The full proposal is a 12 minute read, but what is 12 minutes for the future of Nu?
Below the summary to warm you up.
The proposal establishes a US$1 peg and focuses on supporting B&C and decentralized exchanges. It does this by reducing the NBT liabilities by burning them at a relatively high rate by protocol in a period of about 3 months to pay off debt and increase reserve rates to at least 50%. In the first period this also includes NSR auctioning until the 50% reserve mark is established and the peg is established at US$1.
The burning will be embedded in the protocol and therefore requires a client update. The amount of burning relates to the coinage and therefore discourages use of NBT on centralized exchanges or holding them in off-line wallets for longer periods. NBT value will slowly erode by protocol and the fee is paid when transactions occur. To counteract the erosion NBT holders are encouraged to park against rates which shareholders will set according to the monetary policy.
The Shareholders will determine the rates and with that control the monetary deflation rates and with that have the ability to increase or decrease velocity of NBT which attracts transaction fees. The monetary deflation and the transaction fees will provide a continuous revenue stream.
The cost for the required development are no more than US$ 8k payable in NSR or BTC by FLOT. Cybnate will act as the custodian for this work and asks NSR 500k payable by FLOT or custodial grant on completion and public distribution of the updated Nu client supporting the new protocol.
The main risk is that the new client doesn’t reach the required uptake to activate the protocol.
Please add the motion hash to your client to support it.