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Yes I could launch it now, publishing the feed myself ( have the script working) but I won't. I don't want to risk a laps of 24h or more without feed during the transition between me and the witness. I still have to see if it works with them.The real question is: why the hell do you need those witnesses? Why can't you just feed your own index to your own coin?Yes I can and I did during the testing phase.
Would would happen if I successfully grow this new market and people start realizing that I can, any tine I want, play with the value of my index and dishonestly make money on my owm market
I didn't wanted to create a fun smartcoin to play with or a toy for this community. I wanted an reliable, robust and trustless cryptocurrency index fund.
We found a way do it. The composition of the index is publish in the BitShares blockchain and the witness will read this composition so he can built the price. That way, we can monthly send the new composition in the blockchain but any attempt to game our own index would be publicly seen.
There is a couple more parameters publish in the blockchain. The details wil be avaioable in the website after launch.
Trust and centralisation problems solved and you can talk seriously with people with deep pockets.
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Oh, I see. You are going to help witnesses to calculate your index on their own, right? This is indeed a good, clean approach. In fact, you could launch your coin now and start publishing feed price by yourself, and add witnesses later when volunteers are available. Your choice though.
This coin makes more sense than any of crap coins created on bitshares during last year. You have to advertise it well to crypto community.
I don't see reasons why it wouldn't but anything can surprise you in the informatic world.
The index has a composition with different weight for each coins. This composition is sent in the blockchain as a memo attach to a transaction.
The witness script read this memo, get the composition of the index, get the price of each coins on several web site API, check the output and publish it.
The part where the script check the output is to avoid blackswan events caused by a bug in a API. If the index price move to fast in a direction (more than x %) the script slow down the movment and send us a mail so we can check if everything is right. If the movment is too strong the script suspend itself until a une Tx with memo is sent to allow it to continue.
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@Chris4210, would you elaborate on how many people are working on this, what their past (relevant) experience is, and a rough estimate of when the work might be done?
Personally I think this is one of the big missing features with bitshares, and I am really excited to see it moving forward once again !!
