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BSIP-0007: more discussion

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Fabian Schuh 2015-12-21 14:26:47 +01:00
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bsip-0007.md
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@ -69,11 +69,11 @@ transactions using that feature in the future. Every BitShares customer that
wants to gain advantages of that Privacy Mode needs to pay an increased fee for wants to gain advantages of that Privacy Mode needs to pay an increased fee for
its service. These fees are distributed among all owners of the `STEALTH` asset. its service. These fees are distributed among all owners of the `STEALTH` asset.
# Regulatory issues # Regulatory Issues
One of the first and thorniest problems we tackled is the nasty fact of One of the first and thorniest problems we tackled is the nasty fact of
*Regulatory Risk*. There exists a vocal contingent of people who want very much *Regulatory Risk*. There exists a vocal contingent of people who want very much
that an FBA (fee based asset) be created to fund this feature upgrade to the that an FBA (fee based asset) be created to fund a feature upgrade to the
BitShares blockchain. They want that everyone be thus enabled an opportunity to BitShares blockchain. They want that everyone be thus enabled an opportunity to
participate in the fee stream originating from future use of the feature by participate in the fee stream originating from future use of the feature by
purchasing shares of a FBA. purchasing shares of a FBA.
@ -99,10 +99,10 @@ jurisdiction that is presumably not subject to securities concerns.
# Specifications # Specifications
Since every innovation on the blockchain level has to come with a protocol Since every innovation on the blockchain level has to come with a protocol
upgrade (previsouly denoted as a *hard fork*), this upgrade can also come with a upgrade (previsouly denoted as a *hard fork*), the upgrade also comes with a so
so called *management account* that is specific for this specific innovation or called *management account* that is specific for this specific innovation or
feature. An FBA's asset (such as the [STEALTH asset](bsip-0008.md)) can only be feature. For regulatory reasons, the blockchain itself is seen as the creator of
issued by this "management account" and only for that particular feature. the asset and has the sole permission to issue new shares.
The initial share holders of the FBA asset have to be defined upon the hard fork The initial share holders of the FBA asset have to be defined upon the hard fork
by the developers of the feature. It is left to the developers of the innovation by the developers of the feature. It is left to the developers of the innovation
@ -118,6 +118,19 @@ Daniel Larimer: I would say that far more than Worker Proposals or anything
else, the Fee Backed Assets is incentivizing entrepreneurs to come up with else, the Fee Backed Assets is incentivizing entrepreneurs to come up with
ideas, come up with features and then go and fund them and make it happen. ideas, come up with features and then go and fund them and make it happen.
This proposal helps fund new features and innovations without the need to dilute
BitShares to pay for its developments. However, having the features transaction
fees be paid to the holders of the corresponding FBA results in a reduced
revenue for BitShares holders, which is only fair since they haven't funded the
feature. However, the infrastructure is still provided by BitShares and as such
a cut of the features transaction fees may be directed to the BitShares holders
by burning or reserving in the reserve funds.
The developer of a FBA-supported innovation can chose a mixed funding model and
make use of a worker to fund parts of the development. As a consequence a
higher percentage of the transcaction fees should be directed towards the
BitShares holders.
# Copyright # Copyright
This document is placed in the public domain. This document is placed in the public domain.