- New Bitshares enters the DeFi cryptocurrency exchange
- New Bitshares is a fork of Bitshares
- It utilizes the Delegated Proof-of-Stake consensus
New Bitshares (NBS), the fork of Bitshares (BTS) enters the DeFi currency exchange as a decentralized public chain for financial smart contracts.
In a research report by Binance, NBS is the fork of BTS and a Delegated Proof-of-Stake (DPoS) public blockchain infrastructure. NBS continues working on a DPoS consensus and works to reverse functions not approved by the BTS committee on BTS4.0. NBS does not, however, reverse functions currently in use for BTS4.0.
What is a DPoS consensus?
For those unfamiliar with DPoS consensus, this consensus algorithm functions to ensure security on a blockchain by making sure transactions are represented within it. DPoS essentially implements a digital, tech-based democracy involving election processes and voting to ensure the blockchain is shielded against malicious use and centralization.
What functions will not be included in NBS?
NBS will not include the following:
- Voting weight decay
- One vote for one vote committee elections
- Locked voting
- Counting of non-locked accounts votes as zero
- Removal of rights to vote when BTS is used as collateral
This fork of BTS essentially works in the same manner, but without fear of centralization and some functions considered unfair by users.
The NBS token
The NBS token will be able to be used for voting, as collateral, for staking, to store value, and for transaction fees within the New BitShares Network. As a token it functions in a similar manner to other tokens, in that it represents an asset or a utility. Like other tokens, they easily incorporate onto DeFi cryptocurrency exchange ecosystems such as the Ethereum DeFi Ecosystem.
In a similar fashion to tokenized Bitcoin (tBTC), the NBS token surpasses the restraints of Bitcoin in efforts to bridge the Ethereum DeFi Ecosystem.
In terms of worth, currently NBS tokens are the equivalent to 0.0000010 BTC.