BSIP-0008
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Fabian Schuh
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bsip-0008.md
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BSIP: 0008
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Title: Fee Backed Assets
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Authors: Danial Larimer <Dan@cryptonomex.com>
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Stan Larimer <Stan@cryptonomex.com>
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Fabian Schuh <Fabian@BitShares.org>
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Status: Draft
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Type: Protocol
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Created: 2015-12-16
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Discussion: <https://bitsharestalk.org/index.php/topic,20286.0.html>
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Worker: not applicable
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# Abstract
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We're all familiar with counterparty free Market Pegged Assets (MPA) and issuer
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backed User Issued Assets (UIA). Theoretically, there could be a third type: Fee
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Backed Assets (FBA).
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Hence we propose to develop a feature for *Market based innovation*: if people
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can profit from successful features in the form of fees then it definitely helps
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BitShares become more adaptable over time. More importantly it promotes
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innovation.
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# Motivation
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A developer installs a new function that charges fees for its service and pays
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those fees to holders of a UIA she creates for that purpose.
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She naturally starts out as the owner of those revenue producing assets.
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She is free to sell them since each one is a revenue generating counterparty
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free asset backed solely by the blockchain.
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Since they have no counterparty, they are not a security. They are simply
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capital equipment, like selling a mining machine.
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This new kind of digital asset trades like any of the others but has fascinating
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new properties.
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There could be a new asset for every new revenue generating feature in the whole
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ecosystem. Developers recoup their costs by selling (or pre-selling) these
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revenue generating software devices (or keeping them to earn the revenue they
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produce.)
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# Examples
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## Taxi Rental
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Build 100 robotic software taxi cabs that deliver private packages for hire.
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Program them via blockchain logic to take turns delivering packages. Sell the
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cabs to the network in exchange for a set of tickets good for rental minutes on
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a cab. Resell/trade those tickets on the open market. This way, anyone can
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rent time on any of the limited supply of "cabs" and earn fees for performing
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delivery services.
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The TAXI FPA could represent all available minutes on a network-owned fleet of
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robotic taxi cabs. Buy up as many minutes of their time as you want and you have
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your own revenue generating business with no counter parties.
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## Project/Feature Funding
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In the case of [BSIP-0007](bsip-0007.md), the project development can be funded
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by a PRIVACY FPA that gets their owners a cut of fees produced by transactions
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using that feature in the future.
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# Regulatory issues
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Much consultation with Cryptonomex and with several prominent and trusted
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members of the BitShares community has lead me to some preliminary conclusions
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as to how a "Privacy Mode" feature could best be implemented and used in a
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safe and timely fashion and at no risk to the BitShares Community.
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One of the first and thorniest problems we tackled is the nasty fact of
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*Regulatory Risk*. There exists a vocal contingent of people who want very much
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that an FBA (fee based asset) be created to fund this feature upgrade to the
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BitShares blockchain. They want that everyone be thus enabled an opportunity to
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participate in the fee stream originating from future use of the feature by
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purchasing shares of a `STEALTH` asset.
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The conundrum is that whoever creates the FBA and offers it to the public as a
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means of participation in a fee-based income stream faces a risk of coming under
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regulatory scrutiny if the project is a success (e.g. Satoshi Dice) or even if
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it is not a success (through some disgruntled investor complaining to a
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regulatory authority). For a more in depth look in to Regulatory Risk please see
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[1,2].
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If something falls within the definition of a *security* under applicable law,
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it will be governed by extensive rules and regulations that can be quite complex
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and expensive to comply with. And subject the issuer to a large fine/other
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penalties if not complied with!
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Once the "Privacy Mode" feature has been implemented and is available on the
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blockchain (but not before), it will be possible for future investor and
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entrepreneurs to create FBAs and crowd fund new features by having a *Private
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Mode account* ([BSIP-0007](bsip-0007.md)), issue the FBA from an *unknown*
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jurisdiction that is presumably not subject to securities concerns.
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# Management Account
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A FBA asset (such as the [STEALTH asset](bsip-0007.md)) will be issued by a
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"management account" for that particular feature as part of a hard fork. The
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initial share holders of the FBA asset have to be defined upon the hard fork.
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The management account will have a Multi-Signature authority assigned to the `X`
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largest share holders of that account weighted proportional to stake and will
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have the power to set the fee.
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# Copyright
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This document is placed in the public domain.
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# See Also
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* [1] https://bitsharestalk.org/index.php/topic,20499.msg264752.html#msg264752
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* [2] http://www.cuttingedgecapital.com/what-is-a-security-and-why-does-it-matter/
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