Meet the honest.XAU smart coin. A derivative tracking the HONEST market value of 1 troy ounce of .999 percent fine Gold. All Backed by collateral held on the chain in a smart contract. Bitshares DeFi supercharges these smart coins essentially creating a Market Pegged Asset.

Phase 1: Be able to trade honest.XAU seamlessly between BTS, honest.BTC, and the stable coin honest.USD.



See the stats here: https://blocksights.info/#/assets/HONEST.XAU

How to get it?

Easy button: Trade for honest.XAU via the following liquidity pools

• BTS / honest.XAU # 1.19.523
• honest.USD / honest.XAU # 1.19.525
• honest.BTC / honest.XAU # 1.19.524

Name your price: Use the DeFi Dex

• Trade BTS for honest.XAU via the market https://ex.xbts.io/market/HONEST.XAU_BTS

Add to the ecosystem via borrowing & providing liquidity to the pools

• Lockup your BTS as collateral to borrow honest.XAU for the best of both worlds. Go one step further and invest both BTS & honest.XAU in the liquidity pool to earn trading fee's!

Borrow:



Add Liquidity:



Where can it go from here?

• Phase 2: Seamlessly trade between native assets such as BTC.
• Phase 3: Real deal honest.MONEY. Created by being the gateway connection between all the smart coins such as honest.XAU, honest.BTC, honest.USD. Take a minute and study this map to fully understand the eco-system being created on the bitshares blockchain.

The honest.asset eco system attempts to answer the age of question of how to create, distribute, and utilize sound money.

Let's face it, most blockchains such as bitcoin will never be used for day to day small transactions. This issue does not make bitcoin worthless, so why not utilize the value of bitcoin to provide the backing and collateral for an asset that can be sent worldwide, in under 3 seconds for a miniscule fee?

Why not have a native blockchain based stable coin backed by collateral everyone can see/audit?

Currently assets plugged into the honest.asset ecosystem are created by a user locking up AT LEAST 1.4x collateral, denominated in bitshares, to "borrow" the honest.asset. Here is one example how that looks: A user wants to borrow 10 honest.USD by putting up 3x the collateral of 21,000 bitshares.



With the honest.USD now borrowed by the user, they could send it anywhere in the world in under 3 seconds at a miniscule fee! An investor on the other hand, might place that honest.USD & bitshares into a liquidity pool to earn fee's from other users exchanges those assets.

Take this to the next step and by studying the map of honest.assets, you can see how all these assets & liquidity pools are tied together into honest.MONEY. Users and automated trading software continually balance out the prices of the assets by being able to move through honest.MONEY into any and all of the assets in the ecosystem.

Therefore, honest.MONEY becomes blockchain based sound money that is backed by the collateral users/investors placed to create the entire ecosystem in the first place.

What does the future hold?

Additional liquidity for each asset in the ecosystem.

Additional assets added to the ecosystem

Additional IN/OUT gateway's to exchange the native asset directly for an honest.asset. IE BTC > honest.BTC instead of BTC > gateway.BTC > honest.BTC. This reduces the users risk of being stuck with a non blockchain backed token. Gateways will eventually accept honest.BTC > BTC exchanges because honest.BTC holds value where as gateway.BTC is tied to a specific gateway, think Mt. Gox.BTC.

You can explore this ecosystem now by utilizing any of the bitshares wallets:

Decentralized Web Hosted DEX wallets (Make BACKUPS!)

• https://ex.xbts.io/market/BTS_XBTSX.USDT

Android Mobile wallet

• https://github.com/bitshares/bitshares-mobile-app/releases/tag/v7.18-android-bin

Power Users and Traders use Astro UI (need both parts to work)

• https://github.com/BTS-CM/astro-ui
• https://github.com/bitshares/beet

What is holding you back from staking your Bitshares in a liquidity pool to earn fee's instead of having them sit idle? By doing so you are providing to the backbone (liquidity) of what bts stands for, a decentralized financial exchange DeFi.


The steps below will vary slightly depending which wallet used, however all are quite similar.

Step 1: Learn about Liquidity Pools https://youtu.be/cizLhxSKrAc?feature=shared

Step 2: Start with which ever wallet you like best, TRY them all... ALWAYS BACKUP YOUR WALLET.

Reference wallet: https://github.com/bitshares/bitshares-ui/releases

The reference wallet does work however it is out classed by the following 3 options.

Web based wallet: https://app.xbts.io/#/pools

Mobile Android App (fantastic): https://github.com/bitshares/bitshares-mobile-app/releases/tag/v7.18-android-bin

Astro-UI is SIMPLE to use and beyond FULLY functional however you need both of these pieces of software working together. Once you see how these two pieces of software work together, you might never use any of the other wallets again:

https://github.com/BTS-CM/astro-ui

https://github.com/bitshares/beet


Step 3: Choose a pool

Now you must choose the other asset you will add to the pool along with your Bitshares.

One of the most common trades for all blockchains is going TO AND FROM stable coins. For example Bitcoin > USDT when you feel the price of btc will fall and back from USDT > Bitcoin when you feel the price of btc will rise.

One such smart asset stable coin on the Bitshares blockchain is honest.USD.

Knowing this, the honest.USD smart asset stable coin and BTS pool should have high trade volumes compared with a pool of lesser known assets.

r/BitShares - HOW TO: Bitshares liquidity pools - earn fee's!




Step 4: Acquire the other asset

In this example, the easy way to acquire honest.USD is to simply use the pool itself!

https://app.xbts.io/#/pool/HONEST.USDBTSMM

Exchange however many bitshares for the desired quantity of honest.USD. Try a small amount, under 5000 bts. Now you hold both assets and are ready to add them to the pool.

