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merge latest changes to openledger bsips repository Dec 2018 #1

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92ec7de
BSIP41: Reduce MSSR of bitCNY from 1.1 to 1.05
abitmore Aug 21, 2018
438b5ed
Update format
abitmore Aug 21, 2018
21b7f0f
Fix typo
abitmore Aug 21, 2018
0782d02
Merge branch 'master' into bsip41-mssr-change
abitmore Aug 22, 2018
dca7c12
Hashed Time-Lock Contract
ryanRfox Aug 22, 2018
58eff4b
Fixup: header
ryanRfox Aug 22, 2018
85faf7d
Fixup: HTLC
ryanRfox Aug 23, 2018
dc97097
Fixup: Specification
ryanRfox Aug 26, 2018
a1d16d3
BSIP44: Hashed Timelock Contracts
ryanRfox Aug 28, 2018
c297190
Completion of this BSIP from a formal standpoint and inclustion of a …
Aug 29, 2018
d673e66
bsip#43 Market fee sharing
OpenLedgerApp Aug 29, 2018
b2dca44
add bitcrabs comment
Aug 29, 2018
1961fb9
Fixup: Specifications
ryanRfox Aug 29, 2018
9f36ae2
Change: Secured Assets, Fixup: Specification
ryanRfox Aug 30, 2018
492851e
Fixup: HTLC Object
ryanRfox Aug 31, 2018
d14fad5
Fixup: API and Operations
ryanRfox Sep 6, 2018
2520e8d
Merge pull request #105 from sschiessl-bcp/patch-2
abitmore Sep 7, 2018
5f64cb0
Added summary for tokenholders
jmjatlanta Sep 20, 2018
3d4383b
Refine Summary for Tokenholders
ryanRfox Sep 21, 2018
ed2ff08
Edits based on comments
jmjatlanta Sep 28, 2018
79b7340
Fixed method name for consistency
jmjatlanta Sep 28, 2018
d84c734
Updated according to the discussions with community members
Oct 5, 2018
6aa3df5
Create bsip 45
grctest Oct 7, 2018
c454764
bsip 45 added to readme
grctest Oct 7, 2018
2a4c2b7
Fixed formatting
grctest Oct 7, 2018
f03f4ce
Update bsip-0045.md
grctest Oct 8, 2018
ee9ec4c
License change
grctest Oct 10, 2018
3c5f73e
Merge pull request #110 from BTS-CM/master
pmconrad Oct 10, 2018
1e02050
Merge branch 'master' into bsip-hashed-timelock-contract
jmjatlanta Oct 12, 2018
a0b9dc4
Merge branch 'master' into bsip43-market-fee-sharing
OpenLedgerApp Oct 12, 2018
c8775c5
Merge pull request #104 from bitshares/bsip-hashed-timelock-contract
jmjatlanta Oct 12, 2018
7bcffbd
Merge branch 'master' into bsip43-market-fee-sharing
OpenLedgerApp Oct 15, 2018
b9a2774
rewards issue
OpenLedgerApp Oct 19, 2018
298a9a9
updated wording
OpenLedgerApp Oct 22, 2018
440f16a
Merge pull request #107 from openledger/bsip43-market-fee-sharing
ryanRfox Oct 24, 2018
f79cc75
update bsip40 status
Oct 26, 2018
47ef860
Update: Available BSIPs Table
ryanRfox Oct 26, 2018
203f66f
Update 40 w M1
ryanRfox Oct 29, 2018
71427c9
readme status to accepteed
Oct 29, 2018
7adf9b0
rollback
Oct 30, 2018
8b8cf94
Fixup: Typo
ryanRfox Nov 1, 2018
78b6be2
Merge pull request #117 from sschiessl-bcp/patch-3
pmconrad Nov 1, 2018
d30cb1c
Merge pull request #118 from bitshares/update-readme
pmconrad Nov 1, 2018
185d4b3
add pull request link
oxarbitrage Nov 8, 2018
4da6cf3
Merge pull request #121 from bitshares/oxarbitrage-patch-1
pmconrad Nov 8, 2018
c4bd215
add newline to link
oxarbitrage Nov 8, 2018
c4dfb02
Merge pull request #122 from bitshares/oxarbitrage-patch-1
pmconrad Nov 8, 2018
0934b4c
Merge branch 'master' into bsip41-mssr-change
xeroc Dec 18, 2018
c245a4c
Minor markdown fixes
xeroc Dec 18, 2018
03a9488
Merge pull request #98 from bitshares/bsip41-mssr-change
xeroc Dec 18, 2018
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13 changes: 13 additions & 0 deletions README.md
Original file line number Diff line number Diff line change
Expand Up @@ -48,4 +48,17 @@ Number | Title |
[38](bsip-0038.md) | Add target collateral ratio option to short positions | Abit More | Protocol | Installed
[39](bsip-0039.md) | Automatically approve proposals by the proposer | Fabian Schuh | Protocol | Draft
[40](bsip-0040.md) | Custom active permission | Stefan Schießl | Protocol | Draft
[41](bsip-0041.md) | Reduce MSSR of bitCNY from 1.1 to 1.05 | Jerry Liu | Protocol | Draft
[42](bsip-0042.md) | Adjust price feed to influence trading price of SmartCoins | Abit More | Protocol | Draft
[43](bsip-0043.md) | Market Fee Sharing | OpenLedgerApp | Protocol | Accepted
[44](bsip-0044.md) | Hashed Time-Locked Contract | Ryan R. Fox | Protocol | Accepted
[45](bsip-0045.md) | Add bitAsset Backing Collateral flag/permission | Customminer | Protocol | Draft
[46](https://github.com/bitshares/bsips/pull/111) | Escrow Concepts | Taconator | Informational | Draft
[47](https://github.com/bitshares/bsips/pull/114) | An Explicit Voting Operation | Fabian Schuh | Protocol | Draft
[48](https://github.com/bitshares/bsips/pull/115) | Add Flag to Asset to Prevent Manipulating Max Supply | Fabian Schuh | Protocol | Draft
[50](https://github.com/bitshares/bsips/pull/) | Stealth development, Phase II | Chris Sanborn | Informational | Draft
[51](https://github.com/bitshares/bsips/pull/) | New operations for Confidential Asset (CA) transactions | Chris Sanborn | Protocol | Draft
[52](https://github.com/bitshares/bsips/pull/) | Ring signatures for untraceability of Stealth transactions | Chris Sanborn | Protocol | Draft
[53](https://github.com/bitshares/bsips/pull/116) | Blockchain scanning for inbound Stealth transactions | Chris Sanborn | Protocol | Draft
[54](https://github.com/bitshares/bsips/pull/) | Deterministic addresses for Stealth wallets | Chris Sanborn | Informational | Draft
[55](https://github.com/bitshares/bsips/pull/) | Metadata hiding via Garlic Routing and other means | Chris Sanborn | Informational | Draft
2 changes: 1 addition & 1 deletion bsip-0021.md
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Expand Up @@ -107,7 +107,7 @@ for each asset_holder in coin_age_hashmap {

