The NuBit Network is the first intentional and complete DAO

[JordanLee]

The NuBit Network is the first intentional DAO (Decentralised Autonomous Organization) and remains the most mature and capable one on the planet. There are proof of work coins that have a much greater market cap that have realised our DAO model has great value and have tried to retrofit it onto their proof of work network. These include Ethereum, Dash and BitShares, the latter of which actually made the switch to proof of stake after starting out as a proof of work network.

NuBits and B&C Exchange stand alone as the only networks designed from the ground up as fully functional DAOs. Our capacity to function as a DAO far outstrips the ability of Ethereum or Dash to do so. Not very many people understand the important differences in the way voting works on a proof of work chain versus a proof of stake chain. Arriving at anything close to a fair and simple way of voting on a proof of work chain is very difficult. Operations such as custodial grants would be extremely difficult to perform securely on proof of work chains. Motion voting on proof of work chains will be difficult to make fair among token holders. The architectural integrity and usability of our DAO far exceeds any other in existence.

Our custodial grant mechanism is amazing and nothing like it exists on any other chain. Shareholders actually choose exactly who receives what funds through votes in proportion to their stake. Creating money without a centralised authority has proven to be incredibly secure. Remember that time someone nearly created 8 billion in NuBits by using an exploit? Neither do I, because nothing like that has happened. Shareholders have been remarkably responsible in their allocation of resources. It really is possible to just show up on our forum and say “I want to provide this service for this fee”. Shareholders, acting only as peers without any authority, have granted such requests on many occasions. This is incredible. A diffuse organization that anyone can petition to hire them without any appeal to authority or a management structure. This isn’t a dream or proposal. It is a reality that has been demonstrated repeatedly. We did it.

We have created a new type of authority, which is really no authority at all. We created a peer-to-peer authority. It is a most curious invention. Peer-to-peer authority. Seems like an oxymoron. In the past and up until now, the accepted dogma was that coordinating people’s action required centralised authority. We are the heretics that say no, this new technology allows humanity to enter a new era. We don’t need centralised authority that is easily captured, highly corruptible and inclined to utilise violence and threats of violence. We can have sublime order, tight and complex cooperation, and the consensus and unity that people want authority to produce without any centralised authority structure. We can have an authority that consists of the network and the blockchain itself, that is derived from nothing but perfectly equal peers. It has profound implications for peace. It is radically transparent and egalitarian. It well suited to live in the world that is emerging.

There are many important ways diverse Peershares can create peace and order in the world. We have to make NuBits a success in order to give other Peershare applications a chance to the make the world a peaceful and orderly place free of the violence, corruption and stupidity that accompany centralised power.

Let’s make adjustments to our economic model and continue the work of developing and establishing peer-to-peer authority. The truth is, even if we had no product yet, I would expect the most mature and functional DAO to sell for far in excess of 1 million USD. The capabilities of the organism we have created are amazing. Creating a fully functional DAO with capable and attentive shareholders is an amazing feat that has tremendous value. No one else has done it. Let’s make sure the world understands we are the premier DAO, because we actually are, no doubt. Other projects are making fantastic promises about what they can do in the future, but we are in an excellent position to brag about what we have already accomplished.

[Sentinelrv]

Nicely said. I posted it on Reddit here…

Jordan Lee - "The NuBit Network is the First Intentional and Complete DAO" •...

[cryptog]

I cannot agree more.
Tks jordan for inventing it, tks to all active shareholders for working hard to make nu and bce a success.
I believe the only killer app of the blockchain is actually daos or dacs or more simply businessess over the blockchain.
I wrote a post about that here:http://nuventures.org/news/archives/23

And Nu is the only true authentic viable template for that.
I expect we ll see the birth of a huge ecosytem of dacs derived from Nu.
NuBits would be the currency to exchange value between those daos and bce would be the dac to exchange the shares of those daos.
Doing a business remotely together collaboratively is possible via Nu (advanced peetshares) because Nu enables unriggable voting based on a very powerful proof system: proof of ownership.
The world is realising that the blockchain is only useful when applied to daos as i predicted here at the start of 2016: http://nuventures.org/news/archives/22

Now is a huge opportunity to promote the voting system of Nu.

