Beyond Bitcoin: How Stable Are Alternative Cryptocurrencies?
Cryptocurrency allows immunity from interjections and the handling of central banks. It gives us freedom of our economic management.
Cryptocurrency allows immunity from interjections and the handling of central banks. It gives us freedom of our economic management. Cointelegraph talked to Pascal H. Hamonic, a core member of Nu (NuBits), decentralized startup in peer-to-peer banking, Petros Anagnostou, Chief Marketing Officer, and Mourad Ilyes Mlik, IT Engineer, of CreditBit, an open source software project released under the MIT/X11 license, about alternative cryptocurrencies and fintech innovations.
Cryptocurrency compared to fiat is neither stored nor checked by central banks or governments. You possess all your money, and the system is secure thanks to the peer technology Peer2Peer. The counterfeiting is unfeasible.
Julien Yuki Hamonic, core member of Nubits, says to Cointelegraph:
“A new thought form to structure organizations is emerging: the Blockchain. Take a look at Nu, the DAO which is issuing the dollar pegged US-NBT. NuShareholders mirror holographically the whole blockchain, this pattern of blockchain is being found again in another scale of itself, B&C exchange. Though its parts are not related by any hierarchical relationship, the whole is greater than the sum of its parts and produce a meaningful business value. May the Blockchain be spread fractally, holographically and synergistically!”
Proof of validation
CT: The coin Nubits since it is a PoS, has a form of currency and NuShares is the solution for Proof of Validation, that way solves the problem that PoS have?
Pascal H. Hamonic: The DAO (Decentralized Autonomous Organization), called Nu is a DAC whose business is to issue stable crypto-currencies, called NuBits. Nu is a fork of Peershares which is a fork of peercoin.
As you may know, Peercoin is the first PoS coin. So Nu is indeed PoS. The way it works is that shareholders who hold NuShares vote. By voting they contribute to the business of the DAC (Nu). By doing so, they contribute to the security of the network by verifying blocks.
The probability of being able to verify a block depends on how much percentage you own. So let us say that you have 10% of Nu. In that case, 10% of the time you will be able to verify blocks. By the way, 1 block per minute with Nu (=NuBits + NuShares).
Investments and Visa/MasterCard payment option
CT: Do you plan issuing new shares to get investment?
PH: Shareholders of Nu hold shares called NuShares. With NuShares they vote for anything, including monetary policies. Nu would need to issue new NuShares in order to maintain the peg, if needed. We did that twice last year.
CT: How do you get rewards, the wallet is a node?
PH: Well when you verify blocks, you get a reward (a minting reward or a voting reward if you will), which is right 40 NuShares per block. Yes, the wallet is a node. Well if you want to verify blocks, you need to enable the minting function though.
CT: The merchants if they want to accept Nubits, will this be implemented by Visa or MasterCard as other currencies have done?
PH: Right now the best way to pay with NuBits is to use NuDroid (android wallet). With it, you can pay any merchants with NuBits who accept Bitcoin. As for the credit card payment, we have only NanoCard of CCEDK right now. With NanoCard you can charge with NuBits.
Price and wallet
CT: The price has to be kept steady at 1$ but at coin market I see ups and downs, how this could affect the Nubits?
PH: It is a peg around 1USD -+ 0.2%. The peg has been kept quite tightly overall since the inception.
CT: The Shareholders of NuShares, how they been informed for the voting system, and are they capable to be notified by the wallet?
PH: Mainly we discuss everything inside the forum. But we have indicators of the liquidity such as inside the client or here. There are some plans to alert shareholders about certain things inside the wallets such as mandatory updates or any other urgent messages.
CT: Do you monitor from which countries the users are more interested in the project?
PH: We have some indicators. So it is pretty well spread over the Globe: US, Canada, Europe (Germany, UK, Spain, Greece, France), China, Japan, New Zealand, South Africa, South America. With NuBits, you can remit US dollars for very cheap (1 cent) and instantly.
Nu is the first decentralized central bank in the world who issue NuBits, the first crypto-dollar with a stable prize 1NBT = 1USD. Value stability is highly desirable in a currency, and we expect more and more users will begin using NuBits for online purchases.
What is CreditBit
Petros Anagnostou: CreditBit is an open source digital currency protocol which is 10 times better than Bitcoin when it comes to the speed and rate of transactions. CreditBit prepares for mass adoption by offering a user-friendly and secure cryptocurrency easily accessible to users worldwide.
CT: Are transactions traceable?
Mourad Ilyes Mlik: CreditBit was Asic resistant at the PoW stage, now the PoW stage has ended and we are a pure PoS coin so we don't have issues with ASICs or 51% attacks. Creditbit transactions are traceable, you can gain anonymity by using coin mixers.
CT: Which platform wallets do CreditBit support?
PA: CreditBit has wallets for all platforms (Windows, Mac, iOS, Android, Linux) and the wallet works as a peer. About 2700 wallets between Creditbit-QT and Electrum have been downloaded up until now .
Creditbit is already in 7 exchanges: (Bittrex - Livecoin - YoBit - C-Cex - Cryptopia - Bloombit - Bitsquare). It is one of the fastest coins with extremely fast confirmations.
Bitcoin’s problem is the confirmations delays. Many times it needs 30 minutes to find one block and get one confirmation. CreditBit’s blocks are found every 30 seconds from POS.
CT: Does only the official wallet gain 8% annually?
MIL: Yes, only the wallet Creditbit-QT which runs at Windows, Linux and Mac OS X, could give the gain, the user has to have the wallet open 24/7 to take the interest, because the wallet acts as a peer. Securing the PoS and validate the transaction. CreditBit is built as a robust platform, with all its source code available on main repos on GitHub.
CT: From which countries are users more interested in the project?
PA: Most users are from Slovenia 30.24%, from USA 20.03%, from Russia 9,16%, from Norway 5,36%, from Germany 2,72%, from China 2,55%, from Greece 2,16%, from UK 2% and from Canada 1,5%.
CT: How could the merchants implement CreditBit as a payment method?
PA: CreditBit is merchant ready through CoinPayments platform. CoinPayments are offering plugins for all the popular web carts used today and merchants can easily start accepting CreditBit by using one of them.