Extended summary

Peter Conrad 2016-11-13 17:22:17 +01:00
parent e07a56a769
commit 84993e4825
1 changed files with 19 additions and 0 deletions

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@ -350,3 +350,22 @@ Not all shareholders need to understand the technical details of the proposal,
however, they should be aware of the implications of these changes. It is
particularly important to understand how the revival of an asset affects the
different parties, i. e. holders, shorters, traders and issuers.
After an asset SWAN backed an asset BACK has seen global settlement, in order to
revive it all existing SWAN must be destroyed and their owners must receive a
share of the available collateral (BACK). In particular,
0. At the time of the black swan, all outstanding settlement requests will be
filled, and all MPAs backed by SWAN will receive a global settlement as well.
1. At the time of revival, all open market orders concerning SWAN will be
cancelled (buys and sells).
2. Other MPAs backed by SWAN will be settled as well.
3. Other PMs backed by SWAN will be modified so that they are backed by BACK.
4. Vesting balances, genesis balances and account balances of SWAN will be turned
into respective balances of BACK.
5. Blinded balances of SWAN will receive special treatment so that they can be
withdrawn as BACK.
6. The SWAN fee pool will be zeroed out, and the issuer will receive the
remaining BACK collateral.
7. Finally, SWAN will be put into a state where the issuer can modify parameters
and eventually open it up for general use again.