114 lines
No EOL
6.8 KiB
Markdown
114 lines
No EOL
6.8 KiB
Markdown
BSIP: #021
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Title: Introducing the 'Coin-Age' statistic to Bitshares assets
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Authors: [Customminer](https://steemit.com/@cm-steem/)
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Status: Draft
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Type: Protocol
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Created: 2017-07-03
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Primary Discussion: https://steemit.com/bitshares/@cm-steem/bsip-020-draft-introducing-profit-sharing-dividends-to-bitshares-uia-only-input-would-be-massively-appreciated
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Similar Discussions: N/A
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Replaces: N/A
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Superseded-By:
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Worker: N/A
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# Abstract
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Introducing the ability to query the 'Coin-Age' of assets held by individuals upon the BTS DEX.
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# Motivation
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* There exists no directly queryable 'coin-age' statistic within the Bitshares network.
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* Currently, the closest we can get to querying an account's accumulated asset coin-age within the client is query an account's transaction history then calculate the coin-age with an external script.
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* There aren't currently any open-source scripts for calculating user asset coin-age.
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# Rational
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* BSIPs 19 and 20 (Introducing profit-sharing/dividends for MPA(19)/UIA(20)) both reference a non-existent 'coin-age' statistic.
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* Proposed for proportionally distributing profit/dividends based on the length of time an asset has been held in the user's balance within the dividend time period, preventing abuse of the scheduled dividend.
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* We have experienced market fluctuations/instability caused by publicly scheduled snapshots (users buy immediately before, snapshot, sell immediately afterwards); discouraging similar practices through the inclusion of 'coin-age' in the dividend mechanism could help neutralise this issue.
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* Regarding consensus, there hasn't been sufficient discussion for users to voice disagreement against coin-age proposals.
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* A legit concern is that if there are a significant quantity of asset holders & transactions to process, that evaluating accumulated_coin_age for all users could be computationally expensive.
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* A concern regarding coin-age that this BSIP accounts for is if coins are held longer than the user specified time_period, that the coins start representing more than one of themselves (1 being worth 2 if held 2 times longer than the user input time period).
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# Specifications
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* For each chunk of a specific asset transfered to an user in the past, enable the easy querying/calculation of each user's accumulated 'coin-age' statistic.
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* Possible route:
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* 1. Retrieve list of accounts holding chosen asset
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* 2. Given this list, query the account's current asset holdings (for chosen asset), returning the list of transactions that make up holdings.
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* 3. Evaluate coin-age from list of tx for each eligible asset holder.
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* Draft coin-age calculation: (very much so example pseudocode, not production code!)
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```
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let reference_asset = USD; //User input variable
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let time_period = 30 days; //User input variable
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let accumulated_coin_age = 0;
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let reference_time = current_time; //User input variable
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if (whitelisted_accounts) {
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let eligible_asset_holders = whitelisted_accounts //whitelist input by user
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} else if (blacklisted_accounts) {
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let eligible_asset_holders = asset_holder_list - blacklisted_account_list //blacklist input by user
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} else {
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let eligible_asset_holders = asset_holder_list //include all asset holders.
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}
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for each asset_holder in eligible_asset_holders {
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for each tx in asset_holdings {
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let tx_balance = current_tx_balance //Get the quantity of coins present in this transaction
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let time_diff = current_date - tx_inbound_date //Get the age of the transaction
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if (time_diff > time_period) {
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accumulated_coin_age += tx_balance //Prevent coins being worth more if held longer than time_period. Increase time_period to provide this functionality.
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} else {
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accumulated_coin_age += ((time_diff/time_period)*tx_balance)
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}
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}
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//Store current asset_holder & accumulated_coin_age in [hashmap|storage] for later referencing
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}
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```
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* Coin-Age based individual-user dividend calculation:
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```
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if (whitelisted_accounts) {
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let total_eligible_token_supply = assets_held_by_whitelisted_accounts
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} else if (blacklisted_accounts) {
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let total_eligible_token_supply = total_supply - assets_held_by_blacklisted_accounts
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} else {
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let total_eligible_token_supply = total_supply
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}
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let total_distributable_tokens = 1000 OPEN.GRC; //quantity & token type set by user
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for each asset_holder in coin_age_hashmap {
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dividend_allocation = (accumulated_coin_age/total_eligible_token_supply)*total_distributable_tokens
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}
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```
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# Discussion
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## How does coin-age prevent abuse of BSIPs 19 & 20?
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* If we were to perform a scheduled dividend based on a static snapshot of immediate account holdings, users could purchase the asset immediately prior to the scheduled dividend, receive the dividend then sell immediately afterwards, potentially causing market instability/fluctuations around the scheduled dividend.
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* We have experienced this form of market instability in the past for protoshares (around past sharedrops) and for BTS (for peerplays).
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(buy immediately beforehand, sell immediately afterwards, causing market instability around the scheduled dividend).
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## Potential alternatives to 'coin-age' for preventing abuse of a dividend system
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* Random snapshot date within sharedrop time period (similar to peerplay's secret snapshot date within possible snapshot range).
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* Downsides: Assets held outwith the moment of snapshot within the snapshot time period are not eligible for receiving dividends.
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* Increasing market fees on the days surrounding the scheduled sharedrop? If an UIA has an additionally enabled fee market, a premium fee could be enabled potentially encouraging users to buy the assets earlier in the month & providing longer term asset holders additional profit? Would ony be possible for UIA, not MPA.
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* Disabling of market trading in the days surrounding the dividend payment? This would be incresibly heavy handed & potentially scare asset holders, especially if the asset price fluctuaed on external exchanges.
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* Entirely disregard any concerns of dividend system abuse? Openledger currently performs regular sharedrops onto Obits holders without taking coin-age into account!
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# Summary for Shareholders
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* No impact on shareholders, this would simply enable an additional queryable statistic within the Bitshares network for additional functionality proposed in BSIPs 19 and 20 to take advantage of.
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* No worker proposal nor bounty proposed yet, simply brainstorming documentation within the community!
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* Will be discussed/mentioned in a future BeyondBitcoin hangout.
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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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* [List account balances - Graphene documentation](http://docs.bitshares.org/api/database.html#id8)
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* [BSIP 21 Steemit thread](https://steemit.com/bitshares/@cm-steem/bsip-0021-draft-introducing-the-coin-age-statistic-to-bitshares-assets-input-would-be-massively-appreciated) |