Author Topic: Proposal Voting for User Issued Assets  (Read 2317 times)

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Offline clayop

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Re: Proposal Voting for User Issued Assets
« Reply #15 on: December 05, 2014, 09:05:18 pm »
Is a kind of "letters to shareholders" combined with mail system possible?
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Offline Ander

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Re: Proposal Voting for User Issued Assets
« Reply #16 on: December 05, 2014, 09:19:59 pm »
Is a kind of "letters to shareholders" combined with mail system possible?

So...mail info to shareholders, have them vote on proposal, and have the proposal be enforced by smart contracts...all on the bitshares blockchain.

Wow.
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Offline matt608

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Re: Proposal Voting for User Issued Assets
« Reply #17 on: December 05, 2014, 09:49:15 pm »
Idea to take BTS to the stars by creating direct a democracy on top of BTS with 1 'government delegate'

1.  Vote in 100% pay delegate who creates a UIA and uses the VOTE features not yet implemented to allow 1 person 1 vote.  Each token of the UIA is a voting token with the power to vote on what the delegate's pay is spent on.  This could be locked in via smart contract or if there's no contracts then a pledge (btw how can people be prevented from making contracts within BitShares?)

2.  Create physical passport-like document with a QR code that contains the voting token.

3.  Post the passports in physical mail to 5000 people.  Target geographically so their money can be spent on something useful to them, e.g. target one big city.  They recieve a passport in the mail welcoming them to a new digital government where they can vote and make proposals to decide where the money is spent themselves.  A new government is born. 

Citizens' of that government are guaranteed the budget of their delegate, providing their delegate is not voted out by stakehodlers, who would choose not to due to financial incentive (in theory).  Citizens of that government get whatever benefits they have voted for themselves to have.

But doesn't this suck money out of BTS?

In theory, no, it brings money in, because all these new voters are now BTS users and can be contacted and informed that they can increase the budget of their government by using bitUSD.  Then they start using bitUSD to increase their personal power by making the government they are a part of more powerful.  They are basically taxed by using bitUSD which comes with extra risk over USD. 

BTS should then increases due to new group of users buying bitUSD to increase their government budget and people are empowered with real voting power at the same time.

Massive press storm about a new 'startup government' with a real budget.

Costs per passport could be cut by doing it digitally to reach more people but it may or may not be more effective as people would have to then vote for benefits that are only transferable online rather than local real world benefits.  Or a press release could go out calling for people to sign up to a new government rather than sending out any passport, there are different ways to do it.  Or passports could just be sent to targeted individuals such as journalists on hpenvy's list after contacting them about the idea in advance.

Downside is it does cost a delegate spot who, if ever voted out, could create backlash.  But word about this digital paradise could spread and create a worldwide phenomenon.  The UIA should have enough voting tokens created to give each person 1.  All this huge potential gain for just 1 delegate spot sounds like a good deal.  A government delegate.  If done digitally rather than with physical passports it would be the first world government.  That's the kind of thing that gets mainstream press attention the world over.  It would make marketing so easy.  Everyone would be interested to learn about it.

This is at least an explosively powerful marketing strategy, among other things.  Thoughts on this idea?
« Last Edit: December 06, 2014, 09:35:47 am by matt608 »

Offline arhag

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Re: Proposal Voting for User Issued Assets
« Reply #18 on: December 05, 2014, 09:49:28 pm »
By the way, you probably already knew this, but this UIA voting system means a lot of the code for hard fork voting is done. The code just needs to support the ability to create a new UIA based on a snapshot of the BTS stake at a particular block. Then BTS holders can use their same keys to vote on proposals with their UIA stake and they can even sell it on the decentralized exchange for assets that will hold their value after the voting process such as BTS, BitUSD, etc.

So, the delegates could be allowed to create a new (temporary) UIA based on a chosen snapshot. Then they can create a single proposal on whether the hard fork changes should apply. People vote and trade with their UIA and eventually the (75%) consensus either settles to yes or no. At that point when the stakeholders approve of the hard fork, the delegates are allowed to (and in fact have to) activate the new features and the UIA is killed (since it is worthless at that point anyway).

