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General Discussion / DeFi Use Cases: A General Analysis
« on: December 24, 2019, 05:50:13 am »

DeFi Use Cases: A General Analysis

This is a summary of some information collected in a BitShares use case research for core team discussions during late 2019. This document is provided for reference per request of community members.

1. Crypto Lending & Borrowing

   1. Description: A DeFi lending platforms provide loans to users or businesses in a trustless manner, i.e., without any intermediaries, whereas the lending protocols allows participants to get interests on crypto coins and stablecoins.
   2. Pros:
      1. For Borrowers:
         1. Shorting Asset: A borrower can buy an asset and immediately sell it on any other portal or channel. Margin trading is also available.
         2. Borrow a utility: The borrower may decide to temporarily borrow a token to earn certain rights on the blockchain, e.g. governance rights, voting rights, etc.
      2.  For Lenders:
         1. Investment Reward: An investor can earn an additional amount from interest on lent assets by making a long-term investment.
         2. Earning opportunity from Stablecoin: Stablecoin issuers can have the chance to win incentives by distributing part of their revenue from floating interest rates collected on their bank deposits to users who support the circulating supply through these decentralized platforms.
   3. Cons:
      1. The high volatility of crypto prices makes the DeFi system not stable.
      2. Very limited cryptos are supported by popular platforms.
      3. Many DeFi targeted currencies are relatively centralized, which increased the systematic risk of all platforms.
      4. Smart Contracts are not 100% secure in most cases.
   4. BitShares Relevance:
      1. BSIP-70 proposes peer-to-peer lending for margin trading only. The mechanism aims to minimize the risk of default.
      2. Other more aggressive mechanisms may be applied if default is acceptable when interest is significant.
   5. Project sample:
      1. Dharma
      2. Compound
      3. Maker

2. DeFi Derivatives

   1. Description: A derivative is a contract between two parties which derives its value/price from an underlying asset. The most common types of derivatives are futures, options, forwards and swaps. It is a financial instrument which derives its value/price from the underlying assets.
   2. Pros:
      1. Very flexible, especially suitable for Cross-chain friendly platforms.
      2. Extremely high potential value.
   3. Cons:
      1. High entry boundaries.
      2. Hard to obtain users on an early stage.
      3. May attract the regulator’s special attention since derivatives considered as very risky investment vehicles.
   4. BitShares Relevance:
      1. No direct connection to external assets is provided. Bridges, OTC traders, and HTLC are only channels.
      2. No flexible smart contract system. Hard to define business logic in blockchain.
   5. Project sample:
      1. Synthetix
      2. UMA

3. Asset Management Tools – DeFi Wallets

   1. Description: Asset management tools act as a custodian but is a specialized financial institution that safeguards a user’s financial assets and is not engaged in any traditional commercial or banking services. In DeFi space, asset management tools include wallets, apps, and dashboards for managing user assets.
   2. Pros:
      1. One of the most high-frequency tools in the crypto world, very profitable.
      2. High user stickiness.
   3. Cons:
      1. Very hard for users to adopt at the very beginning. Too many pre-consolidation steps for new users.
   4. BitShares Relevance:
      1. BSIP-57 proposes to allow third party balance “managers” and will enable third party asset management services.
      2. Smart contract system will add more flexibility to asset management products.
      3. DAC-controlled external assets will be a huge plus.
   5. Project sample
      1. Abra
      2. InstaDApp

4. DeFi Insurance

   1. Description: Generally speaking, decentralized insurance acts as a safety net for the DeFi ecosystem. From wallet insurance to smart contract insurance, the comfort of knowing that your assets are protected in the case of a bug or a hack creates peace of mind for crypto investors.
   2. Pros:
      1. A “safer” investment environment helps new investors to easier adopt the Crypto investment products.
      2.  Insurance products are standardized contracts that can be used among different cryptocurrencies, which may help the platform users to increase dramatically.
      3. The product may be used in the non-crypto world.
   3. Cons:
      1. May not have government or sufficient funding support when experiencing black swam like events.
      2. The DeFi Insurance platform itself may need a centralized insurance support.
   4. BitShares Relevance:
      1. The same, more flexible smart contract is needed.
      2. Smart Assets, like bitCNY and bitUSD could be used to facilitate insurance modeling and payment.
   5. Project Sample:
      1. Nexus Mutual

原文已更新,目前所有这一批进入社区投票阶段的 BSIP 都已经有中文翻译(部分 BSIP 的具体细节除外),除 39、69 两篇外其他 BSIP 都已经有中文解读文章,欢迎阅读并参与讨论/投票!

