NBS

Overview of NBS

New BitShares (NBS) is a decentralized finance (DeFi) and decentralized exchange (DEX) platform that is built on the Graphene technology. It was launched in 2021 and is headquartered in Singapore. It is the brainchild of main founders William Schroe. Being widely recognized in the digital currency market, NBS is accepted on several exchanges, including Binance, Huobi, Poloniex, Kraken, Bittrex, and others. When it comes to its storage, one can secure NBS in wallets like the BitShares Wallet, Ledger and Exodus.

Pros and Cons

What Makes NBS Unique？

NBS, short for New BitShares, represents an evolution in the cryptocurrency world with its own unique features. The platform it is built on, BitShares, introduces the concept of decentralized asset trading, a departure from conventional centralized trading platforms. This means that NBS transactions happen directly between users without a third-party intermediary, which can potentially enhance security and privacy.

Moreover, BitShares uses a delegated proof-of-stake (DPoS) consensus algorithm in contrast to the commonly used proof-of-work or proof-of-stake algorithms. It allows for significantly faster transaction times and lower fees compared to other cryptocurrencies. That said, while the DPoS algorithm may have its benefits, it also leads to some criticism around the decentralization degree.

How Does NBS Work？

NBS, or New BitShares, operates on the BitShares platform, which embraces a decentralized model for asset exchange.

In its principle, NBS leverages a Delegated Proof-of-Stake (DPoS) consensus algorithm instead of the more common Proof-of-Work or Proof-of-Stake models. In DPoS, delegates or witnesses are selected by the platforms users to verify and add transactions to the blockchain. The number of delegates is set to an optimal number to balance between decentralization and efficiency, making transaction times faster and reducing the cost of transactions.

Furthermore, NBS takes an innovative approach to handle the volatility of cryptocurrencies by introducing the concept of stablecoins. These are crypto tokens on the NBS platform that are tied to real-world assets such as USD, CNY, gold, and others which provide a stable value to them.

Exchanges to Buy NBS

1. Binance: Being one of the largest and most renowned global cryptocurrency exchange platforms, Binance offers an array of trading pairs for NBS.

2. Huobi: As an internationally trusted digital asset exchange platform, Huobi provides numerous currency and token pairs accommodating NBS trading.

3. Poloniex: Supporting cryptocurrency trading in different geographic locations, Poloniex offers various trading pairs including NBS.

4. Kraken: With an extensive collection of supported cryptocurrencies, Kraken offers pairs featuring NBS trading, ensuring its easy exchange.

5. Bittrex: Providing a secure and reliable platform for cryptocurrency trading, Bittrex offers diverse trading pairs, including NBS.

How to Store NBS？

NBS, like any other cryptocurrency, can be stored in a digital wallet. Storing the NBS token involves transferring them from the exchange to a wallet for security and ownership control purposes.

The main types of digital wallets are:

1. Software Wallets: These include desktop, mobile, and web wallets. They are applications or platforms you can access via devices or a web browser.

2. Hardware Wallets: These are physical devices that store the user's private keys offline. They provide an added level of security and are particularly suitable for storing large amounts of cryptocurrency.

3. Paper Wallets: This a piece of paper wherein a pair of public and private keys are printed for accessing your cryptocurrency.

Should You Buy NBS？

Investing or trading in NBS may be suitable for individuals who have a solid understanding of the cryptocurrency market, blockchain technology, and the specific features and potential risks associated with NBS. Given that NBS operates on the BitShares platform and leverages a somewhat distinctive Delegated Proof-of-Stake consensus algorithm, knowledge about these aspects can be quite beneficial.

For individuals who are comfortable with the inherent volatility of the cryptocurrency market and are willing to spend time learning about NBS and actively managing their investment, investing in NBS may be an option.

First-time investors or individuals unfamiliar with cryptocurrencies might want to exercise caution when considering an investment in NBS or any other cryptocurrency for that matter. It's always advisable to start small when investing in volatile assets, learning more about the market, and understanding their risk tolerance.

FAQs

Q: How could I potentially store NBS tokens？

A: NBS tokens can be stored in various digital wallets that support them, such as the BitShares Wallet, Ledger, and Exodus.

Q: What are some potential advantages and disadvantages of NBS？

A: Potential advantages of NBS include its reputable founders and support on multiple exchanges, while potential disadvantages could include its susceptibility to market volatility and possible technological bugs or issues.

Q: What sets NBS apart from other cryptocurrencies？

A: NBS differentiates itself by enabling decentralized asset trading and offering stablecoins tied to real-world assets, on top of its utilization of the Delegated Proof-of-Stake consensus algorithm.