[Sentinelrv]

NuBits would be the currency to exchange value between those daos and bce would be the dac to exchange the shares of those daos.

As I said in your other thread, this is definitely possible. If B&C forms a multisig group, a certain portion of B&C’s profit could be converted into NuBits and shareholders could instruct the multisig group through motions what to do with the money when expenses need to be paid. Any other Peershares based DAO could form the same model and use NuBits as the primary stable currency to keep its savings in.

[zoro]

Do you feel sometimes that NU is ahead of its time?
I do

[Sentinelrv]

This must have been posted in response…

Dash: The Original DAO • r/CryptoCurrency

Edit: @JordanLee, I responded to your post on Reddit in case you want to respond. Maybe it would be a good idea to talk about what your definition of a DAO is and how Dash matches up.

[crypto_coiner]

Cannot agree more.
Nu as a money currency issuance org is the primary basis for other businesses over the internet. Otherwise you just can not invest and run them correctly.
Peershares is kind of business over the internet protocol – the peers with their votes are now the new rare commodity
We need marketing wise another dac to come forth whose business is easy to understand, with obvious profit and dividends and a popular business practice. –
BCEX is ideal for many reasons for nu but i would love to see many more right now that create demand for nbt.
I am personally in peershares based ecommerce or market place.
Anyone?

[Sabreiib]

As I said in your other thread, this is definitely possible. If B&C forms a multisig group, a certain portion of B&C’s profit could be converted into NuBits and shareholders could instruct the multisig group through motions what to do with the money when expenses need to be paid. Any other Peershares based DAO could form the same model and use NuBits as the primary stable currency to keep its savings in.

As long as Nushare holders(also BKS holders) agree to vote BKC as an anti-infation currency. Otherwise, I refuse to use NBT on B&C platform, yes, I have many BKS. I would rather perfer Tether, if Nu company’s financial report disappoints me.

BTW, I have not found the financial report of Nu company after it’s 2 years operation, without it, why would I trust this product?

[Sabreiib]

Can Nu’s wallet automatically produce the financial statements? Since we declare NU/B&C are DAO, i.e companies. What’s the Price–earnings ratio of NSR?

1)Balance sheet?
Asset: ? $
liabilities: ? $
owner equity: ?$

2)An income statement?

3)A Statement of changes in equity?

4)A cash flow statement report?

A financial statement (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.

Relevant financial information is presented in a structured manner and in a form easy to understand. They typically include basic financial statements, accompanied by a management discussion and analysis:[1]
1.A balance sheet, also referred to as a statement of financial position, reports on a company’s assets, liabilities, and owners equity at a given point in time.
2.An income statement, also known as a statement of comprehensive income, statement of revenue & expense, P&L or profit and loss report, reports on a company’s income, expenses, and profits over a period of time. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period.
3.A Statement of changes in equity, also known as equity statement or statement of retained earnings, reports on the changes in equity of the company during the stated period.
4.A cash flow statement reports on a company’s cash flow activities, particularly its operating, investing and financing activities.

[cryptog]

As I wrote here it is very difficult to get to know precisely the revenues.

A much better way to assess the financial health is to look at the ratio liabilities/assets, in my opinion.

EDIT:typos

[Sabreiib]

So you are saying we are running a company and don’t know what’s our revenue or where it comes from or the exact revenue number? Come on, how dare am I to cooperate with such people running a company!

At first, we need to confirm the accounting unit, USD? YUAN? BTC? NBT? The unit of accounting, it is one of three core functions of currency.

Then, we need to know:

owner equity = (asset - liability), you may also think “owner equity” as “net asset”.

Asset: initial investment, our accumulated profit, share bought back(not shareholder’ share)

liability: NBT in circulation

NSR in shareholders’ hands are not Nu company’s asset, although it is your peosonal asset. NSR price is the embodiment of “net asset” of Nu, although share price often fluctuates around due to other factors such as profitability, market speculation even the public psychology. If you count share price as asset, you double count.

revenue: transaction fee destroyed, NBT sale
expenditure: the payment to liquidity providers, dividend, share buying back cost

NBT sales proceed is NOT our profit(equity increase) at all because when Nu sells one NBT, asset added by 1$ of BTC, and liability added by 1$ of NBT, so ZERO profit! It’s both revenue(added to asset) and liability.