根据 BitShares 区块链基金会的公告,以下 BitShares 改进提案(BSIP)已进入社区投票阶段。 请使用以下链接了解这些提案(它们都有简短的摘要),并根据您是否支持提案进行投票。 部分提案内容有中文翻译+解读,请使用相关链接进一步了解提案内容。

BSIP 73中文翻译 / 解读): 将强制清算订单和爆仓订单、限价订单相匹配
BSIP 72中文翻译解读): 储罐与水龙头:智能合约资产处置的通用方案
BSIP 70中文翻译解读): 点对点杠杆交易
BSIP 69中文翻译): 添加新的谓词
BSIP 64中文翻译解读): 可选 HTLC 原像长度、增加 HASH160 算法和备注栏
BSIP 62中文翻译解读): 保证金头寸平仓
BSIP 61中文翻译解读): 更新限价单操作
BSIP 57中文翻译解读): 管理待解冻余额
BSIP 47中文翻译解读): 不同公投类别的投票代理和投票操作
BSIP 45中文翻译解读): 为资产引入“允许作为 BitAsset 抵押”的标志/权限
BSIP 39中文翻译): 多签提案自动批准机制
BSIP 22中文翻译解读): 见证人、理事会和投票代理的投票衰减机制

BSIP 审核小组提交以上通过审核的提案草稿给社区,以进行投票。 当前许多其他的 BSIP 正在审核过程中,请使用以下链接加入讨论 BSIP GitHub 仓库

General Discussion / [Recap] BitShares Online Summit
« on: October 16, 2019, 07:00:14 pm »
The first BitShares Online Summit was successfully held on October 10th, 2019. The online summit was initiated by the BitShares Core Team and organized by Spark Blockchain. More than 200 people participated in the Online Summit and actively discussed topics related to worker proposals, project vision and marketing.

In worker report session, Ryan R. Fox from the Core Team gave a speech first. Ryan introduced the employee structure and duties of the core development team, and pointed out that the Core Team believed block producing, price feeding and market operation should be separate. Ryan also said that major voting proxies can respond to market changes in a timely manner, and letting proxies be responsible for operation could help the platform react to market changes quickly. In this regard, Digital Lucifer supplemented in the subsequent speech. Digital Lucifer first gave a brief recap on BitShares' development process from its inception to the present. Then he mentioned that the voting proxy being responsible for market operation was reasonable, but there might be some potential problems. Stefan Schiessl from the UI team pointed out in his speech that in addition to operation issues, BitShares should also work to add new features. He said in addition to the existing decentralized exchange, BitShares needed to develop features such as recurring payments to attract more clients.

Besides, Cryptick from the DEXBot Team gave a detailed introduction to the team's current financing status, project progress and future plans, explaining the principles of the DEXBot-related arbitrage strategies and its contribution in improving BTS liquidity – 57% of orders in the BitCNY / BTS trading pair adopted their strategy. The attendees actively asked questions about DEXBot-related technical issues, development plans and their contributions to the BitShares ecosystem.

YangMing and Yuan Bao Ba Ba from the Chinese community also spoke in the worker report session. Yangming from the Mobile Team gave a detailed introduction to the current status and future plan of the BitShares Mobile Wallet developed by his team. He pointed out that his mobile app currently has about one-sixth of the active users of BitShares, and the team will focus on user experience and operations going forward. CN-VOTE's representative, Yuan Bao Ba Ba, discussed a possible flaw in the design of BitShares' financial structure, expressed support for the proposal that set threshold for BitCNY and BitUSD feed price, and shared his idea that paying workers in the form of options might be more reasonable.

In the marketing session, Shirley Dai from U.S. Blockchain discussed the importance of marketing for BitShares. She pointed out that BitShares needed to build up a professional marketing team to specify marketing targets and develop a PR plan. She also mentioned the current BitShares Newsletter was a good marketing method.