Offline mike623317

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Re: Proposal Voting for User Issued Assets
« Reply #19 on: December 06, 2014, 03:03:51 am »
... allow every UIA creator to generate proposals that can be voted on by the UIA holders.    This process leverages the same infrastructure as BTS uses to vote for delegates.   Every balance of a UIA can vote for up to 110 proposals by specifying a "slate" in the same way they specify a delegate slate.    Instead of voting for delegate it will now vote for proposals.

Voting for asset proposal to replace corporate shares seems like a great leap forward to me. I love this new feature.
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Offline jae208

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Re: Proposal Voting for User Issued Assets
« Reply #20 on: December 06, 2014, 03:41:03 am »
are we able to re adjust the supply of user issued assets if none have been issued? or is that still something that is broken?
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Offline bytemaster

Re: Proposal Voting for User Issued Assets
« Reply #21 on: December 06, 2014, 04:23:57 am »

are we able to re adjust the supply of user issued assets if none have been issued? or is that still something that is broken?

You can update every field if supply is 0
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Offline jae208

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Re: Proposal Voting for User Issued Assets
« Reply #22 on: December 06, 2014, 04:34:56 am »

are we able to re adjust the supply of user issued assets if none have been issued? or is that still something that is broken?

You can update every field if supply is 0

 +5%

thanks!
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Offline matt608

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Re: Proposal Voting for User Issued Assets
« Reply #23 on: December 06, 2014, 09:36:17 am »
No thoughts on my 'government delegate' idea?

Offline nomoreheroes7

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Re: Proposal Voting for User Issued Assets
« Reply #24 on: December 06, 2014, 11:43:13 am »
No thoughts on my 'government delegate' idea?

Maybe try it in its own thread...I think the idea sounds crazy awesome, but I'm not sure if BitShares/society is ready yet...lol

Offline underwun

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Re: Proposal Voting for User Issued Assets
« Reply #25 on: December 19, 2014, 07:25:19 am »
In my quest to finish off the Version 1.0 protocol for BitShares I have spent a lot of time working on the feature set of User Issued Assets (UIA).  In particular I wanted them to be sufficiently flexible to be used by real companies to issue their shares.   When I was talking with Overstock one of their primary considerations was the ability for shareholders to vote with their stake.

Yesterday I added the necessary features to allow every UIA creator to generate proposals that can be voted on by the UIA holders.    This process leverages the same infrastructure as BTS uses to vote for delegates.   Every balance of a UIA can vote for up to 110 proposals by specifying a "slate" in the same way they specify a delegate slate.    Instead of voting for delegate it will now vote for proposals.

There is still a lot of work to be done to make this functionality available to the end users, but that kind of work can be done after protocol version 1.0 is finalized.  Specifically the format and representation of a proposal is merely an ID and its meaning is defined by an unspecified convention in the object graph.   

Other updates to UIA: 
   Issuers can freeze all markets in UIA (unless they revoke that permission)
   Issuers can freeze all balances of UIA (unless they revoke that permission)
   Issuers can cancel bids to buy the UIA returning the BitUSD/BTS to the bidder.

Some thoughts:

A ratio parameter be considered, meaning that BTS can be attributed to a shareholding as defined in the UIA, e.g.. 10 BTS for every 1 UIA

Consider an enforced link between the holding in BTS to the commensurate shareholding as defined in the UIA.

Along with the above it would be necessary to have a First Right of Refusal feature where the UIA would have to notify other UIA holders of the intent to sell supported by a time period parameter. The result being that if sold before the First Right of Refusal had expired then the UIA would be distributed pro-rata to existing shareholders.

The objective here being that, as new shareholders come onboard and BTS are allocated to the shareholder they would be locked in to the shareholding and if the shareholder were to sell their BTS they would in effect be selling their UIS. This would protect all shareholders from the selfish actions of an individual shareholder.

In addition to the above it might be desirable to attach new issuance conditions to include pro-rata allocation to existing UIS of the new issuance to protect, under certain conditions, the dilution of the shareholder's relative position in BTS.

Ultimately the suggestions above are designed to ensure relative relevance of the UIA and its association to the core asset.
« Last Edit: December 19, 2014, 08:24:13 am by underwun »
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