I've been silent about it during these last months but I have been working hard in the shadow.
Everything is finally done !
We have the website ready to be officialised and the last piece of the puzzle previously missing, we have the price feed python script ready to be used by the witnesses.
We will provide all the information about the way the index is made, how we build its composition, how often and how the revision is made, ...
We will also provide the source code in the website after seeing that everything is working properly.
We just need one more thing to have this new smartcoin running on the BitShares platform in a decentralised and trustless way ... some witnesses !If in the future, there are hundreds of people running smartcoins in BitShares and asking the witnesses to publish their feed, we will have a problem.
So we though, witnesses should be rewarded if they provide a service.
That's why we decided to allocate a % of our future revenue of our market to the witness.
We need at least 3 witnesses producing the price feed to launch the smartcoin and be able to say that it's decentralised. As our market will grow, we will increase this number to add more security, decentralisation and robustness to our system.
We will start giving away 3% of the market revenue to the first 3 witnesses producing our price feed.
It won't be much at the beginning but this market has a tremendous potential.
When we will increase the number of witnesses, we may simply divide this 3% between them or add some more % to the reward pool. This has still to be decided.
Why would a witness want to produce the feed ?Bittwenty has been created to be a stable and strong index. It's not gonna be the best index out there but it's made to last and to be a reference. I intend to promote it in the cryptocurrency communities but also out there into the wild world of finance. I see Bittwenty as a tool allowing people who want to invest in cryptocurrencies but don't have the time to read every single project. I also see people using it as a way to keep money but with lower volatility than a single cryptocurrency.
It has the potential to grow and produce hight income through the market fees.
They could benefit from these fees and have a bonus next to their witness pay.
Why would a witness want to be one the first ones to produce the feed ?The first witnesses to produce the price feed will have a guaranteed place in the witness team producing this price feed.
(this is obviously true only if the witness keep producing the price feed)
Later on, I may produce an UIA to symbolise these % of the market revenue and distribute them but at the moment I'll simply ask to trust the Bittwenty team.
Anyway, the market still has to be launched and to grow, the rewards will be tiny at the beginning.
We will simply give the reward promise to the first 3 witness able to produce de price feed.
It should be very easy as everything is already done and coded.
I'll send the python script to any witness wanting to give it a try. It should run smoothly with only a couple of evident changes in the script.
I'll provide explanations through mail or skype if needed.
If interested, please contact me at bittwenty @ gmail.com
Topic: Bittwenty (index fund) is almost alive ! Witness opportunity ! (Read 12393 times)
