Author Topic: proposal to create bitXCD  (Read 24775 times)

0 Members and 1 Guest are viewing this topic.

Offline yvv

  • Hero Member
  • *****
  • Posts: 1186
    • View Profile
A necessity to define collateral asset during creation of smart coin is a very pity weakness of bitshares. Hopefully, bitshares-3.0 (or EOS) will be more flexible with the choice of collateral asset.

Offline yvv

  • Hero Member
  • *****
  • Posts: 1186
    • View Profile
Quote
MSSR:100.5% #even when margin call happen, shorters will lose little.

WOW! 200x leverage! This is cool. But what if the peg of XCD to USD will be relaxed in the future (like it was in the past)?

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
abit created ABITS.CNY and we tested it in mainnet, seems everything is fine.

I updated the parameter suggestion as well:

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   525600 min(1 year) #to make a 'static' price
Minimum feeds   7
Force settlement delay   1 min   #to enable instantly USD/XCD conversion, should be as short as possible
Force settlement offset   0.1%   #with the fixed rate shorters have little risk, so the 'service fee' should be low.
Max force settle vol   5%            # need to be larger than other BTS backed smartcoins
Short backing asset   USD

and, witnesses need to feed as below:

1XCD = 0.37037 USD
MCR:100.1%  #should be higher than but close to 100%
MSSR:100.1% #even when margin call happen, shorters will lose little.

anyone have concern on this are welcome to test at ABITS.CNY and feedback.
Email:bitcrab@qq.com

Offline fav

  • Hero Member
  • *****
  • Posts: 4278
  • No Pain, No Gain
    • View Profile
    • Follow Me!
  • BitShares: fav
due to the too short time setting the last proposal is not approved, in this period some suggestive ideas emerged and it seems we need to consider more on the back asset selection.

below is the XCD/USD rate chart in last ten years, we can see that from 2011 the rate is fixed to 0.37037 USD/XCD with some minor fluctuation.



the design logic/purpose of XCD(not bitXCD) is to peg USD, if we create bitXCD which has a fixed rate to bitUSD, it would be great, right?

I tried to set a newly parameter as below after went through all the ideas about it.

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   1year #to make a 'static' price
Minimum feeds   7
Force settlement delay   10 min #to enable instantly USD/XCD conversion, should be as short as possible
Force settlement offset   0.3%   #with the fixed rate shorters have little risk, so the 'service fee' should be low.
Max force settle vol   5%          # need to be larger than other BTS backed smartcoins
Short backing asset   USD

and, witnesses need to feed as below:

1XCD = 0.37037 USD
MCR:100.1%  #should be higher than but close to 100%
MSSR:100.5% #even when margin call happen, shorters will lose little.

any ideas on this?
and, this solution is not tested yet, is it possible to do the test in several days to ensure it is bug free?

why do you need a MPA then? if the price is fixed, just make a UIA and add a sell order at this price

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
there is an smartcoin KITTY.CNY which is backed by CNY in mainnet, it can be fed price in CNY and can be borrowed, but the force settling feature is disabled so not able to test.
Email:bitcrab@qq.com

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Quote
MAXIMUM SUPPLY 100,000,000,000

I know that it's set to the same value for other smartcoins but is there any technical or practical reason to limit it to 100 billion? Can it be changed later?

AFAIK, no, this is relevant to precision and can not be changed, if at first set precision = 2, then the max supply can be 10000 billion
Email:bitcrab@qq.com

Offline paliboy

Quote
MAXIMUM SUPPLY 100,000,000,000

I know that it's set to the same value for other smartcoins but is there any technical or practical reason to limit it to 100 billion? Can it be changed later?

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
due to the too short time setting the last proposal is not approved, in this period some suggestive ideas emerged and it seems we need to consider more on the back asset selection.

below is the XCD/USD rate chart in last ten years, we can see that from 2011 the rate is fixed to 0.37037 USD/XCD with some minor fluctuation.



the design logic/purpose of XCD(not bitXCD) is to peg USD, if we create bitXCD which has a fixed rate to bitUSD, it would be great, right?

I tried to set a newly parameter as below after went through all the ideas about it.

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   1year #to make a 'static' price
Minimum feeds   7
Force settlement delay   10 min #to enable instantly USD/XCD conversion, should be as short as possible
Force settlement offset   0.3%   #with the fixed rate shorters have little risk, so the 'service fee' should be low.
Max force settle vol   5%          # need to be larger than other BTS backed smartcoins
Short backing asset   USD

and, witnesses need to feed as below:

1XCD = 0.37037 USD
MCR:100.1%  #should be higher than but close to 100%
MSSR:100.5% #even when margin call happen, shorters will lose little.

any ideas on this?
and, this solution is not tested yet, is it possible to do the test in several days to ensure it is bug free?

Email:bitcrab@qq.com

Offline mike623317

  • Hero Member
  • *****
  • Posts: 637
    • View Profile
How exactly do we see this being used, is it aimed towards large business transactions rather than small personal use?

I love this real world business use. Thank you bitcrab for pulling that together.

mike

Offline fav

  • Hero Member
  • *****
  • Posts: 4278
  • No Pain, No Gain
    • View Profile
    • Follow Me!
  • BitShares: fav
@bitcrab talked with xeroc, the proposal is already in review and locked, it's impossible to approve it now.

please add more time to a new one

Offline fav

  • Hero Member
  • *****
  • Posts: 4278
  • No Pain, No Gain
    • View Profile
    • Follow Me!
  • BitShares: fav
proposal created and is waiting for approval:
https://cryptofresh.com/p/1.10.6006

witnesses please prepare the price feeding for bitXCD, with the assumption that 1USD=2.7XCD.

trying to approve, gives out an error on my client

Offline Ravid

  • Full Member
  • ***
  • Posts: 84
    • View Profile
I think this might be the single biggest contribution to the platform since the invention of the platform itself. Thank you so much

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab

This is just awesome! Real world use - finally we are breaking through!
I'm just curious how in the world do you meet such people so casually?

I met Mr.Zheng in one meetup, we discussed the possibility to issue a currency for CFTZ, at first he tend to adopt the USDT way and issue the currency as a ERC20 asset with bank balance, after we discussed a lot finally we switch to the Bitshares smartcoin solution.
Email:bitcrab@qq.com

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
proposal created and is waiting for approval:
https://cryptofresh.com/p/1.10.6006

witnesses please prepare the price feeding for bitXCD, with the assumption that 1USD=2.7XCD.
Email:bitcrab@qq.com

Offline Ravid

  • Full Member
  • ***
  • Posts: 84
    • View Profile
plan to create bitXCD with below setting, as same as bitUSD:

MAXIMUM SUPPLY 100,000,000,000
Precision 4
Feed lifetime   24h
Minimum feeds   7
Force settlement delay   24h
Force settlement offset   1%
Max force settle vol   0.5%
Short backing asset   BTS

This is just awesome! Real world use - finally we are breaking through!
I'm just curious how in the world do you meet such people so casually?