The better way to do this is by utilizing the foundation of smart assets themselves. Why does honest.USD have value? This method requires additional BTS that will be locked away until you return the honest.USD you created...

Browse to the bts / honestUSD MARKET.

Click BORROW.

You must place AT LEAST 1.4x collateral to borrow. Use 3x for this example and put 21,000 bts as collateral. This allows you to acquire ~10 honest.USD.

Borrow (create) the asset.

You now have 10 honest.USD

r/BitShares - HOW TO: Bitshares liquidity pools - earn fee's!




Step 5: Add assets to the pool

Browse to the pool in whichever wallet you are utilizing: https://app.xbts.io/#/pool/HONEST.USDBTSMM

Add both assets to the pool and you will receive x amount of the pool asset: HONEST.USDBTSMM.


Step 6: Monitor the pool over time

You can now keep an eye on the pool over time to see how many fee's are being generated and if it makes sense to keep your assets in the pool.

As seen on the xBTS web wallet: "By adding liquidity you'll earn % of all trades on this pair proportional to your share of the pool. Fees are added to the pool, accrue in real time and can be claimed by withdrawing your liquidity."


Step 7: Remove assets from pool

Perhaps after a month another pool has massive volume and you would like to add liquidity there.

Simply withdraw your funds leaving you with both bts & honest.USD.

Trade the honest.USD for another asset or bts itself.

IF YOU BORROWED honest.USD into existence and want to close that out, go back to the bts / honest.USD MARKET, click borrow, enter the amount of honest.USD you borrowed, and click update position. The reference wallet has a button labeled "pay max debt" to make it easy. This now unlocks and returns to you the BTS you put in as collateral when borrowing. That honest.USD is not burned and no longer circulates, thus completing the circle on how/why honest.USD has underlying value.


Step 8: Never stop learning

Some more basic information on how honest.ASSETS work on the bitshares DeFi blockchain: https://honest.gold/

The possibilities around DeFi are far reaching.

Have you gained further insight into this issue?

How were you affected by the Telegram group bans?

Starting with the Telegram group bans.  It is obvious to many, IO Banker is a hinderance with the bitshares community.  This becomes a problem across platforms, as differing views and constructive criticism is what drives innovation.


On a more positive note,

Haven spoken to many people online/offline in regards how/why/when they utilize a blockchain has narrowed down one sticky point for sure.

Ease of use was the common denominator.

This leads back to why centralized exchanges such as coinbase and now the btc etf have gained massive volumes.  Many older users are simply hesitant to trust themselves with self custody, stating it was too difficult to manage.  People are comfortably with what they know, the banking and investment houses as we have today.  One user brought up how quickly people's mind will change if they faced banking capital controls such as were instituted in Greece awhile back.

Point blank, Bitshares needs a modern, simple, easy to use UI.  One app with the same interface across platforms would be a homerun.

Quote from: Thul3 on December 16, 2019, 07:22:19 pm

Is the old core team going to add a new worker proposal ?

No, the 2019 Core Team does not intend to create a 2020 WP. Individuals may be providing proposals for future development effort.

This is terrible news, the core team has done so much for Bitshares!  What's the reasoning behind this?

Really sorry to see this valuable worker proposal de-activated, I hope it gets reactivated soon.

Even if the workers get reactivated in 1-3 months, no guarantee the current developers will come back.  They are already looking for jobs elsewhere.

@tshen @bitcrab
The worker system is what makes bitshares unique and now we cut off the very people trying to advance bitshares?  If we do not pay the developers, they will simply find another job to put food on the table.  Once they are gone, it's game over, they will not come back.

It has been suggested before to create multiple 100k refund workers so it's easier include or exclude all the workers.  No time like the present to do this and get development funded again.

Quote from: Brekyrself on March 29, 2019, 04:29:31 am

@bitstopia2049 & clockwork, thank you for the replies.

Please confirm the following hypothetical bid for BitUSD

mcr 1.75
GS 0.051
Debt I will take 10,000 bitUSD
Additional Collateral I provide 400,000 bts
CR 59.608
call price would be 0.029

Based on the formulas and bitUSD revives with my bid being inclusive, I am essentially "rewarded" an additional 200,000 bts as collateral in the long position?

I think the easiest way to approach it to make it less confusing..is to settle on what level of CR you want and then work from there...

Let's say upon revival you wish to maintain a minimum CR 3.00 with 10k debt position;  Settlement price = 19.55496 bts/bitUSD

So you will need in total $30,000 in collateral.
and the revival price is 11.17426 bts/bitUSD   (without bids)
So total BTS required = 335,228
The collateral associated with 10k debt in the settlement fund = 195,550
Therefore additional collateral required  =  139,678 with your starting call price =  0.02983 bitUSD
and your bid position  13.96 bts/bitUSD  and  CR  =  0.831

Always keep in mind however that you are taking on debt,I wouldn't consider the settlement collateral a "reward"....It is a bet.
You can do the same calculation using the revival price including bids if you want.
[/quote]

Thanks again.

I misunderstood the steemit article thinking by bidding the system was providing additional collateral as incentive to bid however the bts received at the end of the day is just what you would get by selling bitusd at a certain price?

Using the system before GS was simple, borrow bitusd with safe CR, sell bitusd at market price for bts.  If bts went up in price, your in the green, if it went down, your in the red.

That brings up the question with bidding. in the UI there is the label of "bid price."  Does this mean that if the system revives and our bid is included that is the price we borrow and sell bitusd for bts at?  Or is the price the system revives at where bitusd is sold for bts?