BTS China Association（BCA）
Announcement on Forking New Chain NBS （new bitshares）

Due to the BTS4.0 version upgrade, one core BitShares developer (hired via DPOS onchain consensus) tampered the voting system code without voting by the community, which caused huge controversy in the community. Although BCA and all parties in the community have made a lot of hard work in the past month, so far the incident has not yet formed an acceptable solution for all parties.


In order to adhere to the DPOS consensus and maintain DEFI credit, while protecting the interests of investors and avoiding impacts on the stability of the existing BTS network,  after discussion and voting by all members of BCA，BCA decided to fork BTS.  The fork will be executed at 21:55 on September 10, 2020 Beijing time (CST). The new coin symbol is "NBS" and come with a full name as "New BitShares".

As the first decentralized DEFI financial project and the first decentralized exchange ，which developed by Daniel Larimer （BM）, BitShares does for business what bitcoin did for money by utilizing distributed consensus technology to create companies that are inherently global, transparent, trustworthy, efficient and most importantly profitable.  In our view, the main problem BitShares facing is the inefficient governance of the BTS committee , which makes it unable to adapt to the changing market.  NBS （new bitshares）led by BCA, will inherit all the technical advantages of BTS, completely get rid of the problem of unsmooth internal management of BTS, and truly promote the application of BTS technology in real world.

（https://www.linkedin.com/in/daniel-larimer-0a367089/）

NBS will always comply with the DPOS consensus. This fork will only reverse the tampering functions that have not been approved by DPOS, and the rest of the functions of BTS4.0 will continue to be used.

The specific allocation rules of NBS are as follows：

1. Before the execution of the fork, all non-exchange accounts that voted for BCA will receive a 1:1 airdrop.

2. Before the execution of the fork, the exchange that announced that they support airdrops and support the listing of NBS trading pairs will receive 1:1 airdrops.

3. Before the execution of the fork, for exchange that only support airdrops (candy), airdrops will be based on a 10:1 ratio.

4. The snapshot on BTS chain shall be executed at 21:55 on September 10, 2020, Beijing time. After the data are sorted out, airdrops shall be issued to all the above accounts. Please make a snapshot of each exchange at the same time to facilitate the distribution of NBS.

5. Accounts holding CNVOTE  can be exchanged for NBS at a 4:1 conversion ratio, which is valid forever. With a total of 1.2 billion CNVOTE, we will establish a total of 300 million NBS exchange accounts on the NBS chain. The CNVOTE used to redeem NBS will be destroyed. Other relevant policies for CNVOTE remain unchanged, and monthly airdrops and repurchases will continue as usual.

6. Cross-chain plan: BCA will issue a total of 500 million NEWBS tokens on the BTS network as a cross-chain asset between the NBS network and the BTS network. The NEWBS asset issued on the BTS network and the core asset NBS on the NBS network can be swapped 1:1 across the chain, which is permanently valid.

7. Super Candy Plan: From September 10th to December 31st, 2020 (CST), 20 million NEWBS tokens will be airdropped every month, and all accounts delegated to BCA will be equally distributed according to the total number of proxy votes ( counted by the lowest value of five random snapshots per month , The first snapshot is taken at the fork time, and all airdrops obtained in the current month will be delivered before the 15th of the following month).

8. Promotion plan: Exchanges that support the online trading of NBS will receive 3-10 million NBS rewards; BCA allies will receive 5 million NBS rewards, and the total amount of various rewards will not exceed 100 million NBS.

9. Establish a lock-up mining account with a total of 500 million NBS, dedicated to lock-up mining on the NBS chain. The specific details will be notified separately.

10. The total amount of NBS is 3.6 billion. Except for the distributed and circulating NBS, all the rest are included in the fund pool as witness expenses and subsequent development, promotion and marketing funds. BCA will strictly control the expenditure of the fund pool on the premise of complying with the DPOS principle. At the same time, BCA will promote the reasonable separation of administrative and operational powers, so as to ensure both fairness and efficiency.