# Copyright

N/A - Consider this BSIP entirely open-source/MIT-licensed, I am not the originator of the concept of 'coin-age' (several proof-of-stake cryptocurrencies make use of coin-age for finding stakable coins).
This document is placed in the public domain.

# See Also
* [List account balances - Graphene documentation](http://docs.bitshares.org/api/database.html#id8)
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2 changes: 1 addition & 1 deletion bsip-0022.md
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Expand Up @@ -119,7 +119,7 @@ Please do raise your concerns, propose improvements and engage in the BSIP creat

# Copyright

This document is placed in the public domain, 100% open source & should be considered MIT licensed.
This document is placed in the public domain.

# See Also

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2 changes: 1 addition & 1 deletion bsip-0023.md
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Expand Up @@ -651,7 +651,7 @@ The Bitshares starship drops out of hyperspace in planet Bitcoin's orbit, the cr

# Copyright

This document is placed in the public domain, 100% open source & should be considered MIT licensed.
This document is placed in the public domain.

# See Also

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2 changes: 1 addition & 1 deletion bsip-0024.md
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Expand Up @@ -62,7 +62,7 @@ Would there even be a difference in voting behaviour betwen the two? Perhaps it

# Copyright

This document is placed in the public domain, 100% open source & should be considered MIT licensed.
This document is placed in the public domain.

# See Also

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4 changes: 2 additions & 2 deletions bsip-0040.md
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Expand Up @@ -7,11 +7,11 @@
Fabian Schuh <https://github.com/xeroc>
Abit <https://github.com/abitmore>
Peter Conrad <https://github.com/pmconrad>
Status: Draft
Status: Milestone 1 accepted, other Milestones postponed
Type: Protocol
Created: 2018-07-25
Discussion: https://github.com/bitshares/bitshares-core/issues/1061
Worker: <Id of worker proposal>
Worker: 1.14.120

# Abstract

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43 changes: 43 additions & 0 deletions bsip-0041.md
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BSIP: 0041
Title: Reduce MSSR of bitCNY from 1.1 to 1.05
Author: Jerry Liu <bitcrab@qq.com>
Status: Draft
Type: Protocol
Created: 2018-08-17
Discussion: https://bitsharestalk.org/index.php?topic=26928.0
Worker: no

### **Abstract**
We here propose to reduce the Maximum short squeeze ratio (MSSR) of bitCNY from 1.1 to 1.05, to lower the shorting incentive.

