BitShares Forum
Main => General Discussion => Topic started by: EstefanTT on September 01, 2016, 10:36:26 pm
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(http://s6.postimg.org/qdjrsjk5d/bit20.png)
I've been silent about it during these last months but I have been working hard in the shadow.
Everything is finally done !
We have the website ready to be officialised and the last piece of the puzzle previously missing, we have the price feed python script ready to be used by the witnesses.
We will provide all the information about the way the index is made, how we build its composition, how often and how the revision is made, ...
We will also provide the source code in the website after seeing that everything is working properly.
We just need one more thing to have this new smartcoin running on the BitShares platform in a decentralised and trustless way ... some witnesses !
If in the future, there are hundreds of people running smartcoins in BitShares and asking the witnesses to publish their feed, we will have a problem.
So we though, witnesses should be rewarded if they provide a service.
That's why we decided to allocate a % of our future revenue of our market to the witness.
We need at least 3 witnesses producing the price feed to launch the smartcoin and be able to say that it's decentralised. As our market will grow, we will increase this number to add more security, decentralisation and robustness to our system.
We will start giving away 3% of the market revenue to the first 3 witnesses producing our price feed.
It won't be much at the beginning but this market has a tremendous potential.
When we will increase the number of witnesses, we may simply divide this 3% between them or add some more % to the reward pool. This has still to be decided.
Why would a witness want to produce the feed ?
Bittwenty has been created to be a stable and strong index. It's not gonna be the best index out there but it's made to last and to be a reference. I intend to promote it in the cryptocurrency communities but also out there into the wild world of finance. I see Bittwenty as a tool allowing people who want to invest in cryptocurrencies but don't have the time to read every single project. I also see people using it as a way to keep money but with lower volatility than a single cryptocurrency.
It has the potential to grow and produce hight income through the market fees.
They could benefit from these fees and have a bonus next to their witness pay.
Why would a witness want to be one the first ones to produce the feed ?
The first witnesses to produce the price feed will have a guaranteed place in the witness team producing this price feed.
(this is obviously true only if the witness keep producing the price feed)
Later on, I may produce an UIA to symbolise these % of the market revenue and distribute them but at the moment I'll simply ask to trust the Bittwenty team.
Anyway, the market still has to be launched and to grow, the rewards will be tiny at the beginning.
We will simply give the reward promise to the first 3 witness able to produce de price feed.
It should be very easy as everything is already done and coded.
I'll send the python script to any witness wanting to give it a try. It should run smoothly with only a couple of evident changes in the script.
I'll provide explanations through mail or skype if needed.
If interested, please contact me at bittwenty @ gmail.com
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The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?
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I'm also trying to understand the need of witness in this index. So it's a UIA traded index? like what Cyber.Fund have build on BitShares (SPIES).
Just to understand.
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Awesome! Something like this has great potential imo. I would definitely buy some :) Liquidity is probably going to be a serious problem though. (I really think we need a way to pay interest to shorters...)
I'm also trying to understand the need of witness in this index. So it's a UIA traded index? like what Cyber.Fund have build on BitShares (SPIES).
No, this is not an UIA. It is a smartcoin like bitUSD, bitGOLD etc. No third party is actually holding altcoins, it is just a derivative powered by the DEX. Hence witnesses are needed to provide the price feed.
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@xeroc brought to my attention last week something called privatized bitassets.
Apparently there is a way to run your own smartcoin without witness assistance.
I would be very interested to learn more about how to set that up..
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The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?
Yes I can and I did during the testing phase.
Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market ???
I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.
We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.
There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.
Trust and centralisation problems solved and you can talk seriously with people with deep pockets.
Sent from my SM-G900F using Tapatalk
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Awesome! Something like this has great potential imo. I would definitely buy some :) Liquidity is probably going to be a serious problem though. (I really think we need a way to pay interest to shorters...)
