New BitShares NBS
About
What Is NBS?
NBS is an OSS (open source) solution for DeFi (decentralized finance) business and DEX (decentralized exchange) based on DPOS consensus and implemented with DAO's organizational management structure. Delegated Proof of Stake (DPoS) is a consensus algorithm developed to secure a blockchain by ensuring representation of transactions within it. DPoS is designed as an implementation of technology-based democracy, using voting and election process to protect blockchain from centralization and malicious usage. The graphene technology used by NBS is one of the most advanced blockchain technologies on the market.
NBS is the native utility token that is used for:
- Fees for processing transactions and storing data.
- Used for governance votes to determine how network resources are allocated.
- Offers the capability to loan your NBS holdings with customizable reserve levels
- Rewards for NBS system Contributors includes witness and workers.
NBS tools include:
- NBS SDKs which includes standard data structures and testing tools .
- NNS Wallet that lets application developers create streamlined user experiences.
- NBS Explorer to aid with both debugging of contracts and the understanding of network performance.
- NBS Command Line Tools to allow developers to deploy applications from local environments.
Who Are the Founders of NBS?
NBS technology was created in July 2014 and is the first brainchild of Steem and EOS cofounder and CTO Dan Larimer, along with Ethereum and Cardano cofounder Charles Hoskinson.
NBS is an OSS (open source) solution for DeFi (decentralized finance) business and DEX (decentralized exchange) based on DPOS consensus and implemented with DAO's organizational management structure. The graphene technology used by NBS is one of the most advanced blockchain technologies on the market and was developed by Dan Larimer.
Since launched on September 10, 2020, NBS has been adhering to the concept of “using DeFi to achieve a win-win situation, reconstructing the economic ecology of the public chain, and using free sharing to achieve DeFi inclusive applications”, and has revolutionized the application of smartcoins by introducing the currency-based and coin-based liquidity mining as well as the perpetual margin contract market on the NBS DEX. Cross-chain (NBS-Connect), oracle machine (NBS-Forcast), virtual machine EVM and NFT are added to the original graphene structure. Reconstructing the economic model of the public chain through DeFi allows the NBS ecosystem to form a true closed loop. At the same time, as an efficient blockchain DEX infrastructure, NBS greatly reduces the capital threshold and cost of trading. The NFT function can be applied to fields such as digital collectibles, game projects, digital goods, event tickets, real estate, ID cards, certificates, etc.
More Info
How Many NBS Coins Are There in Circulation?
NBS Protocol launched its mainnet on Sept. 11, 2020 with fixed 3.6 billion NBS tokens created at genesis (No additional issuance in its lifetime). Circulating Supply were 3095718947 as dated March 3rd.2021. 500 million NBS is reserved in the fund pool for witnesses, system development and NBS network architecture maintenance costs..
Where Can I Buy NBS?
NBS is available for trading on a growing number of exchanges, with cryptocurrency and stablecoin pairs currently available.
Binance offers the largest number of pairs as of Sept. 2020, while Huobi Global also offers Bitcoin (BTC), and Tether (USDT) options.
New to cryptocurrency? Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.
AI Analysis
What is the New BitShares (NBS) cryptocurrency good for? What are its main use cases?
As of my last update, "New BitShares" (NBS) had not yet gained widespread recognition or specific use cases distinct from its predecessor, BitShares (BTS). However, BitShares itself is a decentralized cryptocurrency platform designed to facilitate the creation of decentralized exchanges and financial services. Here are some potential use cases and features that may apply to New BitShares or similar cryptocurrencies:
Decentralized Exchange (DEX): BitShares is known for its decentralized exchange capabilities, allowing users to trade assets peer-to-peer without intermediaries. If NBS builds on this foundation, it may serve as a platform for decentralized trading of cryptocurrencies and tokens.
Smart Contracts: Like many blockchain platforms, New BitShares could support smart contracts, which allow developers to create decentralized applications (dApps) that execute automatically based on predetermined conditions.
Asset Tokenization: BitShares allows users to create and trade tokenized assets that represent real-world assets (like stocks, commodities, etc.). This functionality may continue with NBS, offering asset creation and trading.
