 September 2014.
  6. 1 2 Lian, John (12 May 2018). "NuBits Loses $1 Peg, No Recovery in Sight". Chainstate. Retrieved 2018-06-08.
  7. ↑ "NuBits (USNBT) price, charts, market cap, and other metrics | CoinMarketCap". coinmarketcap.com. Retrieved 2018-09-09.
  8. ↑ "r/peercoin - NuBits Becomes the First Decentralized Digital Currency in History to Maintain $1.00 for an Entire Year". reddit. Retrieved 2018-06-09.


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