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General Discussion / [proposal discussion] Unification of same gateway IOUs
« on: March 20, 2018, 04:01:20 pm »
Putting this discussion here to formulate a formal worker proposal.
FACTS:
1) Different gateways introduce the same currencies under different names. Example: OPEN.ETH, GDEX.ETH, WIN.ETH.
2) All such IOUs are traded as separate assets
CONSEQUENCES:
1) Such separation leads to fragmentation of market liquidity across the BitShares platform
2) Same but different IOUs cause constant confusion and misunderstanding among users.
3) Same but different IOUs have different prices attached which is hardly justifiable.
4) Such differentiation in assets is against the spirit of the BTS community being unite, on the contrary leading to fragmentation of common efforts to capitalize the DEX platform.
PROPOSED SOLUTION:
1) Elimination of gateway differentiation for IOU assets. There should be only uniform BTCs, ETHs, LTCs as seen by an end user, but in fact pooled from all gateways together. Gateways should still secure assets by themselves but interoperability between gateways and liquidity of choice for change of gateway in the process should be seamless and transparent to extent possible.
2) Establishment of uniform standard for services provided by gateways. Each gateway still be a unique venture with different clientele but will be obliged to provide at least the same level services as any other gateway.
ANTICIPATED IMPACT:
Eliminations of doubling and tripling of assets will have following potential impact:
1) Uniform price which means greater overall liquidity
2) less confusion which means simpler interaction and greater acceptance by recent adopters
3) could potentially encourage other exchanges to use BitShares as they could jump straight in with liquidity already here.
4) gateways will be strongly motivated to compete in the field of added value-services instead of seeking other ways to gain profit to the detriment of the interests of common users.
Still there is no full understanding of feasibility of proposed solutions and means of their implementation. So I invite all interested parties to contribute to this discussion
FACTS:
1) Different gateways introduce the same currencies under different names. Example: OPEN.ETH, GDEX.ETH, WIN.ETH.
2) All such IOUs are traded as separate assets
CONSEQUENCES:
1) Such separation leads to fragmentation of market liquidity across the BitShares platform
2) Same but different IOUs cause constant confusion and misunderstanding among users.
3) Same but different IOUs have different prices attached which is hardly justifiable.
4) Such differentiation in assets is against the spirit of the BTS community being unite, on the contrary leading to fragmentation of common efforts to capitalize the DEX platform.
PROPOSED SOLUTION:
1) Elimination of gateway differentiation for IOU assets. There should be only uniform BTCs, ETHs, LTCs as seen by an end user, but in fact pooled from all gateways together. Gateways should still secure assets by themselves but interoperability between gateways and liquidity of choice for change of gateway in the process should be seamless and transparent to extent possible.
2) Establishment of uniform standard for services provided by gateways. Each gateway still be a unique venture with different clientele but will be obliged to provide at least the same level services as any other gateway.
ANTICIPATED IMPACT:
Eliminations of doubling and tripling of assets will have following potential impact:
1) Uniform price which means greater overall liquidity
2) less confusion which means simpler interaction and greater acceptance by recent adopters
3) could potentially encourage other exchanges to use BitShares as they could jump straight in with liquidity already here.
4) gateways will be strongly motivated to compete in the field of added value-services instead of seeking other ways to gain profit to the detriment of the interests of common users.
Still there is no full understanding of feasibility of proposed solutions and means of their implementation. So I invite all interested parties to contribute to this discussion
