What if I had 50,000 NuShare, What could I do with them?
You can have 5 votes out of 70,000?
You need at least 10k to vote and there are 700m NSR in circulation right now.
This is only my understanding which is partial.
NuShares denote part ownership of the Nu Network. By obtaining NuShares it is hoped that you will take an active part in the running and promotion of the Nu Network.
NuShares allow you to tcast votes on the motions and Custodian Proposals that appear in the forum here.
By configuring your vote in the NuShares portiion of the Nu wallet client and then mnting, you are helping to secure the network and also letting your thoughts be heard on where the network should head.
If you don;t want to manually configure your own votes, you can use a data feed which will configure them for you.
If you decide to mint with your NuShares, please do configure votes or use a data feed. If you don;t you are effectively voting against all motions and proposals which can harm the network and thus the price of your NuShares
So does each time I vote burn 10,000 nushares?
It doesn’t burn them, it ‘stakes’ them, You still own the NuShares they are just held for 3 days. During that time you cannot transfer them to a different address or use them to mint. After three days, they come back to your spendable balance.
what is the specific reason for holding back the shares that have minted for 3 days?
Can you give me an example of something I can use my nushares towards on the forums?
The active motions can be found here - https://discuss.nubits.com/c/nushares/motions
The active custodian proposals can be found here - https://discuss.nubits.com/c/nushares/custodians
Data Feeds - https://discuss.nubits.com/c/nushares/data-feeds
Park Rates - https://discuss.nubits.com/c/nushares/park-rates (I forgot to mention park rates. They are another thing to vote on)
If you’re depsperate for somethign to vote on right now you could vote for this - [Passed] Bittylicious.com liquidity provision (Disclaimer, it’s mine)
@cryptog. I’m not sure whay 3 days was chosen as the period but the idea is that you are ‘prooving your stake’ in return for the minting reward. I guess three days is long enough to proove the stake but not so long that it puts poeple off minting.
You are right. It’s intended to harden the network against a few forms of attack and to protect a minter’s block reward.
The post block solving stake lockout period (5020 blocks, ~3.5 days) is intended to make sure that the shares granted as the reward for finding the block are part of a transaction that is buried “deep” enough into the primary network chain that it won’t be displaced if the current primary chain is replaced by a different, longer one.
Peercoin uses an almost identical model, with one difference. Due to the fact that Nu uses a one minute block spacing vs. Peercoin’s ten minute spacing, the number of blocks required to be confirmed before a stake reward is released back to the address is 5020 versus 520 as in Peercoin.
Someday if the Nu Network actually succeeds and experiences phenomenal growth, a large part of Nushares will be held by national banks, mutual funds, exchange owners and other financial institutions since they would want to be part of the policy making body of the network.
Yes, probably - however, not to the extent that they own the majority of shares - otherwise, we would not have transferred the ownership of the financial body