### **Motivation**
BitShares is a financial system with leverage, here in the traders there are BTS longers and shorters, surely the traders are finding their chance to make profit in trading, if shorters can always find chance to make big profit by shorting BTS, that’s not a good news to BTS ecosystem, from the perspective of the whole BTS ecosystem consisted of DEX and smartcoin, we need to review the rules continually, while guaranteeing fairness and the risks always be released in time, we also need to try optimize the rules to encourage BTS longers, to provide enough incentive to make BTS ecosystem to grow up.


### **Rationale**
Currently there are 2 key smartcoin parameters which are maintained by witnesses, they are MCR(Maintenance collateral ratio ) and MSSR(Maximum short squeeze ratio) , now MCR=1.75 and MSSR=1.1.

When a debt position is margin called, the placed sell orders is at price feed price/MSSR, so MSSR determine the discount of collateral force selling the higher MSSR, the bigger the discount.

So high MSSR benefits the filling of margin call sell orders and help to release risks rapidly, however at the same time, high MSSR means buying margin call orders is with big discount, so it encourage BTS shorters to accumulate smartcoins and wait or even try to make margin call happen and get cheaper collateral. This does not do good to the ecosystem grow up.

We need to release risks rapidly while margin call happen, we also need to try to lower the shorting incentive, so we need a balance, what a MSSR is appropriate depend on the liquidity of the market and also some other factors.

bitCNY have a very good liquidity, BTS/bitCNY pair in DEX is the pair with highest BTS volume on the earth, after in 19th July the hard fork activated the target CR feature, the sell pressure comes from margin called orders decreased greatly, we are sure that the for bitCNY black swan has very very little chance to happen, it’s the time to reduce MSSR to push bitCNY ecosysm move forward.

### **Specification**
Witnesses adjust the MSSR of bitCNY from 1.1 to 1.05 while publishing feed price.

### Discussion
#### Will this change be implemented to bitUSD and other smartcoins?
This time, no! bitUSD and other smartcoins has a much lower liquidity than bitCNY, a high MSSR need to be kept to guarantee the rapid settlement of margin called dept positions.

#### How to make sure a strong consensus is reached?
China community has discussed about this change for years, however, target CR feature + good bitCNY liquidity make current time the good time to do the change, in the forum thread, about 70% of the voters support this change, if necessary, a opinion survey worker proposal will be created to collect stake based opinion.
As MSSR comes from witness publishing, so when BTS community reach a strong consensus to do the change, we need witnesses to apply the change based on the community consensus

### **Summary for Shareholders**
Reduce shorting incentive while guaranteeing fairness and safe is an important logic for the ecosystem to evolve.

### **Copyright**
This document is placed in the public domain.
31 changes: 25 additions & 6 deletions bsip-0042.md
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@@ -1,19 +1,18 @@
BSIP: 0042
Title: Adjust price feed to influence trading price of SmartCoins
Author: Abit More <https://github.com/abitmore>
Status: Draft
Status: Up for voting
Type: Protocol
Created: 2018-08-22
Discussions: https://bitsharestalk.org/index.php?topic=26948.0
https://bitsharestalk.org/index.php?topic=26315.0
https://bitsharestalk.org/index.php?topic=26966.0
Workers: 1.14.118 (pro), 1.14.119 (con)

# Abstract

We here propose to dynamically adjust price feed in order to influence trading
price of smart coins to achieve tighter peg.

This BSIP is constantly evaluated in terms of being accepted or rejected,see the last section *Constant voting evaluation* for details.

# Motivation

To get mass adoption, it's better that the SmartCoins can peg to targets more
Expand Down Expand Up @@ -154,13 +153,33 @@ Witnesses should make their own decisions on whether to set a hard limit and
how much should it be if need to set one, generally, to reduce impacts caused
by bugs.

It will be good to apply the change to bitCNY first, which has much better liquidity
than other smartcoins. After witnesses and community learned enough in the process
it can be also applied to bitUSD.

# Discussion

[To be added]
- https://bitsharestalk.org/index.php?topic=26948.0
- https://bitsharestalk.org/index.php?topic=26315.0
- https://bitsharestalk.org/index.php?topic=26966.0

# Summary for Shareholders

[To be added]
The peg of SmartCoin to the underlying asset is crucial to create trust for SmartCoin holders, in combination with a force settlement offset that is considered fair. This BSIP seeks to adress the issue of volatility with respect to the peg by allowing the witnesses to implement (within boundaries) their own price feed strategy that is targeted to uphold the peg and provide a fair force settlement offset.