In the project vision session, Ryan R. Fox and Nathan Hourt from the Core Team outlined their ideas on the future development of BitShares. Ryan pointed out that mobile development was a top priority for now, and the community should also put effort on cross-chain transfer, asset security and governance. Nathan believes that since BitShares was a decentralized financial platform, the current main goal was to attract more dApp developers on to the blockchain and provide them with an advanced development environment. Nathan has detailed the framework of a proposed general solution for smart contract and pointed out the framework could simulate direct person-to-person contract execution in the real world.

The Summit was held online, providing a convenient way for investors, developers and users of BitShares around the world to join the conference. At the same time, the summit was equipped with simultaneous interpretation in Chinese and English, which greatly promoted the communication between Chinese and English communities. It sets a good model for communication in a global multilingual decentralized community.

The recording of this Summit has been uploaded to Tencent Video (Chinese channel) and YouTube (English channel), use the link below to review the summit at any time.

YouTube link:

Tencent Video link:
Ryan R. Fox:
Yuan Bao Ba Ba:
Digital Lucifer:
Stefan Schiessl:
Shirley Dai:
Ryan R. Fox and Nathan Hourt:

中文(Chinese) / 【回顾】BitShares 首届线上峰会成功举办
« on: October 16, 2019, 06:45:40 pm »
BitShares 首届线上峰会于 2019 年 10 月 10 日成功举办。本次线上峰会由 BitShares 核心团队发起,由星火区块链 Spark Blockchain 负责筹备与组织,中外社区超过两百人次参与到了本次线上峰会当中,共同就工作提案汇报、项目发展、营销方向等问题开展了积极的讨论。

在工作提案汇报环节中,来自核心团队的 Ryan R. Fox 首先进行了发言,Ryan 对目前核心团队的人员结构和工作内容进行了介绍,并指出核心团队支持比特股平台将出块、喂价、去中心化交易所的运营管理三部分工作独立开来。Ryan 同时指出大的投票代理能够对市场变动作出及时反应,由其来进行运营管理工作能使平台及时应对市场变化。对此,Digital Lucifer 在随后的发言中进行了补充。Digital Lucifer 在发言中首先对 BitShares 从建立之初至今的发展过程进行了简短的回顾,随后他提出投票代理负责 BitShares 系统的管理有其合理性,但可能存在一些潜在的问题。来自 UI 团队的 Stefan Schiessl 在发言中指出,除了治理方面的问题,BitShares 还应关注新功能的开发,Stefan 指出除了现有的去中心化交易所,BitShares 需要开发定期付款等功能以吸引更多的客户。

此外,来自 DEXBot 团队的 Cryptick 对其团队的当前资金状况、开发进度及后续开发计划进行了详细的介绍,解释了 DEXBot 相关套利机制的原理及其为提高 BitShares 流动性作出的贡献 —— BitCNY / BTS交易对中有 57% 的订单采用了他们的策略。会议听众针对 DEXBot 相关的技术问题、发展计划及其对 BitShares 生态系统的贡献进行了积极的提问。

来自中文社区的洋明和元宝巴巴也在工作提案汇报环节中进行了发言。来自移动团队的洋明对其团队开发的 BitShares Mobile 钱包的现状及未来发展方向进行了详细的介绍,指出其移动端目前已拥有 BitShares 六分之一左右的日活量,未来将在用户体验、移动钱包和运营等方向上发力。CN-VOTE 的代表元宝巴巴提出了 BitShares 金融机制设计的可能缺陷,表示了对锁定 BitCNY 和 BitUSD 的最低喂价的提案的支持,并认为使用期权的形式向 Worker 发放工资是一种更加合理的工资支付方式。

在市场营销环节中,来自区块北美的 Shirley Dai 就市场营销对于 BitShares 生态系统的重要性展开了讨论,她指出 BitShares 需要建立专业的营销团队来明确营销目标并制定公关计划,她同时指出目前的比特股月报是很好的营销方式。