I'm also trying to understand the need of witness in this index. So it's a UIA traded index? like what Cyber.Fund have build on BitShares (SPIES).
No, this is not an UIA. It is a smartcoin like bitUSD, bitGOLD etc. No third party is actually holding altcoins, it is just a derivative powered by the DEX. Hence witnesses are needed to provide the price feed.
Thabks for answering question xhile I was sleeping.
Yes liquidity may be a problem, same problem we have with our BitAssets.
I suspect, as this index is very appealing, the buy wall will grow and that could trigger shorters activity.
If there no nothing else to short in our BitAssets markets and there is thousands of $ in the buy wall of Bittwenty, that should kick start the trading.
Sent from my SM-G900F using Tapatalk
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@xeroc brought to my attention last week something called privatized bitassets.
Apparently there is a way to run your own smartcoin without witness assistance.
I would be very interested to learn more about how to set that up..
Nothing complicated about it, I did it the last months when I was testing my scripts.
You just have to add in the CLI the accounts allowed to publish the price feed of the smartcoin and disable the witness.
As you can read read in the answrrs I provided earlier in this thread, centralisation and trust is an issue for me. I wanted the smartcoin to be as much decentralsied and trustless as possible.
I wouldn't care too much about it if I were to invest 1000$ in the index. Imagine now I am a Bitcoin Whale and I want to purchase 500k$ of Bittwenty ... I would be very worried knowing the index could be manipulated by anyone in the Bittwenty team. I think this whale wouldn't even consider this index.
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A quick reminder for witnesses, I'm basicaly offering free money.
All I need is witnesses to take a look at the python script I've made specially for you, verify it's all legit and run it to publish the price, that's it. You'll have a % of this future market revenue as long as you stay witness.
Sent from my SM-G900F using Tapatalk
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The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?
Yes I can and I did during the testing phase.
Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market ???
I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.
We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.
There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.
Trust and centralisation problems solved and you can talk seriously with people with deep pockets.
Sent from my SM-G900F using Tapatalk
Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.
This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.
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The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?
Yes I can and I did during the testing phase.
Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market ???
I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.
We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.
There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.
Trust and centralisation problems solved and you can talk seriously with people with deep pockets.
Sent from my SM-G900F using Tapatalk
Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.
This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.
Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.
The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.
The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.
Sent from my SM-G900F using Tapatalk
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The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?
Yes I can and I did during the testing phase.
Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market ???
I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.
We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.
There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.
Trust and centralisation problems solved and you can talk seriously with people with deep pockets.
Sent from my SM-G900F using Tapatalk
Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.
This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.
Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.
The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.
The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.
Sent from my SM-G900F using Tapatalk
@EstefanTT and http://www.Bitsharesfcx.com have more than proven themselves over the past year or so. If I was a Witness, I would be glad to publish your feed.
You have my support Estefan, for what little it's worth.
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The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?
Yes I can and I did during the testing phase.
Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market ???
I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.
We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.
There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.
Trust and centralisation problems solved and you can talk seriously with people with deep pockets.
Sent from my SM-G900F using Tapatalk
Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.
This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.
Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.
The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.
The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.
Sent from my SM-G900F using Tapatalk
@EstefanTT and http://www.Bitsharesfcx.com have more than proven themselves over the past year or so. If I was a Witness, I would be glad to publish your feed.
You have my support Estefan, for what little it's worth.
Thanks Ken, your support is very appreciated !
I'm very happy to bring something new to this community.
It's been a long trip, we started privately this index in july 2015. We found a lot of problems in our way since we dicided to create it in BitShares early 2016.
Now it's finally done, the funny part of promotion is ahead !
I see a good potential in this index. Especially when people will see in the web site the data since 2015, how the index moved, how it's built and how secure and trustless it is.
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This is awesome, looking forward to seeing it go live!
Sent from my iPhone using Tapatalk
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Great Job ... looking forward ..
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The first witness is having a look at the code as we speak.
