Shareholders have already approved and directed that Chinese NuBits be created and supported in a motion passed some time ago. This was not yet implemented due to the high cost and complexity of providing decentralized liquidity. The reorganization of liquidity operations makes it affordable for liquidity operations to support additional currencies immediately. With small upfront costs and initial ongoing liquidity expenses expected to be less than the approximately $600 per month being spent to support US-NBT, it is very affordable to do at this point.
What needs to be done:
Change the reference client so the interface and RPCs support Chinese NuBits, European NuBits and SDR NuBits. A protocol change is not needed. @sigmike can you comment on what type of effort and expense it would take to complete changes to support CH-NBT, EU-NBT and X-NBT? How long would it take to complete it? We could use the established methods of paying for development, if you wish.
Change NuBot to support multiple currencies. @desrever or @woolly_sammoth, can you comment on the effort, expense and time needed to modify NuBot to support CH-NBT, EU-NBT and X-NBT? Is there a significant difference in time and expense to only support CH-NBT vs. all three new currencies?
I believe only very minor changes to NuLagoon Tube are needed to support Chinese NuBits. Mainly NuLagoon Tube just needs a version of NuBot that supports Chinese NuBits. Supporting multiple currencies later might take additional development. @henry what can you tell us about the readiness of NuLagoon Tube to support CH-NBT? What it would it take to make that happen?
Get exchange support.
This will show our system works and our approach is very viable. This will increase confidence in our network, which will aid our continued efforts to support US-NBT. This is an important method of supporting US-NBT.
Being the first DAO, we are bold pioneers in blockchain governance. Due to a lack of experience with blockchain governance as a result of our novel design, we had a governance crisis that began in late May. We have resolved the issues that caused the governance crisis with our changes in the structure of liquidity operations. Costs are down dramatically while effectiveness is way up. It is simultaneously a chance to demonstrate our system is currently sound, as well as the best way to dig ourselves out of the unauthorized and senseless default imposed on US-NBT holders by the rebels at that time.