在项目愿景环节中,来自核心团队的 Ryan R. Fox 和 Nathan Hourt 简述了他们对BitShares 未来发展的思考。Ryan 指出移动端开发是目前的首要工作,同时应该在跨链转账、资产安全与监管等方面发力。Nathan 认为 BitShares 作为一个去中心化金融平台,当前最主要的目标是吸引更多去中心化应用开发者使用 BitShares 平台并为他们提供轻松的开发环境,Nathan 就目前提案的金融合约基本框架进行了详细的介绍,指出该框架能够模拟现实中的合约执行。

本次峰会创新地在线上平台举行,为世界各地关注 BitShares 的投资者、开发者、使用者提供了方便的加入会议的方式。同时本次峰会配有中英文同声传译,极大的促进了中英文社区之间的交流,为全球化的多语言去中心化社区树立了沟通的范本。

本次峰会的中文录像已上传腾讯视频,英文录像已上传 YouTube,以方便大家随时对峰会精彩内容进行回顾。


Ryan R. Fox:
Digital Lucifer:
Stefan Schiessl:
Shirley Dai:
Ryan R. Fox and Nathan Hourt:

中文社区的 泫沄 希望寻找志愿者帮助翻译以下文本到英文:






































General Discussion / Re: BitShares Online Summit - 10 OCT 2019
« on: October 14, 2019, 04:16:48 pm »
Chinese Channel Recordings:

Worker Report session:

Ryan R. Fox:
Yuan Bao Ba Ba:
Digital Lucifer:
Stefan Schiessl:

Marketing session:
Shirley Dai:

Project Vision session:
Ryan R. Fox and Nathan Hourt:

English Channel Recordings:
(CC available)


中文(Chinese) / Re: BitShares 线上峰会 (2019年10月10日)
« on: October 14, 2019, 04:12:52 pm »
中文频道视频(包含中文演讲 & 英文演讲翻译)已上传腾讯视频:


Ryan R. Fox:
Digital Lucifer:
Stefan Schiessl:

Shirley Dai:

Ryan and Nathan:


General Discussion / Re: BitShares Online Summit - 10 OCT 2019
« on: October 13, 2019, 03:25:16 am »
Hi everyone!

Here is the recordings for the English channel of the BitShares Online Summit:

Chinese channel is still being uploaded. Will update as soon as done. Thanks!

General Discussion / Re: BitShares Online Summit - 10 OCT 2019
« on: October 07, 2019, 06:16:46 pm »
The Online Conference is in two days. Please remember to RSVP through this form: !

中文(Chinese) / BitShares 线上峰会 (2019年10月10日)
« on: September 25, 2019, 09:12:38 pm »


作为去中心化社区,建立共识是推动我们的BitShares项目向前发展的重要方式。 如果缺乏有效的沟通,我们社区内的建议将无法被听到,想法无法被分享,整个项目也无法得到提高。 此次峰会是所有社区成员参与有关BitShares未来发展讨论的机会。

BitShares线上峰会旨在使我们去中心化社区中的各种想法能够通过实时的在线对话被分享、讨论。 峰会将重点讨论与Worker,项目愿景和BitShares项目营销相关的话题。 形式将包括演讲和问答,并通过英汉实时翻译进行公开讨论,以增强实时交流。 欢迎所有社区成员参加有关BitShares项目可持续性发展的讨论。


在线峰会是社区成员,委员会成员,worker,见证人,投票代理以及任何为BitShares增长做出贡献的人分享想法的理想场所。 这也是一个对各种想法提出疑问并寻求答案的平台。 我们欢迎所有人参加会议。

会议为演讲者提供分享他们的想法的平台,并征询现场观众的反馈。 在4-7分钟的演讲之后,听众将有5-10分钟的时间向每个演讲者提问。

您可以在任何可以连接到互联网的地方参与会议。 为了在中文社区和英语社区之间实现良好的沟通,会议期间将提供同声传译。 这将有助于全球社区内的想法的交流。


峰会将在视频会议软件平台上举行。 注册的参加者将在注册后收到个性化URL和登录凭证。 峰会将于2019年10月10日中午/12:00 PM(UTC)开始。下面提供了各个时区的当地时间,以供参考。

