BitShares Whitepaper(s)

[xeroc]

Pull request are fine .. and the prefered way to contribute. Thank you very much. I'll look through it tomorrow

[roadscape]

Well done.. these are coming along nicely!

I cloned & made a pull request.. is that the right way?

[xeroc]

I just uploaded a new version of the financial smart contract whitepaper ..
Thanks @CryptoPrometheus for his valueable input .. he fixed alot of my wording issues

[xeroc]

I decided to publish the LaTeX source just now: https://github.com/BitSharesEurope/bitshares-whitepapers
Anyone of for some contributions?

Someone brave to draft reading the General Overview whitepaper?
https://github.com/BitSharesEurope/bitshares-whitepapers/raw/master/pdfs/bitshares-general.pdf
I expect alot of work still to be done before "officially" publishing this paper, but I felt the need to include the community in the progress.

Note that the other papers in the pipline are also in that repository but there is a long way to go .. still

[mint chocolate chip]

The new Bitshares Whitepaper is very well done, great work xeroc.

Small edit, 3 times you use a dash (user-issued) and 3 times you do not include the dash (user issued).

[cass]

what do you think xeroc .. we should display the WP prominent on frontpage of bithares.org as well

[wmbutler]

Solid read. Good work.

[xeroc]

I publish a new version with most of the comments in this thread considered ..
It now also holds a version number and git revision tag .. (git repo will be published soon)
At the moment there are some more edits incoming that will hoefully make the paper easier to read .. Then I consider moving from RC-1 to RC-2 and later to a (more or less) stable release ..

[rnglab]

I finally got the first release candidate for the first whitepaper approved by Daniel.
Smore more are in the pipeline and this is how I imagine the set of papers for BitShares 2.0

• Financial Smart Contract Platform: Description of the core products UIA, MPA and the DEX.
• Market Engine: Borrowing rules and margin calls. #mpa #borrow #short #margincall #collateral
• General: The general concept of BitShares. #wallet #network #bts #accounts
• Structure: BitShares as a business (DAC). #income #cost #profit #feeschedule
• Growth: Incentives to grow the BitShares ecosystem are described and scalability is address. #referral #approval #lmax
• Consensus: Addresses the consensus mechanism of the BitShares blockchain. #dpos #tapos #forks
• History: The history of BitShares #pts #ags #bts0.9 #sharedrops

Any input or assistance is welcome.
Sources will be release when I get the time to clean up the repository.

Cheers

Excellent work as always, cheers!!!

[Thom]

Yep, both WITH and IN are correct grammar, though WITH is best IMO. And yes, I am a native english speaker and writer, but have been known to make mistakes too

[jakub]

lies WITH
...if I am not mistaken.
lol three non english natives

Yea, I'm trying to use google to compensate for my not being native but I wouldn't trust myself.
A native speaker's advice would be appreciated.

[liondani]

    

I am expecting some brownies to get transferred on this account:  https://bitshares.openledger.info/#/account/xeroc

[santaclause102]

Page 6

The primary risk is individuals are responsible for protecting the cryptographic private keys that sign transactions proving ownership of assets.

The primary risk lies in individuals being responsible for protecting the cryptographic private keys that sign transactions proving ownership of assets.

lies WITH
...if I am not mistaken.
lol three non english natives

[jakub]

Page 6

The primary risk is individuals are responsible for protecting the cryptographic private keys that sign transactions proving ownership of assets.

The primary risk lies in individuals being responsible for protecting the cryptographic private keys that sign transactions proving ownership of assets.

Page 10

Furthermore, since KYC/AML verification can be outsourced via whitelists, a gateway that holds costumers funds in terms of IOU backing fiat does not necessarily have direct access to your identity  as  was  the  case  with  Mt.Gox where  thousands of identities have been stolen.

.. customers ...

Page 10

In the Bitcoin ecosystem, we demand at least 100% reserve.

Shouldn't be BitShares?

Page 11

In contrast to central exchanges, the IOUs are sent directly to the wallet of the customer directly and are under his full control.

Page 12

In this paper, we have laid out the foundations of the BitShares network to shift the paradigm of classical banking towards peer-to-peer financing at large scale.

In this paper, we have laid out the foundations of the BitShares network aimed to shift the paradigm of classical banking towards a large-scale peer-to-peer financial infrastructure.
(to finance = to provide funding for a person or enterprise)

[GaltReport]

Very nice.  Professional looking.

[tbone]

Again, fantastic paper.  I just reread the abstract and would suggest some edits for improvement. 

With edits:

Abstract—Since the time Satoshi Nakamoto released his
whitepaper and corresponding software for bitcoin, the
cryptocurrency ecosystem has grown rapidly. Anyone can
now transfer value without unnecessary middlemen, banks,
or counterparty risk. With the blockchain and consensus
technology established and proven stable, the question has
arisen whether this technology could be applied to allow
trading of multiple assets without the need for a broker or
central entity. The aim of BitShares 2.0 is to evolve the term
decentralized exchange (DEX) and not only provide trading
of assets but also offer classical financial instruments on
the blockchain. Two of these instruments — market pegged
assets and user-issued assets — are discussed here.