Notifier: BTS China Association (BCA)

Official website: http://btsgh.com

Date: August 30, 2020      


技术发展路线图
Technology Development Roadmap

开发uniswap交易功能
加强bitRMB稳定币应用
Develop uniswap  function

两个交易对，一个提供了ABC和CNY的交易，一个提供了XYZ和CNY的交易。通过Uniswap协议，一个用户可以先通过ABC to CNY交易将ABC转成CNY，接着再通过XYZ to CNY将CNY转换成XYZ。整个过程Uniswap自动完成，从用户的角度来看，ABC代币直接转换成了XYZ代币。

Two trading pairs, one provides ABC and CNY trading, and the other provides XYZ and CNY trading. Through the Uniswap protocol, a user can first convert ABC to CNY through ABC to CNY transaction, and then convert CNY to XYZ through XYZ to CNY. The whole process is completed automatically by Uniswap. From the user's point of view, ABC tokens are directly converted into XYZ tokens.

Uniswap协议是一种通过智能合约实现代币间自动交易的协议，bitRMB稳定币应用将在内场首先开始有了实际应用
The Uniswap protocol is a protocol that realizes automatic transactions between tokens through smart contracts. The bitRMB stablecoin  will first begin to have usage scenario


开发nbsDAO治理资产
Develop nbsDAO governance assets

治理资产nbsDAO的想法。把投票权通过抵押持有的nbs来获得，会更加公平，不管你有多少nbs，要发表意见就抵押nbs（相当于锁定），如果按这样思路改投票规则，就可以发行一种管理代币nbsDAO。100个nbs可以抵押成一个nbsDao，有了btsDao才可以参与nbs管理。nbsDAO可以转让和买卖，投票权可以交易。权力争夺时小散手上的nbs就有价值了。 如果大户争夺系统控制，你的nbsDAO就会很值钱。就是猴子这样的大户，如果要有影响力，也需要抵押出nbsDAO来参与系统治理。nbsDAO还可以抵押成bitcny，用来救市。nbsDAO解锁设定为7天。nbsDAO的抵押也是7天才生效。这样搞，就能把权力锁在笼子里了。让大家都能好受，但系统又能茁壮成长。让治理代币也有价值，这样治理和炒币就分开了。如果治理太离谱，炒币的就可以抵押bts来纠正错误，这样对系统来说就能保证长治久安。

The idea of ​​governance asset nbsDAO. It will be more fair to get voting rights through mortgage holding of nbs. No matter how many nbs you have, if you want to express your opinion, mortgage nbs (equivalent to locking). If you change the voting rules in this way, you can issue a management token nbsDAO. 100 nbs can be mortgaged into a nbsDao, only with btsDao can participate in nbs management. nbsDAO can be transferred and sold, voting rights can be traded. The nbs in Xiaosan's hands are valuable when fighting for power. If big players compete for system control, your nbsDAO will be very valuable. It is a big household like monkey, if they want to have influence, they also need to mortgage nbsDAO to participate in system governance. nbsDAO can also be mortgaged into bitcny to save the market. nbsDAO unlock is set to 7 days. The mortgage of nbsDAO takes 7 days to take effect. In this way, power can be locked in a cage. Let everyone feel better, but the system can thrive. Make governance tokens valuable, so that governance and currency speculation are separated. If the governance is too outrageous, the speculators can pledge BTS to correct the error, so that the system can ensure long-term stability.


其实就是设计一个治理资产叫nbsDAO，nbsDAO在任何时候解锁都能得到当初抵押时使用的nbs。
In fact, it is to design a governance asset called nbsDAO. When nbsDAO is unlocked at any time, the nbs used in the original mortgage can be obtained.


