Its time to start the discussion on how to make NuBits useful from day one. So useful that people wants to buy them. Let’s analize some possible use cases of NuBits from day one. On the long term I assume we aim to make them widely accepted. But for now we need some strategies to build early aopters. BitUSD, has pretty much failed in finding a use for them. I think it is also due to their lack of a bitusd wallet that people can use to transfer assets easily.
Why would anybody want some NuBits?
- Keeping profits from trades without having to go into fiat. NBTs are a valid mean for this scope.
- People that wants to park them. I personally say that @pennybreaker idea of having an high interest on day one can be beneficial ( link )
- Use the parking feature to replace all the current “proof-of-burn” applications. Its much easier to proof that something has been parked for 1000 years than burned.
- Use the parking feature to prevent spam. Spam in public polls, spam in email, spam in transactions, spam in submissions . Let honest people “park” a small sum before submitting a proposal / vote / poll / email . Discourage dishonest people from submitting millions items.
- Merchants that do not want to keep their revenue in BTC but also don’t want to necessarily having to convert them in fiat. NBT will make the case.
- Store of value for Crowdfunding campaign in BTC. Campaign makers and backers would probably benefit from having their initial offer pegged to usd for the period of the campaign .
- International remittance requirement
- Loans for businesses
- Companies that already pay their employees in Bitcoin, would be attracted by offering NuBits salaries
- please add a case scenario here
By reading this thread on reddit I just realized how important and unique the parking feature actually is. I have to admit I undervalued its applications. We are the first to bring to market the idea of locking an amount and we have the implementation working from day 1.
For the start, we need to introduce the concept of a FrozenCoin. FrozenCoin is simply a bitcoin which cannot be spent before a certain moment in future, i.e. a time-locked, frozen bitcoin.
E.g. one could time-lock 1 bitcoin for 1 year to create a FrozenCoin. This can be done using nLockTime property of a Bitcoin transaction, but we would need an oracle (e.g. a trusted third party) to prove that a coin can’t be spent before the specified time.
The discussion received much feedback in short time. This is something people need and we have a way to make NBT valuable from launch day.
Please correct me if I’m wrong ( I tend to get too excited about things ) . Or, if I am right , help me in find new industries to disrupt
I also would like to hear your opinion about 2) : having high parking rates on nunet from start.