Over the years, we have seen how decentralized exchanges and decentralized finance (DeFi) have increasingly taken a leading role in the crypto world.
In turn, around these concepts, different projects have emerged that seek to make the decentralized exchange of cryptocurrencies and fiat money a reality.
One of them, is the renowned Bitshares, a platform launched in 2014 where you can trade and make transactions with cryptocurrencies and other securities (BitAssets).
You probably know it as the first idea of EOS co founder Dan Larimen, along with Ethereum and Cardano co founder Charles Hoskinson.
However, despite being a reliable project with great promise, it presents some difficulties such as the complexity of its website, its lack of a roadmap, the imbalance when exchanges are made, etc.
As a result, hard forks and upgrade proposals have been proposed that seek to improve its blockchain.
Among them is New Bitshare which, despite being relatively new, has a focus on improving different aspects of Bitshares. Let’s see what it’s all about!
What is New Bitshares?
New Bitshares is a fork of Bitshares and a public blockchain infrastructure that uses the delegated proof of stake or dPos consensus algorithm.
Certainly, it describes itself as an open source solution (OSS) to power decentralized finance (DeFi) and DEX (decentralized exchanges) based on the dPos consensus of the founder of EOS. It was also implemented with an organizational structure of a DAO.
New Bitshares itself is working to reverse some features that have not been approved by the Bitshares committee in BTS 4.0. Additionally, there are features that New Bitshares will not include from BTS, such as:
- Weakening of the weight of votes.
- Committee elections on a one vote (1:1) basis.
- Count votes from non blocked accounts as zero.
- Voting blocked.
- Elimination of voting rights when Bitshares is used as a security.
In essence, it works in the same way as Bitshare, but, through small changes, it seeks to reduce the fear of centralization and eliminates some features that are considered unfair by users.
On the other hand, as tools, NBS includes:
- NBS SDK (Software Development Kit) which includes standard data structures and testing tools.
- NNS Wallet that allows developers to create optimized user experiences.
- NBS Explorer to assist with contract debugging and network performance.
- NBS command line tools to enable developers to open applications from local environments.
The New Bitshares token (NBS)
New Bitshares (NBS) is the native utility token of the New Bitshares network that is used for:
- Cover fees for processing transactions and storing data.
- Participate in governance votes to determine how network resources are allocated.
- To offer a capacity to lend our NBS assets.
- Grant rewards to contributors to the system (including witnesses and workers).
Likewise, it cannot be mined and began circulation for the first time in September 2020 with 3.6 billion tokens.
Of this, NBS 500 million is set aside in the pool for witness, system development and maintenance costs of the NBS network architecture.
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