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.
google translate
BitShares x provide a stable price of bitusd and bitcny , but users need to pledge 2-10 times of the BTS to
speculation, which for users is no Attractive , lost speculative leverage , as well as we create bitusd, bitcny,
who need these bitusd, bitcny it?
Demand quantity of bitusd and bitcny , equivalent to the value of BitShares x , we need to create bitusd, bitcny
needs in the world.
We should design a subsystem in BitShares x.
BitShares x provide a stable price of bitusd and bitcny, subsystems push users to use them. bitusd and bitcny
needs mainly of two parts , one is shopping , the other one is speculative , and in a very long time, speculative
demand is Most of the needs.
In summary, there are some suggestions for BitShares x subsystem .
firstly. Design a subsystem , to provide users with speculative leverage , user-friendly speculation.
For example : User A converted 1000 dollars into 1000 bitusds, 1000 bitusds in BitShares x, A can buy a variety of
digital assets such as BTC, LTC, and so on . While A can publish a loaning information , B has 1000 dollars , see
a loaning information, choose to A loans, the system transaction , B has 2000 bitusds to invest.
If the asset of B is approximately equal to (1000 + X) * 1.2, the subsytem will send a notice message to B, when B
's assets is approximately equals to 1000 + X, system will be send B'assets and send 1000 + X bitusds to A.
Thus , the bitusd users will have three chooses .
1.A borrower to others. 2.1000 bitusds to invest.
3.3000 bitusds to invest .
bitusd can gain will make a steady stream of dollars converted into bitusd, thereby creating a more bitusd.
secondly. subsystem painting trend analysis page , user-friendly analysis .
finally. bitusd digital money should be designed with features,such as, a payment confirmation fast , Security ,
and less data exchange and so on, to facilitate for the future needs of the consumer.
Topic: BitShares X Status Update (Read 264038 times)