Of course, the BTC as asset of Nu may get FIAT price promotion, that’s the increase of asset. But when BTC price declines, Nu’s asset shrinks.

Well, what’s the “net asset”(owner equity) of Nu? Simple as elementary school mathematics.

[Cybnate]

I’m with you here from an accounting perspective. The truth can be bold. The only profit is made by transaction fees which reduces the number of NBT in circulation and with that our liability. Increasing the number of NBT (and NSR) transactions on the network should therefore be the most important objective. The investment in NuDroid is just a small step in that direction, basically piggybacking on Bitcoin’s payment network. Unfortunately I don’t see any movements in directly utilising our network for NBT transactions, but a focus on increasing transactions on exchanges without Nu getting a slice of it as it all happens outside the Nu network. Hopefully with decentralised exchanges as B&C this will change but is at best a mid term prospectus.

The Peercoin community has lately shown some interesting ideas (messaging etc.) which likely can also be transferred into the Nu network without too much effort, although investments in App development would be required.
The other option is making money from the reserves (sold NBT) by lending as discussed before.

I believe we should explore and invest in other revenue streams to keep the DAO healthy going forward.
We have all the governance tools and the track record to make it work as the first DAO. Let’s make it work and not fool ourselves with e.g. buybacks of NSR from our own reserves for short term wins and long term losses.

[Sentinelrv]

The Peercoin community has lately shown some interesting ideas (messaging etc.) which likely can also be transferred into the Nu network without too much effort

PeerAssets can also be added to Nu in the form of NuAssets, which would help in lots of different ways to erode the supply of NuBits, so we can make final revenue. Read my replies on it in this thread…

PeerAssets

http://peerassets.github.io/WhitePaper/

[ChrisS]

The Peercoin community has lately shown some interesting ideas (messaging etc.)

That project hasn’t been updated, FOREVER. Sounded awesome.

[Sabreiib]

Agree, I guess the online content consumption payment is a potential big revenue, As for my own experience, I have to deposits small amount of money on various webesites to download articles, attachment, etc.

And I hate to pay 10$ monthly to apple music because sometimes I don’t listen a single song in that month. I would rather pay 0.02$ for each song enjoyment.

There are millions of websites providing content and hated by billions of customers for the advertisment. Why not customers directly pay the content? VISA/MASTER can not handle the tx treatment because they only have 4000-40000 tx per second ability.

But ThunderNetwork of BTC will do it, so should NBT/BKC’s thunder version.

[Sentinelrv]

That project hasn’t been updated, FOREVER. Sounded awesome.

I tried emailing Emeth about the status of the project about 2 weeks ago and received no response. It doesn’t look good.

[Sabreiib]

I guess Nu’s owner equity(net asset) is around minus 500,000 NBT? So the NSR price should be minus? Of course, the share price is very complex including psychology, as long as NSR holders have hope, the price is not negative.

As per real world rule, NSR is “ST NSR” and CEO get fired. I don’t know what’s response of DAO in cryptoworld at this situation.

[mhps]

NBT sales proceed is NOT our profit(equity increase) at all because when Nu sells one NBT, asset added by 1$ of BTC, and liability added by 1$ of NBT, so ZERO profit! It’s both revenue(added to asset) and liability.

That is correct. Using proceeds of nubits sales to buyback shares is not distributing profit, but storing cash (btc) in a distributed store. Although we can see it is not a very good store. It auto-shrinks when you need it most.

[Cybnate]

It auto-shrinks when you need it most.

It behaves like a bank when you need money

[Sentinelrv]

I tried emailing Emeth about the status of the project about 2 weeks ago and received no response. It doesn’t look good.

Scratch that, I just received an email from him. He is very much dedicated to Peerapps/Peermessage, but it’s a passion project and some other things are taking up his time at the moment. He hopes to get back to working on it soon though.