Stablecoins: If NBS continues the trend from its predecessor, it might support the issuance of stablecoins pegged to fiat currencies, providing a more stable trading medium within its ecosystem.
Decentralized Finance (DeFi): As a part of the broader DeFi movement, NBS could enable various financial services such as lending, borrowing, and yield farming, allowing users to earn interest or obtain loans without traditional financial institutions.
Community Governance: If it incorporates governance features, holders of NBS may have voting rights regarding changes to the protocol, which enhances decentralization and community involvement.
Low Fees and Fast Transactions: If NBS operates on a similar technology stack as BitShares, it may offer low transaction fees and fast confirmation times, making it an attractive option for trading and microtransactions.
Integration with Other Platforms: NBS could potentially integrate with other blockchain platforms and cryptocurrency ecosystems, facilitating cross-chain transactions and liquidity.
It’s important to note that the specific use cases and functionalities of New BitShares may evolve over time. For the latest information, I recommend checking official sources, whitepapers, or community announcements related to New BitShares.
What blockchain does New BitShares use? Is it its own blockchain or built on top of another?
New BitShares operates on its own blockchain. BitShares is a decentralized platform that was originally launched in 2014, and it is designed for trading digital assets and cryptocurrencies in a decentralized and efficient manner. While BitShares has its own unique features and technology, it is not built on top of another blockchain; rather, it has developed its own underlying infrastructure to facilitate its functionalities.
Is New BitShares programmable? Does it support smart contracts or decentralized applications?
Yes, New BitShares is a programmable platform that supports smart contracts and decentralized applications (dApps). Over the years, BitShares has evolved and introduced various features aimed at enhancing its programmability and usability.
New BitShares utilizes a Delegated Proof of Stake (DPoS) consensus mechanism, which allows for faster transactions and a high throughput suitable for decentralized applications. Additionally, the platform includes capabilities for creating custom tokens and executing smart contracts, enabling developers to build a wide range of applications within the BitShares ecosystem.
As with any blockchain platform, it's important to review the specific features, language, and tools offered for smart contract development on New BitShares to ensure they meet the requirements of your desired applications.
How fast are New BitShares transactions? What is the typical confirmation time and throughput (transactions per second)?
New BitShares, a blockchain platform designed for decentralized exchanges and financial applications, typically boasts fast transaction speeds and high throughput.
Transaction Speed: BitShares transactions are generally confirmed within a few seconds, often cited around 3 to 5 seconds under normal conditions.
Throughput: BitShares is capable of processing up to 100,000 transactions per second (TPS) in theoretical scenarios due to its DPoS (Delegated Proof of Stake) consensus mechanism. However, real-world performance can vary based on network conditions and usage at any given time.
It's worth noting that these metrics often depend on network activity and can fluctuate based on the number of active users and the current state of the blockchain. For the latest performance metrics, it’s advisable to refer to the official BitShares community or documentation, as this information may evolve over time.
How much data can I store on the New BitShares blockchain? Does it support on-chain data storage?
BitShares itself is primarily designed as a decentralized exchange and a financial platform rather than a general-purpose blockchain for data storage. However, it does support storing small amounts of data on-chain through the use of custom asset metadata and various other structures like account names and transaction comments.
While there isn't a strict limit on how much data you can store, on-chain storage is generally limited in practice due to the costs associated with transactions and the overall design of the blockchain. Each transaction on BitShares has a size limit, and the storage of larger amounts of data would require multiple transactions, which can quickly become expensive.
For substantial data storage needs, it is often recommended to use external solutions such as IPFS (InterPlanetary File System) or other decentralized storage networks, and then reference that data on-chain. This hybrid approach allows you to leverage the security and immutability of blockchain technology while efficiently handling larger files and datasets.
In summary, BitShares does support some level of on-chain data storage, but for extensive data, consider off-chain storage solutions, while still using the blockchain to maintain references or hashes for verification.
Contact Us About New BitShares
Are you a representative of the New BitShares project? Send us a message.