质押挖矿
Staking  mining

质押挖矿，你需要运行一个验证器节点，并将nbs代币锁定。之后，你允许参与创建区块获取奖励。30%见证人通过质押随机出块，前13个都是选上去的，后面的几个都是随机的，随机节点必须抵押10万（举例）nbs。就是每个人都可以抵押10万个nbs后运行一个节点，并获取和见证人一样挖矿奖励

Staking mining, you need to run a validator node and lock NBS tokens. After that, you are allowed to participate in the creation of blocks to get rewards. 30% of the witnesses randomly chosen to produce blocks through staking rule. The first 13 are selected. Random witness nodes must staking 1M (for example) NBS. Everyone can run a node after staking 1M NBS and get the same mining reward as the witness
   
如果你嫌运行验证器节点麻烦，可以使用质押池进行质押，它将代表你管理你的质押金。你就不需要运行节点并保持在线，只需支付少量费用，质押的费用可以低至1NBS。

If you find it troublesome to run a validator node, you can use a pledge pool to pledge, which will manage your pledge deposit on your behalf. You don't need to run a node and stay online, you only need to pay a small fee, and the staking fee can be as low as 1NBS.

目前的挖矿相比，权益证明还有其他几个优势：理论上，它更加安全以及去中心化；另外它将帮助NBS扩容，并更加高效地处理交易。
Compared with the current mining, proof of staking has several other advantages: theoretically, it is more secure and decentralized; in addition, it will help NBS expand capacity and process transactions more efficiently.

跨链（NBS-Connect）
Cross Chain

NBS-Connect初步的目的是让NBS可以无缝连接DeFi全生态，同时让NBS上的资产可以通过跨链进入以太坊Ethereum、波卡Polkadot、EOS、Cosmos等热门生态，转换成其它链上的标准资产，如：
 - 兑换成以太坊的ERC20以使用Uniswap、Balancer等Defi应用
- 兑换成Polkadot和Cosmos平行链上的资产，从而使用Cosmos和Polkadot的生态应用
- 兑换成Layer-2应用层资产，从而使用任意Layer-2应用
- 通过跨链连接以太坊上的稳定币（USDT、USDC等), 完善NBS上DeFi的基础设施
 
*预计上线时间2021年5月初。

The initial purpose of NBS-Connect is to allow NBS to seamlessly Connect DeFi full ecology, while allowing assets on NBS to cross the chain into Ethereum Ethereum, Polkadot, EOS, Cosmos and other popular ecosystems to be converted to standard assets on other chains, such as:
- convert into the etheric fang ERC20 Defi applications
- such as using Uniswap, Balancer converted into Polkadot and Cosmos parallel assets on the chain, thus the use of Cosmos and Polkadot ecological assets
- converted into Layer - 2 application Layer, so as to use any application Layer - 2
- through the chain connecting the etheric lane on the stability of the currency (USDT, USDC, etc.), improve the infrastructure on the NBS Defi
* is expected to launch time in early May 2021.


在未来，NBS-Connect也将帮助NBS生态外的资产进入NBS生态，从而感受NBS生态的用户热情和特色的数据经济基础设施。有了NBS-Connect, NBS持币者将能无缝链接任何生态的热点，也能为NBS生态吸收更多有价值的用户、开发者和资产。
In the future, NBS-Connect will also help assets outside the NBS ecosystem enter the NBS ecosystem, so as to feel the user enthusiasm of the NBS ecosystem and the characteristic data economy infrastructure. With NBS-Connect, NBS token holders will be able to seamlessly link any ecological hot spots, and will also be able to absorb more valuable users, developers and assets for the NBS ecosystem.


