TechFlow news — The BitShares China Union has announced it will execute a fork at 21:55 Beijing time on September 10, forking out a new cryptocurrency called New BitShares (NBS).
This fork follows the controversy over the BTS4.0 upgrade, during which certain developers modified the voting system code without community voting, triggering major disputes within the community. To uphold DPOS consensus, preserve DeFi credibility, and protect investor interests while minimizing impact on the existing BTS network stability, the union has decided to proceed with this fork after thorough discussion and voting among all its members. Prior to the fork, non-exchange accounts that have delegated voting rights to the union will receive a 1:1 airdrop; exchange accounts that publicly support the airdrop and list the NBS trading pair will also receive a 1:1 airdrop; exchanges that only express support for the airdrop ("candy") will receive an airdrop at a 10:1 ratio. The union will issue 500 million NEWBS tokens on the BTS network as cross-chain assets between the NBS and BTS networks.
The NEWBS asset issued on the BTS network can be permanently exchanged 1:1 with the core NBS asset on the NBS network. Accounts holding CNVOTE points can permanently redeem NBS at a 4:1 conversion rate. With a total of 1.2 billion CNVOTE points in circulation, we will set up an account on the NBS chain with a total of 300 million points designated for NBS redemption, and all points used for redemption will be burned.
