All You Need To Know About NuShares Currency

All You Need To Know About NuShares Currency

NuShares are units held by individuals who wish to help and support the Nu network. However, owning NuShare is not required to use the cryptocurrency

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NuShares are units held by individuals who wish to help and support the Nu network. However, owning NuShare is not required to use the cryptocurrency NuBits. NuShares are intended to be a source of network equity for developers, entrepreneurs, and speculators.

“NuShareholders can cast votes for actions that positively affect the Nu network. These actions help adjust the supply and demand for NuBits so that they will always remain at a long-term $1.00 US value.”, explained nubits.com.

What is Nu?

Nu has been released on September 23, 2014. Its architect is Jordan Lee, a pseudonym for developer or group of developers who designed the Nu system. According to nubits.com, an anonymous investor has funded the project with half a million US dollars. The money was used for a customized extension of Peershares. Nu is the resulting customized extension.

“Just like any Peershares implementation, Nu is controlled by shareholders who own NuShares and mint blocks with them using proof of stake. Unlike other Peershares networks, Nu also verifies and transmits transactions of currency units called NuBits. Nu permits holders of NuShares to manage the quantity of NuBits without dependence on any off blockchain mechanisms. Additional NuBits can be created when shareholders vote to do so and will be placed in the custody of a recipient chosen by shareholders called a custodian. There can be as many custodians as the shareholders elect to have and they can be changed at the whim of shareholders. Custodians may adopt a pseudonym if they choose to do so.”, stated the White Paper of the cryptocurrency that may be seen on nubits.com.

How does voting work?

As said, voting helps generating additional NuBits. There are different types of voting – a Custodian vote, a Park Rate vote, a Motion vote and a Transaction Fee vote.

When shareholders vote for a custodian, they select a specific NuBits address and amount pair, as written on nubits.com.

“A NuBits address will be provided by the prospective custodian along with the amount (in NuBits) they are requesting for the service they will provide to the network. Custodians submit proposals to NuShareholders that outline these details. An example might be ‘I will develop an instant messaging service for the Nu network for 20,000 NBT’”, reads on Nu`s website.

Market Cap and Supply

As of 19 January 2017 the market cap of NuShares is $458,844. The availability supply is 2,581,198,940 NSR, while the total supply is 3,331,999,860 NSR, wrote coinmarketcap.com.

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