预言机（NBS-forecast ）
Oracle


NBS-Forcast是基于NBS可信计算的预言机, 也是可信计算在DeFi领域的首个应用。预言机（Forcast）的作用是为区块链提供可信的链外数据输入，打通现实世界与链上世界。NBS-Forcast将实现一个高性能、安全、可扩展的预言机服务，同时借助跨链中继为以太坊、波卡等链上的DeFi应用提供服务。NBS-Forcast的应用场景包含如下几个方面：
1. 为NBS-Connect(跨链中继)提供密钥管理和交易签名功能；
2. 为Defi应用提供稳定、可信、丰富的外部数据；
3. 为NBS上智能合约提供可信的安全随机数。

*预计上线时间：2021年3月底（具体时间会在未来的公众号中公布）

NBS-Forcast is an oracle based on NBS trusted computing, and it is also the first application of trusted computing in the DeFi field. The role of the forecast machine (Forcast) is to provide reliable off-chain data input for the blockchain, and to connect the real world and the world on the chain. NBS-Forcast will implement a high-performance, secure, and scalable oracle service, and at the same time provide services for DeFi applications on Ethereum, Polkadot and other chains with the help of cross-chain relay. The application scenarios of NBS-Forcast include the following aspects:
1. Provide key management and transaction signature functions for NBS-Connect (cross-chain relay);
2. Provide stable, reliable and rich external data for Defi applications;
3 . Provide credible and secure random numbers for smart contracts on NBS.
 
*Estimated launch time: the end of March 2021 (the specific time will be announced in the future official account)


预言机能为DeFi领域带来更丰富的数据维度与类型，不再只局限于价格数据，可以为DeFi带来更丰富的玩法
The Oracle ability brings richer data dimensions and types to the DeFi domain, no longer limited to price data, and richer gameplay to DeFi

虚拟机
Virtual Machine

NBS加入可编程的虚拟机，这样所有中心化的互联网的服务都能部署到链上。
 
虚拟机能够打造一个虚拟的运行环境，打破现实中硬件架构的束缚解决兼容性问题，在链上能够完成编程，程序能够在链上运行，运行过程开源，运行逻辑开放，能够获得别人更多的信任。
 
加入虚拟机之后还将加入可横向扩展性。过去的区块链每秒交易处理总量是有上限的，多方共享一个通道，可以理解为共享模式；而在可横向扩展下就是独占模式，一个应用独占一条通道，这条通道是1万TPS，第二个应用也是1万TPS，第三个应用也是1万TPS，以此类推，每个应用都是独占式的，性能就能获得无限的扩张。就不存在随着应用越来越多，体量发展越来越大，性能越来越弱的问题。不过加入虚拟机以及横向扩展性仍然需要较长的时间来实现，预计需要一年的周期来实现。

NBS adds programmable virtual machines so that all centralized Internet services can be deployed on the chain.
The virtual machine can create a virtual operating environment, break the constraints of the hardware architecture in reality, solve compatibility problems, can complete programming on the chain, the program can run on the chain, the operating process is open source, the operating logic is open, and it can get more from others trust.
After adding the virtual machine, horizontal scalability will be added. In the past, there was an upper limit on the total transaction processing volume per second of the blockchain. The sharing of a channel by multiple parties can be understood as a sharing mode; while horizontally scalable, it is an exclusive mode. An application occupies a channel exclusively, and this channel is 10,000 TPS. , The second application is also 10,000 TPS, the third application is also 10,000 TPS, and so on, each application is exclusive, performance can be unlimited expansion. With more and more applications, there is no problem of increasing volume and weaker performance. However, adding virtual machines and horizontal scalability still takes a long time to achieve, and it is expected to take a year to achieve.


集成之后，NBS平台就可以不用每次为了添加新功能而硬分叉了，而是可以通过定制不同的智能合约直接添加，将极大降低部署的成本并增加灵活性。
After the integration of VM, the NBS platform does not need to hard fork each time to add new features, can be directly added by customizing different smart contracts, which will greatly reduce the cost of deployment and increase flexibility

bitsharesTV 
Great Article Vitalik. I would love to get yourself and Dan Larimer on a Google Hangout to discuss the best ways for BitShares and Ethereum to help each other. If that sounds interesting please reach out to me.