Author Topic: BitShares X Status Update  (Read 198308 times)

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Offline dv

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Great work ! +5%

but I don`t  understand why a new snapshot is needed. the snapshot of 2.28 is enough for test, 

As you can see there are many aspects of this that requires both development and extensive testing and none of these should be rushed.  We will likely introduce BitShares ME  (new snapshot taken from AGS/PTS) as an incremental step toward testing the Bid/Ask system with custom assets prior to implementing the more sensitive short/long system in BTS XT. 

No, no!  Every new BitShares DAC gets born with a snapshot from somewhere!  BitShares ME is a new franchise, so it gets spawned from the main grandparents PTS/AGS.  It will be a "sibling" franchise to BitShares X on the BitShares family tree.  Only Bank and Exchange DACs are spawned with snapshots from the BitShares X proto-family born on Feb 28th.

Franchises allow people to focus their investments into specific sub-sectors of the BitShares industry.  PTS/AGS are for general investment in all future franchises.

Many DAC instances can then be derived by third party developers from any family franchise.
I thought BitSharesX(T) have bid/ask features already.. Did I misunderstand something? What's the difference between ME and X, or say, what's "custom assets"?  Sorry I'm not able to check the video.

Offline sfinder

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hi dan,  just wondering if you have any estimated date in mind for releasing BTSXT?  form your latest update, I have a feeling that you are going to move bitshare me ahead of BTSXT. correct me if i am wrong ...


Assuming this test is successful, we will use this chain as the snapshot chain for future revisions of BitShares XT that add BitAsset support.   Recent discussions in the BTS X attack thread have necessitated some significant thought and changes including among them:

   a) Closer evaluation of the Initial Margin requirements.  (10x is too much, 2x may be too little)
   b) Closer evaluation of the Maintenance Margin requirements.  (If it is too high, it increases risks for shorts, too low we risk running out of collateral on short squeezes)
   c) More robust algorithm for measuring market depth with a focus on positions near the price point.  Initial implementation simply looked at total shares involved without consideration of their price relative to other bids.   The exact details on this need to be resolved.
   d) Consider implementation of circuit breakers that halt trading if the price changes too quickly.  This will help mitigate many attacks and effects caused by short squeezes. 
微博:星在飘我在找|BTS X 受托人delegate ID:baidu
中国教育书店合作将20%收入捐献给贫困山区学生。
Cooperating with China Education Bookstore and will donate 20% of delegate income to the poor students

38PTSWarrior

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You can move to 06:20 in this video to see details about Bitshares Me:
http://vimeo.com/user24356268/review/87448377/66716b27fa

lzr1900

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what's Bitshares ME, are there any detail content?
+5% Can we have some more details of Bitshares Me?

Offline cgafeng

what's Bitshares ME, are there any detail content?
BTC:1EYwcZ9cYVj6C9LMLafdcjK9wicVMDV376

Offline ripplexiaoshan

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Cool~  I like the idea of Bitshares ME and look forward to its release. We DO need something to play with in such a quiet market :P
BTS committee member:jademont

Offline Stan

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Great work ! +5%

but I don`t  understand why a new snapshot is needed. the snapshot of 2.28 is enough for test, 

As you can see there are many aspects of this that requires both development and extensive testing and none of these should be rushed.  We will likely introduce BitShares ME  (new snapshot taken from AGS/PTS) as an incremental step toward testing the Bid/Ask system with custom assets prior to implementing the more sensitive short/long system in BTS XT. 

No, no!  Every new BitShares DAC gets born with a snapshot from somewhere!  BitShares ME is a new franchise, so it gets spawned from the main grandparents PTS/AGS.  It will be a "sibling" franchise to BitShares X on the BitShares family tree.  Only Bank and Exchange DACs are spawned with snapshots from the BitShares X proto-family born on Feb 28th.

Franchises allow people to focus their investments into specific sub-sectors of the BitShares industry.  PTS/AGS are for general investment in all future franchises.

Many DAC instances can then be derived by third party developers from any family franchise.

« Last Edit: March 15, 2014, 03:34:18 pm by Stan »
Anything said on these forums does not constitute an intent to create a legal obligation or contract of any kind.   These are merely my opinions which I reserve the right to change at any time.

