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Offline bytemaster

User Issued Asset Upgrades
« on: December 01, 2014, 10:45:44 PM »

1) You can now specify a required transaction fee (payable in user issued asset) once per transaction that withdraws that asset type.
2) You can now have multi-sig issuers/control over an asset
3) You can now have child asset symbols like child accounts to facilitate trust in a common issuer of related assets.
4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
5) Issuers can now optionally white list public keys that may own/trade the issued asset.

With these powers Gateways can comply with all regulations just like with Ripple.  Companies can issue shares while remaining in full compliance with the law.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline cass

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Re: User Issued Asset Upgrades
« Reply #1 on: December 01, 2014, 10:48:13 PM »
sounds reasonable and promising  +5%
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Offline matt608

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Re: User Issued Asset Upgrades
« Reply #2 on: December 01, 2014, 10:48:43 PM »
Great!  +5% 

Offline islandking

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Re: User Issued Asset Upgrades
« Reply #3 on: December 01, 2014, 10:51:06 PM »
 +5% Great. I think these features are needed for mainstream adoption.
I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. - Satoshi

Offline arhag

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Re: User Issued Asset Upgrades
« Reply #4 on: December 01, 2014, 11:03:27 PM »
Awesome.

4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
5) Issuers can now optionally white list public keys that may own/trade the issued asset.

Yes, cryptostocks here we come.

1) You can now specify a required transaction fee (payable in user issued asset) once per transaction that withdraws that asset type.

Where does that transaction fee go? Does it go to delegates as part of DAC revenue? If so, doesn't that mean it needs to be converted to BTS in a BTS/UIA exchange? Does it go to the issuer of the UIA or is it just burned? If so, is an additional 0.1 BTS fee required for including the transaction in the blockchain?

2) You can now have multi-sig issuers/control over an asset

Great.

Can the next UIA upgrade please be a mechanism for UIA holders to optionally vote on the blockchain with their UIA stake for a new issuer (assuming the UIA was created with that option enabled)? Then if a majority of the UIA stake comes to a consensus on a particular issuer (either single address or particular multisig) the blockchain changes the issuer. Also, this would be coupled with a 48 hour delay on transactions by the issuer that issue new UIA into existence (to give the legitimate stakeholders enough time to change the issuer). The current UIA issuer could cancel these transactions at any time before the 48 hour time limit. These are the first and most important steps of the upgrades to UIA that I want to see as described in this post, which should eventually make side DPOS chains, shared BitAssets, experimental DACs, crowdfunding, actual mergers between DACs, and many other things possible.
« Last Edit: December 01, 2014, 11:15:46 PM by arhag »

Offline Rune

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Re: User Issued Asset Upgrades
« Reply #5 on: December 01, 2014, 11:06:01 PM »
Will be exciting to see when the first BTC gateway becomes operational (metaexhange?)

edit:

Does the UIA fee replace the normal tx fee in BTS? If it could be done in a way that didn't enable DOS spam, this would be really great at making on ramps easier.
« Last Edit: December 01, 2014, 11:15:15 PM by Rune »

zerosum

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Re: User Issued Asset Upgrades
« Reply #6 on: December 01, 2014, 11:07:35 PM »
I confess  I probably have not fully grasped all the implications of the above. But even with that I think those are hugely important news.

and those will be there for 0.4.25, already?

Offline luckybit

Re: User Issued Asset Upgrades
« Reply #7 on: December 01, 2014, 11:09:38 PM »
1) You can now specify a required transaction fee (payable in user issued asset) once per transaction that withdraws that asset type.
2) You can now have multi-sig issuers/control over an asset
3) You can now have child asset symbols like child accounts to facilitate trust in a common issuer of related assets.
4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
5) Issuers can now optionally white list public keys that may own/trade the issued asset.

With these powers Gateways can comply with all regulations just like with Ripple.  Companies can issue shares while remaining in full compliance with the law.

 +5% +5% +5%
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Ander

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Re: User Issued Asset Upgrades
« Reply #8 on: December 01, 2014, 11:15:55 PM »
I just want to point out:

1) Ripple is essentially being valued by the market at over 1 billion dollars right now.  Yes, its only 300 something million if you use the ~30 billion supply listed on coinmarketcap, but actually there are almost 100 billion ripple, its just that 70% of them are "unreleased" and being held by ripple labs.

2) With these changes, we can be Ripple.  In addition to doing everything Bitshares does. 

3) Bitshares is currently being valued at under $50 million.



Now you do the math.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline santaclause102

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Re: User Issued Asset Upgrades
« Reply #9 on: December 01, 2014, 11:21:31 PM »
1) You can now specify a required transaction fee (payable in user issued asset) once per transaction that withdraws that asset type.
2) You can now have multi-sig issuers/control over an asset
3) You can now have child asset symbols like child accounts to facilitate trust in a common issuer of related assets.
4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
5) Issuers can now optionally white list public keys that may own/trade the issued asset.

With these powers Gateways can comply with all regulations just like with Ripple.  Companies can issue shares while remaining in full compliance with the law.

Is the traceability of tokens required for legal compliance in some way?

Quote
4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
Would that be so that the user knows in advance whether the issuer has this capability or can any issuer gain that capability after having issued the assets?

Offline bytemaster

Re: User Issued Asset Upgrades
« Reply #10 on: December 01, 2014, 11:21:57 PM »
Will be exciting to see when the first BTC gateway becomes operational (metaexhange?)

edit:

Does the UIA fee replace the normal tx fee in BTS? If it could be done in a way that didn't enable DOS spam, this would be really great at making on ramps easier.

Transaction fee goes to issuer and DOES NOT replace the required BTS transaction fee. 
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline bytemaster

Re: User Issued Asset Upgrades
« Reply #11 on: December 01, 2014, 11:24:41 PM »
1) You can now specify a required transaction fee (payable in user issued asset) once per transaction that withdraws that asset type.
2) You can now have multi-sig issuers/control over an asset
3) You can now have child asset symbols like child accounts to facilitate trust in a common issuer of related assets.
4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
5) Issuers can now optionally white list public keys that may own/trade the issued asset.

With these powers Gateways can comply with all regulations just like with Ripple.  Companies can issue shares while remaining in full compliance with the law.

Is the traceability of tokens required for legal compliance in some way?

Quote
4) Issuers can now optionally retain complete control over all balances in their asset. (Freeze accounts, etc) Needed for legal compliance.
Would that be so that the user knows in advance whether the issuer has this capability or can any issuer gain that capability after having issued the assets?

Assets can become less restrictive but not more restrictive.

Traceability is required for compliance with SEC for issuing shares in companies and KYC for depositors.    Laws vary by state/country/etc but with what we have implemented the issuer/users has freedom to comply as little or as much as they want.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Online alt

Re: User Issued Asset Upgrades
« Reply #12 on: December 01, 2014, 11:40:48 PM »
 +5% +5% +5%
thanks for your work!


Offline GaltReport

Re: User Issued Asset Upgrades
« Reply #14 on: December 02, 2014, 12:10:10 AM »
 +5% Great work.  Things are advancing rapidly it seems!

 

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