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Monetary System documentation
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Riker

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Monetary System documentation
« on: November 03, 2014, 11:38:34 am »

Folks,

As we are sorting out the final details of the monetary system APIs here is the latest documentation based on the latest and greatest enhancements, hopefully this would clarify some of the questions around this feature:
https://bitbucket.org/JeanLucPicard/nxt/issue/205/monetary-system-documenation

Note that the client side is not fully implemented yet so it would take a while until we release this feature.

The next feature I'm working on is coin shuffling, you can see an initial documentation draft here:
https://bitbucket.org/JeanLucPicard/nxt/issue/135/coin-shuffling-monetary-system

(Updated documentation link)
« Last Edit: December 11, 2014, 09:59:22 am by lyaffe »
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lucky88888

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Re: Monetary System documentation
« Reply #1 on: November 03, 2014, 12:21:59 pm »

awesome! can't wait for the release!
thanks for all your hard works!  :)
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Fatih87SK

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Re: Monetary System documentation
« Reply #2 on: November 03, 2014, 12:29:19 pm »

Thanks lyaffe!

I hope all goes well as planned.
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Zahlen

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Re: Monetary System documentation
« Reply #3 on: November 03, 2014, 12:30:19 pm »

(Replying here instead of on Bitbucket for visibility.)

Quote
The currency entity supports several properties. Properties can be mixed and matched in various ways to compose the currency type. The currency type then controls the inner workings of the currency.

This is very cool!

Limiting currency codes to 3 uppercase chars seems like an anachronism. Would longer codes be possible? 5 uppercase chars would still be a quickly readable chunk and would significantly expand the namespace. Especially since deleting a currency sounds very difficult in practice (compare with e.g SuperNET redemption: there are still unredeemed TOKENs right now, FunBotv1 and FunBotReve 'refund buyback' still not complete, despite those tokens not representing anything anymore.)

Minting also seems like an anachronism to me, but it's really cool that PoW verification can be supported this way. I guess it could bring more miners into Nxt.
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achim

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Re: Monetary System documentation
« Reply #4 on: November 03, 2014, 12:41:49 pm »

this is very helpful! Now everyone can review the features before they're released and place a feature/change request if needed!
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Riker

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Re: Monetary System documentation
« Reply #5 on: November 03, 2014, 12:46:20 pm »

Limiting currency codes to 3 uppercase chars seems like an anachronism. Would longer codes be possible? 5 uppercase chars would still be a quickly readable chunk and would significantly expand the namespace. Especially since deleting a currency sounds very difficult in practice (compare with e.g SuperNET redemption: there are still unredeemed TOKENs right now, FunBotv1 and FunBotReve 'refund buyback' still not complete, despite those tokens not representing anything anymore.)

We actually discussed this quite a bit already and there were opinions both ways. The current code only allows 3 uppercase letters and will reject anything else.
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Jean-Luc

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Re: Monetary System documentation
« Reply #6 on: November 03, 2014, 04:09:00 pm »

We have settled on 3-letter codes for now, and those codes are globally unique. Currency names, which are up to 10 letters long, are also globally unique.

Since inevitably there will be squatters who reserve the more popular codes and names just for speculation, and also to allow deletion and reuse of currency codes, if the issuers realized they created it with the wrong properties, we allow deletion of a currency and optionally issuing a new one with the same code (but different id). To be able to delete a currency, you need to own all existing units of that currency (i.e. need to buy them first). This way a squatter can "sell" the currency code they acquired for speculation by selling all the actual currency units he owns, and a currency issuer can delete and re-issue the currency provided nobody else owns any of it yet (or has returned it back to the issuer).

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bitcoinpaul

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Re: Monetary System documentation
« Reply #7 on: November 04, 2014, 10:51:35 am »

The next feature I'm working on is coin shuffling, you can see an initial documentation draft here:
https://bitbucket.org/JeanLucPicard/nxt/issue/135/coin-shuffling-monetary-system

Quote
Shuffling can be performed using NXT or using monetary system currency units.

True?
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semibaron

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Re: Monetary System documentation
« Reply #8 on: November 04, 2014, 11:45:24 am »

Will it be possible to include multiple MS currencies and NXT in a single transaction?

For example:
10 X
20 Y
30 NXT
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Riker

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Re: Monetary System documentation
« Reply #9 on: November 04, 2014, 12:58:37 pm »

The next feature I'm working on is coin shuffling, you can see an initial documentation draft here:
https://bitbucket.org/JeanLucPicard/nxt/issue/135/coin-shuffling-monetary-system

Quote
Shuffling can be performed using NXT or using monetary system currency units.