亚洲/上海(中国标准时间/ UTC + 8):
8:00 PM - 12:00AM 2019年10月10日,星期四

欧洲/巴黎(中欧夏令时/ UTC + 2)
2:00 PM - 6:00 PM 2019年10月10日,星期四

北美/纽约(美国东部夏令时间/ UTC-4):
8:00 AM - 12:00 PM 2019年10月10日,星期四


下午12:00-下午1:30   Worker汇报

10 分钟休息

下午1:40-下午2:50   项目愿景
  • 更加便捷的访问BitShares
  • 去中心化金融应用
  • 贷款与抵押
  • 跨链转账

10 分钟休息

下午3:00 - 下午4:00 市场营销

BitShares核心团队负责维护和开发核心协议,并监督BitShares改进提案(BSIP)的流程。 核心团队与UI团队、移动团队和社区领导者保持密切联系,共同维护GitHub的BitShares Organization的运行。 核心团队积极参加各类相关的国际会议,黑客马拉松和活动并在其中发言。

「星火区块链」以开发者关系为核心,成为北美领先的区块链咨询及孵化公司。总部位于波士顿,辐射纽约、洛杉矶、旧金山及湾区,中国,以及东盟等。2018 年 3 月成立至今,依托咨询与孵化业务,迅速在北美的区块链行业圈内站稳头部位置,与中美顶级的项目以及投资基金建立良好合作关系。「星火区块链」目前的客户不仅包括前 100 名知名公链,还包括 DApp、量化团队、区块链服务提供商、媒体、区块链投资基金等,促进了中国与美国区块链圈的多层次和多维度的交流发展。

峰会会有中英实时同声传译,欢迎所有中国区社区成员参加!另外关于峰会的讨论,请移步 General Discussion 区:


Hello everyone,

Here's the latest status update for the Decentralized conference worker.

As most of you know, the Decentralized worker has been voted out for almost the last month. This, combined with the bear market has severely limited the worker's funding and if things remain that way, its effectiveness will be very limited minimising the value we can gain from the actual sponsorship payment (which has already been committed for the most part). Essentially we're co-presenting a conference and will possibly end up with little to no actual presence there. This will smear our public image once again.

So I would like BTS holders and proxies to reconsider their voting.

In order to recap, I will mention once again that this is no mere sponsorship but BitShares along with the University of Nicosia are presenting/offering this conference (the largest business-oriented blockchain conference in Europe and one of the biggest in the world) as co-organisers.

The sponsorship (apart from the actual conference) will provide us with a wealth of marketable information such as:

- 1-year's membership in the IFF (more details here: + )
- Ability to pay University of Nicosia courses tuition fees in BTS/bitUSD/bitEUR
- Dr. Philip Brown's presentation of academic research into bitAssets (which has been accepted for the Academic Track of the conference)

The BitShares and University of Nicosia powered conference will also be sponsored by the government of Canada, Whizgrid, Eurobank, OByte, Consensys, , and many many others.

Confirmed speakers include Dr. Adam Back (Blockstream CEO), Bill Barhydt (Abra CEO), Perianne Boring (Founder of Chamber of Digital Commerce), Ian Grigg (ex-R3 and EOS/, Dr. Garrick Hileman (Blockchain - Head of Research), Marta Piekarska (Head of Ecosystem - Hyperledger), Tone Vays + individuals from MakerDAO, Consensys, Grant Thornton, Eurobank, Corda/R3, IEEE,  Trezor, the European Commission, Parity, UNICEF, Accenture and many european universities and governments.

Expected attendance is >2000 and judging by last year, a large percentage of attendees are businesses looking to adopt and integrate blockchain technology as well as European public officials.

I will once again express my belief that this is an amazing opportunity for BitShares to regain some of the spotlight as an actively maintained and progressing platform ideal for business integrations and can be heavily marketed and promoted.

This is also the reason I believe we must have a strong business, technology and community presence there in order to gain the most value from the worker. Remember this is no ordinary sponsorship/attendance where a handful of people would be enough but to the public eye it is a conference CO-ORGANISED by BitShares and as such it needs representatives from the whole ecosystem.

Depending on funding, the tentative speakers representing BitShares and businesses building on BitShares are:

Ryan R. Fox (Core Team)
1000 cities/100 cities project (Guoan)

Please vote and ensure the sponsorship is a success and we can get the necessary people there to promote BitShares.

