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Stakeholder Proposals / Re: BTSCX - UIAs backed by real cryptocurrency, decentralized fund storage
« on: October 02, 2015, 01:12:43 pm »
Yay, questions!
When a coin is added (enough signers available + successful community vote) an asset representing that coin is issued by the signers (also multisig protected), which will be given out in return for deposited coins. Returning the asset to the issuer triggers a withdrawal of the respective amount of coins.
So the difference to market pegged assets will be that you're able to receive the actual coins you've been buying.
The software will be written for BTS specifically, but it's planned to do it in a way which will make it as easy as possible to adapt it to work with other decentralized exchanges (i.e. HZ) too. Before work on that begins, the priority will of course be having a perfect product for BTS.
The team consists of 3 persons so far (2 coders, 1 designer). As a rough estimation it'll require about 6 months and at least 30k$ to get a working product. Adding more features like a trollbox or margin trading will boost that up quite a bit, but if we don't raise enough from the crowd we can still try adding funds through a worker proposal later. If we'd manage to raise 100k$+ this shouldn't be necessary.
I think we'd begin with a StartJoin campaign to raise the initial 30k, so if that goal isn't met everyone will get their money back. When it is reached and 2.0 is out and running, we can add the possibility to send BTS too, and start the coding
When a coin is added (enough signers available + successful community vote) an asset representing that coin is issued by the signers (also multisig protected), which will be given out in return for deposited coins. Returning the asset to the issuer triggers a withdrawal of the respective amount of coins.
So the difference to market pegged assets will be that you're able to receive the actual coins you've been buying.
The software will be written for BTS specifically, but it's planned to do it in a way which will make it as easy as possible to adapt it to work with other decentralized exchanges (i.e. HZ) too. Before work on that begins, the priority will of course be having a perfect product for BTS.
The team consists of 3 persons so far (2 coders, 1 designer). As a rough estimation it'll require about 6 months and at least 30k$ to get a working product. Adding more features like a trollbox or margin trading will boost that up quite a bit, but if we don't raise enough from the crowd we can still try adding funds through a worker proposal later. If we'd manage to raise 100k$+ this shouldn't be necessary.
I think we'd begin with a StartJoin campaign to raise the initial 30k, so if that goal isn't met everyone will get their money back. When it is reached and 2.0 is out and running, we can add the possibility to send BTS too, and start the coding