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 DAO 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.comDate: August 30, 2020