Motion RIPEMD160 hash: 5febe97664ed02c8d24dbb444b6a9f43f7a8dea9
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The network should create three new currency products: Chinese NuBits (CH-NBT), European NuBits (EU-NBT), and Special Drawing Rights NuBits (X-NBT). They should use these precise names and not NuYuan, NuEuro or NuSDR. New Nu logos should be created – CH-NBT (dark red), EU-NBT (dark blue) and X-NBT (dark green) – using the existing Nu logo design. If possible, each currency should use the same singular-letter prefix as above for creating addresses on the blockchain, such as CXXXXXXXXXXXX for CH-NBT.
One unit of each currency should be created immediately to be held by @JordanLee. Mass public creation and sale of these new currencies should not begin until a subsequent motion is passed authorizing one or all currencies to begin trading. Unless new criteria is passed through motion, a currency must have two liquidity pools confirmed, one exchange aside from B&C Exchange confirmed, and 25,000 NBT worth of liquidity confirmed prior to launching. Should shareholders wish to instead use a bootstrapping method of a centralized dual-side liquidity provider (similar to KTm or jmiller in 2014) prior to liquidity pools being established, a set term of sixty days must be enforced, at the conclusion of which all revenues would be returned to shareholders as dividends.
The current US Dollar pegged NuBits should be renamed US NuBits (US-NBT).
NuBits.com phrasing, wording, and pages should be updated to reflect a unifying NuBits brand at the discretion of @TomJoad. “The world’s first stable digital currency” tagline should be replaced with “The world’s best stable digital currencies”, with the original phrase being retained to describe US-NBT.
These new products should be introduced in the same client release as the recent successful motion to reduce the total displayed supply of NSR by 10,000.
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Verify. Use everything between and including the <motionhash></motionhash> tags.
Relevant discussions:
On currency baskets On Currency Baskets
Support another currency besides NuBits Support another currency besides NuBits?
Draft motion to create 1 unit of multiple pegged currencies Draft - Motion to create 1 unit of multiple pegged currencies
I would like to present a vision for our network that can be accomplished during our second year of operations. It defines what products should be offered and how they should be branded. I believe the following plan integrates multiple discussions that have happened on our forums over the past few months in a way that will cost-effectively enhance our network.
Before I elaborate on each point, here are the three key actions that comprise this motion:
- We should create Chinese NuBits (CH-NBT), European NuBits (EU-NBT), and SDR NuBits (X-NBT). They should not be offered for sale until a set of operational criteria are in place.
- We should rename NuBits to US NuBits (US-NBT).
- NuBits.com should be updated to reflect these changes.
1) We should create Chinese NuBits (CH-NBT), European NuBits (EU-NBT),and SDR NuBits (X-NBT). They should not be offered for sale until a set of operational criteria are in place.
With this decision, we declare that just as a “Dollar” is a unit of fiat currency in the real world that takes multiple forms (US Dollars, Australian Dollars, Canadian Dollars, etc.), a “NuBit” is a unit of a stable digital currency that will take multiple forms (Chinese NuBits, European NuBits, SDR NuBits, and US NuBits).
One unit of each new currency should be created as a ceremonial token. Our network will thus be able to honestly claim that we pioneered each pegged digital currency. However, custodial grants of the new digital currencies for the purposes of trade should not be approved until:
- At least two liquidity pools are willing to support it
- At least one exchange, not including B&C Exchange, is willing to support it
- At least 25,000 US in initial liquidity is pledged. One alternative would be to authorize dual-side liquidity providers – similar to @KTm and @Jmiller’s roles in 2014 – to bootstrap the new currency for a set defined period of time, perhaps 60 days, until liquidity pools are ready to take over. At the conclusion of their operations all funds would be converted to dividends. This may be preferable if we expect a large surge of interest initially from new users, followed by a sell-off and reduction back to normal demand levels.
The naming convention chosen is very deliberate and offers our network several advantages. To illustrate this, let’s consider one main alternative convention first. Calling these new products “NuYuan”, “NuEuro”, or “NuSDR” would open our shareholders up to regulatory scrutiny. Our network’s goal is to create digital tokens that approximate the value of real-world currencies; we never claim our products are backed by the support of real-world governments. NuYuan or NuEuro would also require users to learn new brand names, and they would need to ask why NuBits is not NuUSD. As well, there would be significantly higher development costs in re-designing the website to transform into a broad Nu portal that displayed NuYuan, NuEuro, and NuBits products.
In short, we should want “NuBits” to simply be synonymous with stable digital currencies.
While Yuan- and Euro-pegged NuBits products are unlikely to be controversial among shareholders, SDR might. I believe @desrever has identified a very important opportunity for our network. The reasons for introducing an SDR-pegged product provided in his thread are compelling. The design of our blockchain technology network can solve the primary restrictions that prevent SDR’s widespread real-world usage. Offering this product would also send a message to the world that Nu is innovative, creative, and willing to redefine what digital currencies are capable of.
I realize there might be support for an “inflation-resistant” US dollar product. I am unclear what benefits it would provide to users or why someone would purchase it. It would be unlikely to ever be used as a mass transactional tool due to its deflationary design, and it wouldn’t offer much ROI for investors. I am also unsure of how to market it with fiat-pegged currencies or baskets of currencies. At the same time, I acknowledge my view might be biased, so I would encourage someone who is better-versed in the potential benefits of this product to introduce a complementary motion that would require the addition of such a product to the implementation of this motion.
2) We should rename NuBits to US NuBits (US-NBT).
This is an easy change to make that will be well understood by the market when announced in combination with the new products above. All change can feel uncomfortable, but we should be aware that this change is likely to cause users to ask themselves “wait, are there other NuBits currencies now?” This is beneficial for our brand awareness. For those who are uncomfortable with adding the US- prefix, please consider it within the context of the additional currencies above. Failing to add the US- prefix on our existing currency would create confusion around what “NuBits” means in combination with a phrase like “Chinese NuBits”.
3) NuBits.com should be updated to reflect these changes.
My proposed plan makes the changes to nubits.com simple and inexpensive. The main changes that should occur would be:
- “The world’s first stable digital currency” phrasing would be moved to US-NBT pages. In its place the phrase “The world’s best stable digital currencies” would be used.
- The gold NuBits logo would remain, but an automatic image switcher would be in place to show the other products.
- Chinese NuBits should have a dark red (maroon) Nu logo, European NuBits should have a dark blue (navy) Nu logo, and SDR NuBits should have a dark green Nu logo.
- All other front page hero block elements will remain, including “Decentralized. Free. Secure.” as our primary tagline and “Introducing NuBits”.
- Wording on the website would be adjusted to move from “NuBits” as a US dollar concept to “NuBits” as a stable currency concept.
- Several sections would be updated. The Exchanges page would display NBT product-specific exchanges, the Liquidity Pools page would display NBT product-specific pools, etc.
- A new “Products” menu header should be added, with links to each individual NuBits product in the subheaders.
Summary:
So, what will happen if this motion is successful? Our network will offer more products that rely on the same proven pegging mechanisms. The network will take advantage of the historical development already complete on NuBits and introduce products that have a low marginal development cost. We will unify our branding around “NuBits” and establish that term as synonymous with “stable digital currency”, just like “Dollar” is synonymous with “fiat currency”. We will expand our network’s influence in a measured, responsible way and better compete with ambitious larger projects. We will strengthen the value of our NuShares. And, we will continue to introduce innovative financial products that have never been attempted before.
Relevant information:
I welcome all feedback and/or competing motions.
