BitShares Forum
Main => General Discussion => Topic started by: thiertmd365 on March 09, 2018, 11:26:11 am
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Hi All, I've got some question?
So I have been getting used to the platform over the last few weeks and I am thinking of getting more involved by creating a market pegged asset. Lets say I create a market pegged asset against the cryptocurrency WAVES, would the smartcoin creation follow the WAVES release schedule? Also, Who do new users buy this new asset from? What are the main benefits to a user who creates a market pegged asset and is there anything I should know before creating my own user issued asset?
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A market pegged asset' supply is created only as a result of a user "borrowing" it into existence by locking some other asset as collateral (usually BTS).
If you were to create a bitWAVES MPA, you would need to also convince witness nodes to provide a price feed for Waves in order to have a 'fair price' for the Asset.
Read more about MPAs here : http://docs.bitshares.org/bitshares/user/mpa.html
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A market pegged asset' supply is created only as a result of a user "borrowing" it into existence by locking some other asset as collateral (usually BTS).
If you were to create a bitWAVES MPA, you would need to also convince witness nodes to provide a price feed for Waves in order to have a 'fair price' for the Asset.
Read more about MPAs here : http://docs.bitshares.org/bitshares/user/mpa.html
Doesn't need to be solely witnesses, it could be the committee (unlikely you'd get many publishers), or you could manually configure private price feed publishers (any Bitshares accounts, up to 25 for now).
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Lets say I create a market pegged asset against the cryptocurrency WAVES, would the smartcoin creation follow the WAVES release schedule? Also, Who do new users buy this new asset from? What are the main benefits to a user who creates a market pegged asset and is there anything I should know before creating my own user issued asset?
As clockwork and Customminer have said, you really need a price feed to make a smartcoin "work". The delay between price updates should be less than 24h. If the price feed is not active, nobody can borrow your asset, what makes it useless. Theoretically you can push updates manually using command-line wallet, but it's more convenient to have a script (or someone else) doing that for you.
3 most important things are:
- Asset name
- Precision (number of digits after comma)
- Asset type {Simple, Smartcoin, Smartcoin (Binary prediction)}
You can't change these 3 params later! For example, someone already f*cked up the ETC asset making it not a smartcoin.
The main benefit for users is a predictable price. Asset creator can't easily issue millions of coins devaluing the asset. The main benefit for creator - more users, % from operations.