NuBits, the long-hyped Peercoin platform which developer Jordan Lee has called “the most important development in the cryptoasset space since Bitcoin“, now has an official launch date.
“We have worked together quietly until now,” Lee said, “but that is about to change.”
NuBits is designed to solve the problem cryptocurrency faces with regard to volatility. In a report from Deloitte, quoted on the NuBits website, they outline this problem further:
increasing numbers of bitcoin speculators are now investing short term in the virtual currency, which in turn fuels volatility. This has reduced bitcoin’s utility as a medium of exchange—no one wants to use bitcoin to make future commitments, or even buy a cup of coffee, when its value can change by 30 percent overnight. Unless bitcoin’s volatility settles, it will be used less as a currency and more as a vehicle for speculation
Exactly how they plan to do this is unclear other than that it will be done “with zero counterparty risk using a decentralized network”, but the Peercoin community seems to have great faith in Lee and his team. In a previous article on The CoinFront, one commenter stated “Watching Jordan Lee communicate with the community at peercointalk.org over the past eight or nine months has been nothing less than electric.”
Can NuBits live up to the hype surrounding it? We’ll find out on September 23rd, when the project is due for an official launch.
NuBits Officially Launches September 23rd
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