Author Topic: Some key points of the BTS ecosystem in recent future  (Read 274 times)

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Offline bitcrab

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Some key points of the BTS ecosystem in recent future
« on: March 13, 2019, 09:55:52 am »
In the coming months, some important things will happen and give apparent impact on BTS ecosystem.

1. the hard fork in the second half of April.

As I know, some interesting features like market fee sharing(BSIP43) will become active after the hard fork, what I care most  is that MCR will be changeable after the update.

Several months ago when the community discussed BSIP42, the possibility to adjust MCR dynamically has also been discussed,now when I review the discussed proposal, I think maybe it is not good to let witnesses adjust MCR frequently, it should be sufficient to follow BSIP59 to reach a consensus on a MCR value, and request witnesses to feed that value.

In community discussion, seems 1.6 is an appropriate value for bitCNY, I plan to issue a poll voting according BSIP59 for that.

2. reviving of bitUSD

if MCR of bitCNY change to 1.6, we can expect that the bitCNY supply will increase at least 10% in short term without other factors, and this will also bring an apparent rise up of BTS price.

current BTS price in USD is 0.0497, close to 0.0511, the global settlement price, we can expect that the MCR change of bitCNY will help the BTS price to go above 0.0511 USD, which will make the reviving of bitUSD much easier then current status.

3.to build a more competitive DEX

To make Bitshares DEX more competitive, we need to provide advanced permission feature to institutional users, in a typical scenario, institution A need institution B to provide some trading service, they need such an account: A fully control this account however B is only authorized to trade in some specified trading pairs within this account. now GDEX is cooperate with some market maker, we have a strong feel that we need this kind of account structure.

Fortunately I found BSIP40 can provide such feature and is already approved several months ago and in development, unfortunately as I know BSIP40 can go live at earliest as after the hard fork in Oct, anyway, I hope the core team can give high priority to this feature in the task list, I believe not only GDEX, but also many other institutions in BTS ecosystem are in great demand on this feature.

One other big thing is the market fee of bitCNY and bitUSD, now the market fee of all the smartcoins are 0.1%, this is not friendly enough to many big users.

Taking GDEX as example, we now invite maker makers to trade in DEX, when they make market in pairs like GDEX.EOS/GDEX.BTC, we will return the market fee back to them to save the market making cost, however, if we request them to make market in pairs like GDEX.BTC/bitCNY, we cannot return the bitCNY market fee as it is charged by committee-account, so we need to make the market fee of bitCNY low enough to make market making feasible, comparing to the fee level in CEX, I'd like to propose to reduce the market fee of bitCNY and bitUSD to 0.04% or lower.





 

Offline xeroc

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Re: Some key points of the BTS ecosystem in recent future
« Reply #1 on: March 13, 2019, 01:05:22 pm »
+5% for laying out your plan!

On 1), I would actually expect the witnesses to become more pro-active and implement their own algoritms (presented to the voters) instead of the voters telling them a fixed number for MCR. This should bring up competition and I am willing to use my voting power to support those proactive witnesses!

On 3), BSIP40 is a tough beast as it requires thorough review - discussions are ongoing about how to best proceed.
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Offline bitcrab

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Re: Some key points of the BTS ecosystem in recent future
« Reply #2 on: March 13, 2019, 01:53:19 pm »
On 1), I would actually expect the witnesses to become more pro-active and implement their own algoritms (presented to the voters) instead of the voters telling them a fixed number for MCR. This should bring up competition and I am willing to use my voting power to support those proactive witnesses!

but it seems witnesses are more professional in coding/server maintenance than in financial analysis, and MCR is not like price, it's a key financial parameter, I don't think traders like a MCR that changes frequently, which will bring much trouble to their decision making.

Offline xeroc

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Re: Some key points of the BTS ecosystem in recent future
« Reply #3 on: March 13, 2019, 02:45:53 pm »
but it seems witnesses are more professional in coding/server maintenance than in financial analysis, and MCR is not like price, it's a key financial parameter, I don't think traders like a MCR that changes frequently, which will bring much trouble to their decision making.
Neither am I but I am supposed to vote on it.

What I am trying to say is that, after plenty of discussion already, I would expect the witnesses (which are paid in contrast to proxies and committee members) to take an advantage and catch on!
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