This is a crucial intrusion into the open market mechanics and is thus not a strict directive to the witnesses, furthermore this BSIP is constantly evaluated, and if it becomes rejected (see the next section), witnesses are bound to return to the former price feed mechanisms.

# Constant voting evaluation

This BSIP has a pro and a con worker and has an ever evaluated state of accepted and rejected.

- **Accepted**:
The pro worker is active in terms of receiving payout from the reserve pool AND its votes surpass the con worker.

- **Rejected**:
The pro worker is NOT active (is not receiving funds from reserve pool) OR the votes of the con worker surpass the pro worker. If the pro worker expires, this BSIP is also considered rejected.

The earliest that this worker can become active is 7th September 2018.

# Copyright

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66 changes: 66 additions & 0 deletions bsip-0043.md
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BSIP: 0043
Title: Market fee sharing
Authors: OpenLedgerApp <https://github.com/OpenLedgerApp>
Status: Draft
Type: Protocol
Created: 2018-08-23
Updated: 2018-10-19
Discussion: https://github.com/bitshares/bsips/issues/102
Worker:


# Abstract

When creating a new asset, the asset owner is the only beneficiary of the market fees in the current implementation. And one of the ways to increase the community growth is the market fee percentage. For example, one can decrease the market fee and it will result in somewhat larger number of trades with this asset. In this way the asset owner might get a bigger profit during to increasing the trade volume with this asset.

However, there might be another opportunity to promote the asset and stimulate the trading - use native Bitshares referral program. At this time unfortunately an assets owner is not able to share market fees with registrars and referrers to stimulate them to market the asset trading, so we suggest to add this possibility. Furthermore, enabling this feature for MPAs (e.g. bitCNY or bitUSD) can provide additional bounty for Bitshares registrars and referrals which can lead to more traders joining to the ecosystem.

An asset owner defines the **market_fee_reward_percent** in asset options - what percentage of the market fee he wants to share with the registrar.
**market_fee** * **market_fee_reward_percent** goes the registrar.
**market_fee** * (1 - **market_fee_reward_percent**) goes to the asset owner.

Registrar splits the reward between itself and its referrers by defining **reward_percent**, which defines referrer's percentage.
It is defined per each other using the already existing BitShares mechanism.

Market fee reward is accumulated on the user account.

Each user decides when he wants to claim the market fee reward and move it to their active balance.

# Motivation

To make promoting BitShares and bringing new users much more attractive to registrars and referrers by sharing UIAs and MPAs market fees with them.

# Rationale
When *fill_order_operation* executing at the moment of market fee calculation there will be calculate the reward for the registrar used the parameter **market_fee_reward_percent**. Then this **market_fee_reward_percent** of the market fee is split between the registrar and referrer according to the referrer_rewards_percentage, which is set up during the new account registration by registrar (please see the parameters for *register_account*).

# Specifications
Market fee rewards accumulated on special vesting balances.

## **market_fee_reward_percent** asset option
Percent of market fee that will be paid to buyer's registrar. Set by asset owner.
if **market_fee_reward_percent** = 0 or absent - the old mechanism is used. Market fees are accumulated in the asset and can be claimed.

## **market_sharing_whitelist** asset option
An optional list of accounts (configurable by the asset owner) could provide increased control over who is eligible to get market rewards.
If whitelist empty or absent - there is no filtering. This means that everyone is in the whitelist by default if it is empty.

## graphene::chain::database modifications
**pay_market_fees(seller, recv_asset_object, receives_amount)** - Split pay to asset owner fee, registrar fee and referrer fee. If the registrar is not in the **market_sharing_whitelist**, *split_pay* will not happen and the entire fee goes to Asset owner.
**calculate_market_fee(trade_asset, trade_amount)** - Calculate value for previous function.
**fill_limit_order(order, pays, receives, cull_if_small, fill_price, is_maker)** - Append hardfork (HARDFORK_REWARD_TIME) check. Use old or new version of *pay_market_fees()* function.

## asset_create_evaluator, asset_update_evaluator modifications
Append hardfork (HARDFORK_REWARD_TIME) check. Validate additional asset options. Apply additional asset options (**market_fee_reward_percent**, **market_sharing_whitelist**)

# Description

# Summary for Shareholders
The new modification - market fee sharing - will allow to bring in new clients for BitShares by making it financially lucrative for registrars and referrers. This modification is interesting mostly so asset owners and registrars/referrers.

# Copyright
This document is placed in the public domain.

# See Also
https://github.com/bitshares/bitshares-core/issues/1268

https://github.com/bitshares/bitshares-core/pull/1419
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