Thank you.


有人愿意帮他翻译这两份文档吗,他悬赏 7500 BTS。

I wish to request Chinese translation support for the following documents: (except the preface section, that's part of an old steem post)

2 BTS per word sound alright? So approx 7500 BTS in total for the above two documents?

Regarding the Norns whitepaper, it references deities from Norse mythology using Wikipedia references, it'd be great if relevant articles within online Chinese encyclopedias could be referenced in their place if possible?

I'm looking for price feed publishers for the Norns & hertz:;all


中文(Chinese) / Re: cn-vote积分公告
« on: September 05, 2019, 05:25:31 pm »
Find English translation here:





6.公会谋求申请worker,worker 工资将用cnvote发放,worker收入全部用来回购cnvote。
鼓鼓钱包-进入钱包页面-投票-代理-输入cn-vote 确定就可以!
BTS++钱包 - 服务界面-设置代理-输入cn-vote 确定就可以!

This thread is causing confusion, this would be great to have translated. Or maybe even the cn-vote team could do an english announcement?

I just saw that bitcrab asked for clarification what they intend to do with CNVOTE,  so not sure if translation will help atm?

Original Text in Chinese: / 中文原文:





6.公会谋求申请worker,worker 工资将用cnvote发放,worker收入全部用来回购cnvote。
鼓鼓钱包-进入钱包页面-投票-代理-输入cn-vote 确定就可以!
BTS++钱包 - 服务界面-设置代理-输入cn-vote 确定就可以!

English Translation: / 英文翻译:

Introduction to CNVOTE: The global universal points issued by BitShares Chinese Community Union (cn-vote), issued and managed on the BitShares blockchain. It is the only point system by cn-vote and the benefit for union members provided by the union.

CNVOTE has never raised any fund.

Starting September 1st, it will be airdropped to anybody who proxies their BTS votes to the union for free every month. The total supply of CNVOTE is 1.2 Billion. 100 Million CNVOTE will be airdropped the first month and 10% of it will be used as compensation for operation work of the union. The monthly airdrop supply will be halved every 6 months.

Policy for airdrop: Random snapshots are performed 4 times per month. The airdrop amount will be calculated based on the average votes proxied for these 4 snapshots this month. Long-time supporters of the union are appreciated so an initial airdrop will be performed on September 1st for all old and new supporters at that moment. After that, airdrop will happen every month based on the snapshots.

The union will utilize its voting power, to seek benefits for CNVOTE, while maintaining the stability of the BitShares system. Owners of CNVOTE will enjoy various benefits of the union in the future. In the future, all income of the union will be used to buy back CNVOTE from the market.

Potential income sources for the union to consider:
1. Eventually seeking for providing escrow service for workers
2. Referral income as the union
3. The union will seek for donations (dividends) from the witnesses supported by the union, if the quality of the witness is satisfactory. The current union-supported witness ioex, agrees to donate 30% of witness income to the union once voted in. The number of union-supported witnesses will still increase.
4. The union will seek to operate a union gateway.
5. Income from Baichen Chain (100 Cities).
6. The union will seek to propose workers. The workers will be paid CNVOTE for salary, while the worker funds will be used to buy back CNVOTE.
More income sources are to be determined based on how the union develops in the future. The possibility of CNVOTE to be listed on major exchanges are not excluded.
The voting proxy account for the cn-vote community union: cn-vote
Now as long as you proxy your votes to this account in the BitShares DEX, we will become our own masters. This account is co-managed by the "multi-sig team" of community members. If any one has any comments and advices, they could be discussed within the community, and later proposed as proposals and decided by votes.
How to proxy:
MagicWallet: Enter Wallet Page > Vote > Proxy > Enter "cn-vote" and confirm
BTS++ Wallet: Enter Service Page > Set Proxy > Enter "cn-vote" and confirm

To @sschiessl: I tried my best. But I'm not 100% percent sure about the exact meaning of some statements here. Maybe @cn-vote could clarify if needed.

To @cn-vote team: Please let me know if there is anything I misunderstood.
如果英文翻译有不准确的地方,请 cn-vote 成员指正。谢谢!

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