What Is New Bitshares?

New Bitshares (NBS) is a blockchain-based on the Bitshares (BTS) infrastructure. Initially, BitShares was conceived to improve existing blockchains and bring technologies to a new level. It was designed to solve the problems inherent in Bitcoin:

• centralization, which manifests itself in the accumulation of capacity by large mining pools;
• low bandwidth;
• high volatility.

New BitShares is a fork of BitShares that was launched due to a divergence of views within the community. The Chinese BitShares Association launched the fork. New BitShares has a new development plan and a new team to implement the original vision of BitShares. NBS, under the leadership of the Association and the NBS Council, switched to the DAO governance model and on-chain DPoS. The project is focused on the implementation of synthetic asset lending with a full currency line in the DeFi sector, as well as on the creation of decentralized exchanges. Among the tasks is also the creation of a decentralized platform for synthesizing exchanges and the realization of the main goal: everyone will be able to open an exchange in the NBS blockchain.

According to the developers, since its launch on September 10, 2020, NBS has adhered to the concept of “using DeFi to restore the economic ecosystem of the public network and free exchange to achieve inclusive DeFi applications,” revolutionizing innovations in the use of stablecoins and achieving the gold standard and sustainable functioning of currency contracts, as well as forming an internal DEX for mining and increasing cross-chain communication.

New BitShares Key Features

According to the developers, New BitShares inherits most of the key properties of its predecessor’s blockchain network and reconstructs the system to match the original vision.

Architecture
Graphene architecture provides 3000+ TPS with high simultaneous processing, and the DPoS structure reduces energy consumption and increases scalability, which gives more development opportunities.

Decentralization
Inheriting the foundation of the community and the BTS blockchain technology, the NBS community has been powerful from the beginning, with users distributed worldwide. However, it should be noted that the NBS platform is more adapted to the Chinese market. According to the project’s official website, more than 7000 people have registered accounts. More than 11 users perform the council duties, and 19 users perform delegators (witnesses) duties.

Wallet
Most crypto projects assign complex wallet addresses to users, but NBS developers decided to make a more comfortable solution for their customers. Here all users are allowed to independently set the names of public addresses that will be convenient and easy to remember. This makes it easier for people to manage their funds to a certain extent and interact with all other users. 

New BitShares wallet is a decentralized platform that allows participants to trade and track tokens. New BitShares is a decentralized exchange with a similar interface to centralized exchanges. The exchange will enable you to trade virtual assets and make a cross-chain exchange. The wallet is presented in a web format, in the form of a mobile application, a computer lite version, and a computer command line wallet to meet various user needs. Using the NBS++ wallet downloaded from the official NBS website is recommended. The wallet already has support for the main NBS New BitShares network.

Mining
New Bitshares mining does not require much computing power since the network uses the DPoS consensus algorithm. The reward token is an NCN token with a fixed supply of 1.2 billion. The protocol reserves about 600 million NBS for the mining pool to repurchase NCN. The protocol will spend about 4.5 million NBS monthly to repurchase NCN from pending orders. In addition, about 40% of the monthly income of the project is used for the same purposes. If the repurchase order is fully paid off within a month, the repurchase price of the NCN remains the same. However, if the allocated funds are not entirely spent, the repurchase price of the NCN will increase by 5% next month. According to the developers, all repurchased NCN tokens are burned.

There are several ways to participate in NBS mining:

• Lock position mining

To participate in lock position mining, the user must register an official wallet and buy a lock position MINER voucher. About 360 million (3.75 million per week) NCN is currently reserved for lock position mining. The reward is distributed equally among all MINER holders. However, mining profitability halves once every 48 weeks. The nearest halving is scheduled for the end of August.

• Stake mining

Users must buy a stake mining certificate (SCNY) to participate in stake mining. The purchase is only available with nbCNY. The conditions and the reward for stake mining are identical to lock position mining.

• Referral program

One of the most crucial features of the project is the presence of a referral program that opens the way to unlimited income, which varies depending on the entrepreneurial spirit and activity of the user. There is no limit on the number of referrals. The invited user must register an account and buy MINER and SCNY. The referrer can receive 10% daily of the total amount earned by the invited user. The only condition is that the referrer’s mining quantity must be greater than or equal to the mining quantity of the invited user.

Custom Tokens

Users have the opportunity to create custom smart assets (nbAssets) for further use for any own purposes. They are pegged to other assets (for example, gold, dollar, or shares) and can be converted into NBS without using exchange services. Furthermore, the token can be provided with an extensive set of parameters, which make it possible to carry out a multi-faceted configuration of the new token.

New BitShares Benefits

• Referral program. Wallet users can refer users and be rewarded.
• Issue of tokens. Creating custom assets helps implement profitable business models for certain services. The token owner assigns a name and describes and registers his asset for distribution between users. It can also specify individual rules for storing tokens and the number of fees.
• Personal accounts. Wallet addresses on New Bitshares are usernames invented by users, not a long set of numbers and symbols. A significant drawback is that if the password to the wallet is lost, there is no way to restore it.

   

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