Original:

Abstract—Ever since Satoshi Nakamoto released his whitepaper
and corresponding software for bitcoin, the cryptocurrency
ecosystem grew rapidly. Bitcoin created an ecosystem
which everybody could use to transfer value without unnecessary
middlemen, banks or counterparty risk. Having the
blockchain and consensus technology established and proven
stable, the question arose whether this technology could be
applied to allow trading of multiple assets without the need
for a broker or central entity. The aim of BitShares 2.0 is to
evolve the term decentralized exchange (DEX) and not only
provide trading of assets but also offer classical financial
instruments on the blockchain. Two of these instruments —
market pegged assets and user-issued assets — are discussed
here.

[jakub]

This is a very powerful conclusion (page 9):

You  could  easily  implement  a  centralized payment solution on top of the decentralized BitShares network and  mimic  the  business  model  of  Dwolla  and  Paypal.

It basically means that we outperform our major competitor in terms of efficiency and risk reduction and at the same time we are able to encompass their business model.
This is a really powerful message.
Well done, xeroc, for pointing it out.

[wackou]

Very well written & much needed

indeed, that was a great read. Xeroc, you rock!

[xeroc]

There are small typos / grammatical errors on page 4:

At the moment of creation, the position of the shorter has not changed at all because he can directly cover his own short position using the bitUSD to gaining back his BTS used as collateral.

At the moment of creation, the position of the shorter has not changed at all because he can directly cover his own short position using the bitUSD to gain back his BTS used as collateral.

In the case the short seller sold the smartcoins he is required to purchased them back from the market.

In the case the short seller has sold the smartcoins, he is required to purchase them back from the market.

fixed .. gonna be included on the next release ..
Haven't decided on a "release cycle" yet .. I have some more corrections incoming ..

[jakub]

There are small typos / grammatical errors on page 4:

At the moment of creation, the position of the shorter has not changed at all because he can directly cover his own short position using the bitUSD to gaining back his BTS used as collateral.

At the moment of creation, the position of the shorter has not changed at all because he can directly cover his own short position using the bitUSD to gain back his BTS used as collateral.

In the case the short seller sold the smartcoins he is required to purchased them back from the market.

In the case the short seller has sold the smartcoins, he is required to purchase them back from the market.

[carpet ride]

http://bytemaster.github.io/article/2014/12/31/Stable-Crypto-Currencies-are-Impossible/

such a classic! 

[Riverhead]

Excellent work!!

[cass]

http://bytemaster.github.io/article/2014/12/31/Stable-Crypto-Currencies-are-Impossible/

[carpet ride]

Hey xeroc,   Where can we find this bytemaster post? Link in the references seems to be broken

D. Larimer, “Stable currencies are impractical and undesirable,” http://bytemaster.github.io/article/2014/12/ 31/Stable-Crypto-Currencies-are-Impossible/.

[roadscape]

Very well written & much needed

[CLains]

Looks great!

[xeroc]

Great work @xeroc! +5
Can't wait to read it!
Just curious, has this been proof read and vetted before publishing? So many critics out there when it comes to whitepapers.

Yes .. it has .. IIRC it has been read by Delulo, Thom, Cass, Dan, Jenn, Cob and maybe also Stan ..

[emailtooaj]

Great work @xeroc! +5
Can't wait to read it!
Just curious, has this been proof read and vetted before publishing? So many critics out there when it comes to whitepapers.

[cube]

It feels like a research paper to me. 

[tbone]

This is VERY impressive, Xeroc!  There are people who would never use Bitshares - let alone build a business atop it - without being able to read a document like this first, so I can't wait to share it.  My only concern at this point is that the DEX itself remains unfinished and isn't nearly as presentable as this whitepaper.  Specifically, the trading interface itself is "buried", there is no market history (how is this possible?), charts need a lot of work, etc, and I'm not seeing any indication that these items are a priority.   <sigh>

[Ben Mason]

Absolutely stunning Xeroc.  The value you are adding to BitShares with these documents is monumental.

[cass]

We should also take docs.bitshares.org to docs.bitshares.eu (or the other way round) and have a documentation link on bitshares.org

yep i'll ask to get access to domains today ... will get back to asap!

[xeroc]

We should also take docs.bitshares.org to docs.bitshares.eu (or the other way round) and have a documentation link on bitshares.org

[cass]

ok let's create a WP page on bitshares.org with all papers containing then
also on CNX site ...

[cass]

Fabian - top notch! 

[taoljj]

nice work.

[mukul13]

Great!

[spartako]

Amazing!!! 

[BTSdac]

every good thing , I like it 

[alt]

xeroc, you are amazing!

[xeroc]

I finally got the first release candidate for the first whitepaper approved by Daniel.
Smore more are in the pipeline and this is how I imagine the set of papers for BitShares 2.0

• Financial Smart Contract Platform: Description of the core products UIA, MPA and the DEX.
• Market Engine: Borrowing rules and margin calls. #mpa #borrow #short #margincall #collateral
• General: The general concept of BitShares. #wallet #network #bts #accounts
• Structure: BitShares as a business (DAC). #income #cost #profit #feeschedule
• Growth: Incentives to grow the BitShares ecosystem are described and scalability is address. #referral #approval #lmax
• Consensus: Addresses the consensus mechanism of the BitShares blockchain. #dpos #tapos #forks
• History: The history of BitShares #pts #ags #bts0.9 #sharedrops

LaTeX-Sources:
https://github.com/BitSharesEurope/bitshares-whitepapers

Any input or assistance is welcome.
Sources will be release when I get the time to clean up the repository.

Cheers