Two remaining places available for this opportunity of providing this smartcoin feed and profit for its future market !!!
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+5%
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Thank you for your great work EstefanTT, I want to try this new index fund. What is the ticker for it?
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Thank you for your great work EstefanTT, I want to try this new index fund. What is the ticker for it?
I'm waiting at least one witness publish the price feed to officialise the market. Now I'll shut down my private price feed production and the market will reopen once the first witness send the first feed.
As the market won't have feed during this transition period I prefer no one use it at the moment.
Be sure that you'll know when the market will open its door, I won't rest until the 7,447,883,652 people on earth have heard about the first cryptocurrencies index fund !
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Thank you for your great work EstefanTT, I want to try this new index fund. What is the ticker for it?
I'm waiting at least one witness publish the price feed to officialise the market. Now I'll shut down my private price feed production and the market will reopen once the first witness send the first feed.
As the market won't have feed during this transition period I prefer no one use it at the moment.
Be sure that you'll know when the market will open its door, I won't rest until the 7,447,883,652 people on earth have heard about the first cryptocurrencies index fund !
be careful with marketing something as first... coinoindex launched 2015, but no idea if they're still up
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I has been seeing every one in the space saying "the first ... decentralised exchange, blockchain 2.0, 3.0, ... "
I thought it wasn't a big deal to say the first cryptocurrency index fund.
Do you think someone can claim to be the first before bittwenty and cause me problems ?
Sent from my SM-G900F using Tapatalk
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It is unlikely to cause you problems, but saying false things in public is not a good idea anyway. Say something like "the leading fund" instead of "first". If it is the only active crypto tracking fund, it is surely the leading one.
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Not a bad idea at all ! Thank you guys !
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I has been seeing every one in the space saying "the first ... decentralised exchange, blockchain 2.0, 3.0, ... "
I thought it wasn't a big deal to say the first cryptocurrency index fund.
Do you think someone can claim to be the first before bittwenty and cause me problems ?
Sent from my SM-G900F using Tapatalk
yes cause it's just not true and you can easily google coinoindex as the first - at least earlier than yours :)
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I've changed it into "the leading cryptocurrencies index fund" in the website at the moment. If someone find something better, I'm all ears !
Sent from my SM-G900F using Tapatalk
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The second witness has contacted me to check the code and run it if everything is ok.
If these two witnesses end up providing the price feed, there is only one remaining place available.
Remember it's also an opportunity to profit from its the future market fees !!!
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This is an exciting index fund, very impressive.
I love your dedication to multiple witness feeds because as you say nobody will invest big money if prices rely on a single person.
I hope you invest in a short asset name for it.
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Already choosen (5 letters )
We've spent a lot of time to figure out how to allows us to change the composition of the index every month and have a basic control over it BUT make it impossible for us the manipulate the price so it is trustless.
I'll announce it as soon as one of the witnesses send the first price feed ;)
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Any news ?
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I have received an answer from 3 witnesses.
They have the code and are (probably) reviewing as we speak.
From my side, everything is done. I'm waiting for the first one of these 3 to publish the first price feed. Then I'll announce Bittwenty officially ... everywhere !
Even If I already have an answer from 3 witnesses, if another witness want to jump in and run the code to produce the pricefeed, it is still time.
I'll stop looking for witnesses when I have effectively 3 producing the price.
With that said, if a new one jump in and the 3 first one I had an answer end up publishing the price feed, I could have 4 witnesses instead of 3.
I chose 3 because as I allocate a percentage of the future revenues of Bittwenty, I wanted the first witness to have a "large" cut of that percentage. Also, there is no need to have more decentralisation until the market grow significantly high.
It shouldn't be too long now before the first price feed ;)
Sent from my SM-G900F using Tapatalk
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Any news ?
Thanks for the mention in your steem article !
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Any news ?
Thanks for the mention in your steem article !
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You're welcome.
Looking forward to hodl!