BitARS Smartcoin creation
The goal of ARS is to make as easy as possible for residents of Argentina to get into BitShares
BitShares supporters from Argentina agreed with the Committee to issue the ARS Smartcoin, owned by the network.
Why not a BitAsset?
We agreed not to compete with stronger BitAsset markets.
Why not a Privatized Smartcoin?
Because it's not intended for specific private revenue. We want it to be decentralized, a tool to build bridges. A common good.
We found just good reasons to create this Worker proposal:
To look for consensus in a more direct way.
To be able to issue a 3-character asset (ARS, for logical reasons).
As asset creation fee goes to the network it won't represent any dilution.
Trading fees will go to the network too.
It can potentially bring a whole new market to BitShares, with no cost.
Note that Lifetime members pays Basic member fees for issuing 3 character assets, and then there's the 80% cash back. That's why the Worker budget is 1,174,108 BTS instead of 234,822 BTS. Fee Schedule at cryptofresh
Link to the original discussion https://bitsharestalk.org/index.php/topic,22231.0.html
The budget has already been created.
It lasts from may 1 to may 12.
If approved, ARS Smartcoin would be created that same day and its ownership transfered to committee-account, as agreed.
+5%!
I think, we should clearify the terms a little. Technically, you are going to create a market-pegged asset.
These are usually also called smartcoins. Some even call them bitassets which is totally fine if you asked me.
The other distinction is between
A Privatized Smartcoin can be decentralized as well if it has a multisignature issuer. That would be the same thing as
with committee-owned smartcoins. The committee-account is nothing more than a multsig account.
What is more important is that the price feeds are distributed among many people to not give a single individuum the
power over settlement price.
Great stuff! Still, I would have loved to see a multisig account own the worker, but it's too late for that now.
Anyway, you have my support!
We agree 100%. Because of your advise, elmato (who created the worker) has given committee-member account owner and active permissions over his own account, with a threshold of 2 and weights set to 1 on both account, so now it is a 2 of 2 multisig acoung between el mato and committee-account, until the asset is created. Many thanks.
Feedback is welcomed!. Any ideas on how to make the initial user experience something friendly?
Thanks for posting this here too @rnglab !
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