True?

Yes, to start the shuffling process you specify the currency code, if currency code is not specified then shuffling works on NXT itself.
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monsterer

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Re: Monetary System documentation
« Reply #10 on: November 04, 2014, 01:00:58 pm »

What this brief outline document is missing is a 'use cases' section - I'm still personally not clear on what it is useful for apart from cross-chain transfer and insured assets.
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Riker

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Re: Monetary System documentation
« Reply #11 on: November 04, 2014, 01:02:13 pm »

Will it be possible to include multiple MS currencies and NXT in a single transaction?

For example:
10 X
20 Y
30 NXT

Are you referring shuffling? If so, shuffling works on the same currency and the same amount for all participants. To understand the process take a look at https://bitcointalk.org/index.php?topic=567625.msg6370451#msg6370451
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bitcoinpaul

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Re: Monetary System documentation
« Reply #12 on: November 04, 2014, 01:05:56 pm »

The next feature I'm working on is coin shuffling, you can see an initial documentation draft here:
https://bitbucket.org/JeanLucPicard/nxt/issue/135/coin-shuffling-monetary-system

Quote
Shuffling can be performed using NXT or using monetary system currency units.

True?

Yes, to start the shuffling process you specify the currency code, if currency code is not specified then shuffling works on NXT itself.

This is porn.
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Riker

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Re: Monetary System documentation
« Reply #13 on: November 04, 2014, 01:13:58 pm »

What this brief outline document is missing is a 'use cases' section - I'm still personally not clear on what it is useful for apart from cross-chain transfer and insured assets.

From talking to people about this feature the following use cases came up:
1. Issue a specific currency for a non-nation state entity like a small city, a company, a web site, MMORPG etc, use as a token to represent something.
2. Use currency as a tool to track some real world entity like bank account balances but using a decentralized network.
3. Issue an altcoin without coding and without setting up a network.

But, its really difficult to predict how useful this becomes. NXT is an experiment after all.
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semibaron

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Re: Monetary System documentation
« Reply #14 on: November 04, 2014, 01:55:56 pm »

Will it be possible to include multiple MS currencies and NXT in a single transaction?

For example:
10 X
20 Y
30 NXT

Are you referring shuffling? If so, shuffling works on the same currency and the same amount for all participants. To understand the process take a look at https://bitcointalk.org/index.php?topic=567625.msg6370451#msg6370451

No, I didn't mean coin shuffling. Just want to know if I can put more than 1 currency in one transaction. I want to send you 10 XCoins AND 5 NXT in a single transaction.
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Riker

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Re: Monetary System documentation
« Reply #15 on: November 04, 2014, 02:03:34 pm »

No, I didn't mean coin shuffling. Just want to know if I can put more than 1 currency in one transaction. I want to send you 10 XCoins AND 5 NXT in a single transaction.

No, it complicates implementation since we have to deal with issues like:
How many currencies to allow per transaction to prevent spamming ?
What if the same currency appears twice ?
Calculate inter currency balances to prevent submitting some complex cyclic currency movements etc.
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Darkhorse

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Re: Monetary System documentation
« Reply #16 on: November 04, 2014, 02:31:45 pm »

Please train/develop some experts from the nxt community in  monetary system. It will be very useful later on.
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msin

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Re: Monetary System documentation
« Reply #17 on: November 04, 2014, 03:36:15 pm »

Will there be a fee for creating a currency? or Instead of a fee, will there be a minimum of locked Nxt to create a currency, say 1k?
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Riker

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Re: Monetary System documentation
« Reply #18 on: November 04, 2014, 03:53:32 pm »

Will there be a fee for creating a currency? or Instead of a fee, will there be a minimum of locked Nxt to create a currency, say 1k?

Same fees as assets i.e. 1000 NXT for currency issuance. 1 NXT for any other transaction.
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semibaron

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Re: Monetary System documentation
« Reply #19 on: November 04, 2014, 04:12:08 pm »

No, I didn't mean coin shuffling. Just want to know if I can put more than 1 currency in one transaction. I want to send you 10 XCoins AND 5 NXT in a single transaction.

No, it complicates implementation since we have to deal with issues like:
How many currencies to allow per transaction to prevent spamming ?
What if the same currency appears twice ?
Calculate inter currency balances to prevent submitting some complex cyclic currency movements etc.

What's with 1 Currency and 1 NXT?
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