Offline BTSdac

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Great work ! +5%

but I don`t  understand why a new snapshot is needed. the snapshot of 2.28 is enough for test, 

As you can see there are many aspects of this that requires both development and extensive testing and none of these should be rushed.  We will likely introduce BitShares ME  (new snapshot taken from AGS/PTS) as an incremental step toward testing the Bid/Ask system with custom assets prior to implementing the more sensitive short/long system in BTS XT. 
github.com :pureland
BTS2.0 API :ws://139.196.37.179:8091
BTS2.0 API 数据源ws://139.196.37.179:8091

Offline G1ng3rBr34dM4n

Great update and great work!!

Offline testz


Offline bytemaster

In tonights update I would like to share some of our latest developments and roll out plans:

I have been putting together an extensive test plan and while preparing for the launch of BitShares XT have concluded that testing everything at once would be like the Wright Brothers attempting to fly an experimental airplane across the Pacific Ocean carrying 2000 passengers while under attack by severe weather.



We have many moving parts that need to be tested and for the sake of everyone involved we are preparing for a phased launch schedule that will add new features as we go.   The primary goal is to get the BTS XT shareholders liquid as soon as possible with a block chain that has a near 0 probability of reset.   The risk of a reset will significantly harm the market value of BitShares XT. 

To achieve this goal we will focus the first test on our networking code and TaPOS without the BitAssets being available.  The wallet will implement an API as close to Bitcoin's JSON-RPC API as possible and therefore should be relatively easy for exchanges to integrate with.   

Assuming this test is successful, we will use this chain as the snapshot chain for future revisions of BitShares XT that add BitAsset support.   Recent discussions in the BTS X attack thread have necessitated some significant thought and changes including among them:

   a) Closer evaluation of the Initial Margin requirements.  (10x is too much, 2x may be too little)
   b) Closer evaluation of the Maintenance Margin requirements.  (If it is too high, it increases risks for shorts, too low we risk running out of collateral on short squeezes)
   c) More robust algorithm for measuring market depth with a focus on positions near the price point.  Initial implementation simply looked at total shares involved without consideration of their price relative to other bids.   The exact details on this need to be resolved.
   d) Consider implementation of circuit breakers that halt trading if the price changes too quickly.  This will help mitigate many attacks and effects caused by short squeezes. 

As you can see there are many aspects of this that requires both development and extensive testing and none of these should be rushed.  We will likely introduce BitShares ME  (new snapshot taken from AGS/PTS) as an incremental step toward testing the Bid/Ask system with custom assets prior to implementing the more sensitive short/long system in BTS XT. 

This incremental approach will get tradable value into your hands as quickly as possible while also paving the way for many new DACs to be developed along the way. 

As you all know we want to get this out there as quickly as possible.  To achieve this goal I have almost completely delegated all non-development tasks to Gregory, Stan, Bo, and Brian who will be taking over business partnerships, marketing, Beyond Bitcoin, etc.   They have some exciting things coming for everyone that I am pleased will not take me away from being focused on delivery. 

This week I worked with Toast in person to teach him how to extend the BitShares Toolkit to implement BitShares DNS.   In three days we managed to get through a basic unit test that started the first auction.   Toast will be working on BitShares DNS full time and helping prove that our BitShares Toolkit is properly extendable.   We have a video coming out on this shortly.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline jwiz168

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Its too late for bitshares . Try other incoming DACs by I3.  ;D

Offline atolkien

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I want to ask if there are any meanings to get AGS by donating PTS before the BTS x carry out  for public ,OR what's even worse ,the bts cant carry out,are there  more risks to donate during this time? :-\ :-\

Offline jae208

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Any updates?thanks.

I have spent the past couple of days refactoring the code and preparing a much more robust testing environment for unit tests.
Will it be ready for the Ides of March?

I am working here side by side with toast in a coding marathon.  We are making good progress, but we will not hit our goal  :'( :'(.   We will have a much more detailed status update / report in the next few days. 

Thank you for all your hard work. The quality is more important than the timing. 

"I've always believed that if you put in the work, the results will come." --Michael Jordan

I am thankful as well for their hard work. I would say that both quality and timing are very important and neither more important than the other. Delivering on time with a quality product will only increase confidence and drive greater investment. It will also reduce the expenditure of valuable AGS funds.
http://bitsharestutorials.com A work in progress
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Offline jwiz168

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Better have a perfectly working system instead off rushing some arbitrary release date ..

I dont see mastercoin as competitor
+5%
[/quote]

Mastercoin is one dimensional exchange. So Bitshare X is much more multifaceted cryto-equity. So Polishing UI for bitshares is a priority not as who will be the first to release. It should as user-friendly.