Hello all,
I am happy to be part of the team, thank you for the warm welcome!
While developing the Coinomi wallet I saw the need of having a stable/fiat-pegged store of value that is also a cryptocurrency. I was even thinking of creating a reserve “bank” that issues tokens on CounterParty but the regulations and the centralization risk for my users were not worth it, so I gave up the idea. Until I stumbled on an article about NuBits in October and saw an elegant solution for my wallet, where users keep their own private keys.
There are third-party services that try to solve the same issue but require trusting them. There are also crypto-currencies that do the same but require payment of fees in different currencies or set-up complex trust relationships. Even though I respect what they do, I like the simplicity of Nu’s front-end currency, 1NBT = 1USD and you pay 1 cent for a transaction (most of the times). This is good for people to actually use it and in the long term stabilize further the price without NuBot.
Some things that I would like to see in the mid-term:
- Euro and Yuan currencies.
- Third-party services that allow the exchange of USD <-> NuBits via a simple bank transfer and NuBits -> CreditCards/PayPal or other local payment networks. For example paying utility bills with crypto-currencies.
- Open sourcing of NuBits. This I think will have a positive effect on the trust front.
- Cross chain peer-to-peer exchanging, for example the highest volume pair of BTC vs USD/NBT. It is possible but there are no user interfaces. This could even allow the creation of trust-less payment processors!
As we set sail for this voyage, let’s hope it is a long one, full of adventures, full of knowledge.
Sincerely,
Giannis
edit: typos
