Wednesday – The BitShares blockchain and Committee announced the BitShares BitAssets1.0 ‘Reloaded’.
BitShares will once again have committee owned, market-pegged, collateral-backed assets – this time, operating ‘as nature intended’. The idea of these new fixed price assets re-establishes the rules to ensure the truest of stablecoins for BitShares.
(See this BitShares Talk thread to apply as oracle)
The Asset List
The blockchain was instructed by committee account to create the following new committee assets:
- 1.3.5839 CNY1.0
- 1.3.5840 USD1.0
- 1.3.5841 EUR1.0
- 1.3.5866 RUB1.0
- 1.3.5842 BTC1.0
- 1.3.5843 SILVER1.0
- 1.3.5844 GOLD1.0
The objective of the assets is to be pegged 24/7/365 to the corresponding real-world assets outside of BitShares. This presents a brand new opportunity and restart based upon experience and evolution of the first and original BitAssets .
BitShares BitAssets1.0 Reloaded – Parameters
The assets came with the original parameters which will not change in the future:
- ICR 175%
- MCR 175%
- MSSR 110%
- Force settlement offset 0%
- Force settlement delay 24 hours
- Backed by BTS
Fees go to the asset owner – in this case committee reserves. These can change in future:
- Margin call fee 1%
- Force settlement fee 1%
- Maker fee 0.08%
- Taker fee 0.12%
- Market fee sharing percent (to referral program) 40%
These BitShares BitAssets 1.0 Reloaded will use DeFi-style oracles to feed the prices. This presents a new dynamic around, whereby the price-feed job (economics) are separated from the block production (consensus core). That will certainly improve level of protection in maintaining smart assets as a contract on chain and stability in terms of tracking their fiat currency counterparts 1-1 at all times.
The past saw that BTS in locked collateral would still hold voting power. So when those holders found the market against them, were easily corrupted to vote against the common good. In other words, give everyone a free vote and majority will always use it for ‘themselves’.
Result of doubling power through collateral and locking price feeds through block producers placed blockchain being held as hostage by group of holders since 2019, completely destroying reputation of the most important product with highest demand in 2020.
Stake-locking introduced in 5.0.0 means those who are responsible and wish to have a say need to do so with a long term strategy without ability to damage the blockchain. It removes immediate needs and gives incentive for long term management where result can be the blockchain growth only. None ever said digital democracy would be easy, and fully decentralized ones have fully proven themselves to be little more than digital anarchy.
Even though we understand that “reloading” entire market pairs and assets that can be issued only by collateralizing BTS (“borrowing to existence”) will be painful and long process. It is utmost important to keep these solutions alive and healthy, as the future of the world economy is relying on on-chain collateralized smartcoins, where we – The BitShares, are the most experienced innovating veterans of it.
With this in mind, we see this as a potential to redefine stable coins for the long-term and become feasible in broader regulated business and industry, which never happened in past 5 years..
Let’s set sail again.
See the source post from BitShares Talk.