Show Posts
2791
TestNet Discussion Archive / Re: BIBLEPAY - TESTNET THREAD - TESTING SANCTUARIES FOR GO LIVE AT CHRISTMAS
« on: October 10, 2017, 09:45:08 AM »
I just wanted to mention that I have been a little busy lately (other than being interrupted to upload the pool, which is a huge necessity), with a brand new cryptocurrency feature for biblepay. I think it might be "the killer" feature for us.
I'm thinking about adding colored coins into biblepay with an integrated 401k or retirement account fund inside the wallet. And in-wallet trading.
I'm thinking maybe we can be the first coin with the ability to trade BiblePay for our second asset inside the wallet (other than Ripple, but technically, Ripple is a network of market makers making existing markets). This is a little different.
I'm thinking we emit a new deflationary colored currency (called either retirement coins or 401k coins) inside the wallet on a schedule decreasing by 1% per day. Then, the wallet will keep track of both normal balance and "colored coin" balances. So you would have your BBP balance and your rBBP balance.
Starting on the day we have retirement coins, the retirement system would emit 1 million retirement coins per day equally divided over 202 daily blocks to the miners who mine the blocks. However each day, the emission rate would decrease by 1% . So on day 2 we would emit 10,000 coins less (or 990,000 retirement coins over 202 blocks). Each block solver would receive normal BBP, plus a separate share of colored retirement coins. If you mined 4,000 retirement coins on day #1, your balance would now be: 1,000,000 BBP and 4,000 rBBP (retirement bbp).
You cannot send colored coins to an exchange to sell them and cannot buy colored coins on an exchange.
All colored coins must be sent in a transaction that includes a reference to the root of the colored coins (another words, the colored indicator on the tx, the previous output is colored, and the new vout for the receiver is colored).
Available coins for spending will never select colored coins for spending (IE They cannot be spent). But they can be Traded for BBP with other holders through Trade transactions.
A new RPC command will allow you to send colored coins back and forth among others, if you want to give them to others.
Now here is where it gets interesting. If we view the colored coins as a deflationary retirement account (assuming that IF they are becoming scarcer, storing FIAT in rBBP would theoretically result in a gain in value).
We implement in-wallet trading to allow trading from BBP to rBBP. So we would have RPC commands to "execute order SELL 9000 rBBP for 1100 BBP" for example. Other in-wallet users would "execute order BUY rBBP 5000 for 700 BBP". When the matching engine matches an order over the nodes, one masternode who is the chosen winner of the round (chosen winner meaning which masternode has the closest hash to the center of the blockhash for the current BBP block, can be active market maker for this tx).
At this point, the masternode jumps in, Locks the trade, grabs the collateral from the seller and the buyer, crosses the trade, then unlocks it and it is completed. We will have a Trading log in biblepay, so you can go into your separate debug file and monitor STEPS that occur during trading. (In case something goes wrong partially through).
Lastly, partially executed orders would be changed via a MODIFY - so if only 1000 got filled your order would readvertise with the partial amount left.
In this way, we would have in-wallet trading, colored coins, and a second deflationary asset inside biblepay.
My projection shows that the retirement coins would deflate for 4000 days before reaching a floor where they would be emitted at approximately 1 per day (if we start with a million per day). I think at that point, I would like the system to reverse split the coins and start over, so that we perpetually have a deflationary retirement asset inside BBP.
One benefit of having this particular feature is we would attract outside investors that would need to buy BBP in order to have the ability to buy rBBP and they also potentially download the wallet and be users and might have a tendency to be long term holders.
I'm thinking about adding colored coins into biblepay with an integrated 401k or retirement account fund inside the wallet. And in-wallet trading.
I'm thinking maybe we can be the first coin with the ability to trade BiblePay for our second asset inside the wallet (other than Ripple, but technically, Ripple is a network of market makers making existing markets). This is a little different.
I'm thinking we emit a new deflationary colored currency (called either retirement coins or 401k coins) inside the wallet on a schedule decreasing by 1% per day. Then, the wallet will keep track of both normal balance and "colored coin" balances. So you would have your BBP balance and your rBBP balance.
Starting on the day we have retirement coins, the retirement system would emit 1 million retirement coins per day equally divided over 202 daily blocks to the miners who mine the blocks. However each day, the emission rate would decrease by 1% . So on day 2 we would emit 10,000 coins less (or 990,000 retirement coins over 202 blocks). Each block solver would receive normal BBP, plus a separate share of colored retirement coins. If you mined 4,000 retirement coins on day #1, your balance would now be: 1,000,000 BBP and 4,000 rBBP (retirement bbp).
You cannot send colored coins to an exchange to sell them and cannot buy colored coins on an exchange.
All colored coins must be sent in a transaction that includes a reference to the root of the colored coins (another words, the colored indicator on the tx, the previous output is colored, and the new vout for the receiver is colored).
Available coins for spending will never select colored coins for spending (IE They cannot be spent). But they can be Traded for BBP with other holders through Trade transactions.
A new RPC command will allow you to send colored coins back and forth among others, if you want to give them to others.
Now here is where it gets interesting. If we view the colored coins as a deflationary retirement account (assuming that IF they are becoming scarcer, storing FIAT in rBBP would theoretically result in a gain in value).
We implement in-wallet trading to allow trading from BBP to rBBP. So we would have RPC commands to "execute order SELL 9000 rBBP for 1100 BBP" for example. Other in-wallet users would "execute order BUY rBBP 5000 for 700 BBP". When the matching engine matches an order over the nodes, one masternode who is the chosen winner of the round (chosen winner meaning which masternode has the closest hash to the center of the blockhash for the current BBP block, can be active market maker for this tx).
At this point, the masternode jumps in, Locks the trade, grabs the collateral from the seller and the buyer, crosses the trade, then unlocks it and it is completed. We will have a Trading log in biblepay, so you can go into your separate debug file and monitor STEPS that occur during trading. (In case something goes wrong partially through).
Lastly, partially executed orders would be changed via a MODIFY - so if only 1000 got filled your order would readvertise with the partial amount left.
In this way, we would have in-wallet trading, colored coins, and a second deflationary asset inside biblepay.
My projection shows that the retirement coins would deflate for 4000 days before reaching a floor where they would be emitted at approximately 1 per day (if we start with a million per day). I think at that point, I would like the system to reverse split the coins and start over, so that we perpetually have a deflationary retirement asset inside BBP.
One benefit of having this particular feature is we would attract outside investors that would need to buy BBP in order to have the ability to buy rBBP and they also potentially download the wallet and be users and might have a tendency to be long term holders.
Currently I have no idea where else to look.
