The main feature of BitAsset 3.0 that I like is that redemption is possible at the feed price, which underpins valuation throughout this and external markets. My main issue has been that it eradicates interest, which is particularly important for currencies. I believe that if interest rates are high on a currency in external markets, it basically eliminates usage of the bitAsset as a transactional currency, because it will only pay to have it hoarded in the bond market. However, this weakness could be overcome if one of the bond market tokens represented an at-call deposit instantly interchangeable for currency (like an ATM machine) or with check payment facilities.
I've just posted a white-paper that describes the architecture of an at-call market integrated with a bill market. That is here...
https://bitsharestalk.org/index.php/topic,15880.msg203776.html#msg203776This envisages currency being instantly created and destroyed with floating interest as the clearing mechanism.
However, that system can be adapted to accommodate BitAsset 3.0 and potentially create a more powerful system.
i) a Cash Creation Market, along the lines of BitAsset 3.0 (although I would suggest some modifications), which does not bear interest, and has a floating level of collateral as the clearing mechanism, plus
ii) an at-call Deposit Market, whose tokens pay a floating interest rate from longs to shorts (like the Currency Creation Market in the whitepaper), and
iii) a Bill Market at various terms (akin to zero coupon bond tokens, as described in the whitepaper).
The Deposit Market would use exactly the same structure as I outlined for the Cash Creation Market in that white-paper, except that now it would be settled in the currency token instead of BTS, and the bids and offers would be for DEPOSIT tokens. This guarantees instant interchangeability between deposits and currency, with a floating rate determined by the market.
A challenge with this particular market is the zero bound on interest rates. The whitepaper outlines a couple of possible approaches.
What I like about this total approach is that it would now be much closer to the complete functionality of the current money market system, while obviously also having the usual block-chain based advantages.
I want to think about all this some more, but if it pans out, as soon as I get a chance I will update the whitepaper to v2 to incorporate this thinking.