[BSIP-0008] Modifications for readability

README.md

@@ -18,5 +18,5 @@ Number             | Title                              | Owner          | Type
 [4](bsip-0004.md)  | Distribute Market Fees on Core Asset to Referral Program | Danial Larimer | Protocol | Draft
 [5](bsip-0005.md)  | Expiring Votes for Witnesses       | Danial Larimer | Protocol       | Draft
 [6](bsip-0006.md)  | Market Maker Incentivization       | Danial Larimer | Protocol       | Draft
-[7](bsip-0007.md)  | Privacy (STEALTH) Mode             | Danial Larimer | Informational  | Draft
+[7](bsip-0007.md)  | Privacy (STEALTH) Mode             | Danial Larimer | Protocol       | Draft
-[8](bsip-0008.md)  | Fee Backed Assets (FBA)            | Danial Larimer | Informational  | Draft
+[8](bsip-0008.md)  | Fee Backed Assets (FBA)            | Danial Larimer | Protocol       | Draft

bsip-0007.md

@@ -3,7 +3,7 @@
     Authors: Daniel Larimer <Dan@cryptonomex.com>
              Fabian Schuh <Fabian@BitShares.org>
     Status: Draft
-    Type: Informational
+    Type: Protocol
     Created: 2015-12-16
     Discussion: <https://github.com/cryptonomex/graphene/issues/452>
                 <https://bitsharestalk.org/index.php/topic,20104.0.html>
@@ -17,18 +17,21 @@ privacy. This feature helps set BitShares apart from most other crypto
 currencies and offers tremendous value to the users who are most interested in
 privacy, liberty, and freedom.
 
-In practise they combine the techniques of *blinding* for the transfer amount
+In practise they combine the techniques of *blinding signatures* to hide the
-and *stealth addresses* (similar to TITAN in BitShares 1) to hide involved
+amount of a transfer and *stealth addresses* (similar to TITAN in BitShares 1)
-parties.
+to hide involved parties.
 
 # Specifications
 
 This proposal involves creating a new front-end feature on the account page in
-the wallet to enter the *privacy mode*. Here, users will be able to create
+the web wallet to allow users to enter the *privacy mode*. Here, users will be
-*private accounts* which are nothing but labeled private keys. They will also be
+able to create *private accounts* which are labeled private keys. They will
-able to manage *private contacts* which are nothing more than labeled public
+also be able to manage *private contacts* which are labeled public keys. Neither
-keys. Neither private accounts nor private contacts are tracked on the
+private accounts nor private contacts are tracked on the blockchain since those
-blockchain since those keys are not used directly.
+keys are not used directly. Instead, each transaction will derive a
+transaction-specific address from the private contact's public key. A off-chain
+memo helps the receiver identify the deposit and derive the corresponding
+transaction-specific private key from the private account.
 
 Users will be able to monitor their private balances and take the following
 actions:
@@ -39,25 +42,29 @@ actions:
 * Register a new account using a private balance.
 * Receive a private transfer from a 3rd party given a transfer receipt.
 
+These features are already available on the blockchain level using *address
+authorities* and *key authorities* and indicating that a transaction to that
+account has to be made in private.
+
 # Implementation Aspects
 
 ## Backup Considerations
 
 Because private transfers are not recoverable from blockchain data alone,
-backups of your wallet after receiving a new private transfer are required. 
+backups of your wallet after receiving a new private transfer are *required*. 
 
 ## Javascript Implementation
 
-This proposal will require the use of this library to perform the necessary
+This proposal will require the use of a JavaScript library to perform the
-crypto operations in javascript (see [1]).
+necessary crypto operations in the web wallet (see [1]).
 
 # Funding
 
 BitSharestalk.org forum user `onceuponatime` has proposed to fund the
 development and implementation of this feature in full as a private investor and
-at zero cost to BitShares holders.
+at zero cost to BitShares shareholders.
 
-Contract between `onceuponatime` and Cryptonomex:
+## Contract between `onceuponatime` and Cryptonomex:
 
      The purpose of this contract is to develop a Privacy Mode feature, Privacy Mode
      fee accumulation account, Maintenance Account, Initialization Package, and GUI
@@ -74,7 +81,7 @@ Contract between `onceuponatime` and Cryptonomex:
            * Receive a private transfer from a 3rd party given a transfer receipt.
      3.  Each of these services shall charge a fee initially set at 3x the standard
          transfer fee, but which may be adjusted from time to time by the owner(s) of
-         the Privacy Mode fees account
+         the Privacy Mode's management account
      4.  Fees shall be automatically distributed by the blockchain to the following
          accounts:
             * 20% to the BitShares network.
@@ -99,11 +106,11 @@ Contract between `onceuponatime` and Cryptonomex:
 
 # Management Account
 
-The STEALTH asset will be issued by the "management account" for this feature.
+The STEALTH asset will be issued by the "management account" for this feature
-`Onceuponatime` will be the initial owner of the issued asset (not the issuer).
+(as created by the initialization package). `Onceuponatime` will be the initial
-This management account will have multi-sig authority assigned to the 5 largest
+owner of the issued asset (not the issuer). This management account will have
-STEALTH holders weighted proportional to stake and will have the power to set
+3-of-5 multi-signature authority assigned to the 5 *largest* STEALTH holders
-the fee.
+weighted proportional to stake and will have the power to set the fee.
 
 # Roadmap