Idea: Subasset Issuance Markets

The idea is to let anyone issue subassets if the asset owner has allowed it, and with a fee to the owner and under terms specified by the owner.

Some use cases:

  • MRTOKEN wants to enable anyone to register a MRTOKEN.sub for a small BTC fee (no XCP)
  • MEMECASH opens for MEMECASH.sub registrations in for a 1000 MEMECASH fee
  • MARIAH lets you register MARIAH.lastname for 10 XCP
  • COLLECTOR white lists several addresses than can register subassets

The asset owner opens up a subasset market with these parameters:

  • EXPIRY - number of blocks the subasset market is open
  • FEE_ASSET - the asset for paying registration fee

The protocol has a 0.25 XCP registration fee. This is paid for by the asset owner when a subasset is registered. The specified fee asset and amount is paid by the one who register a subasset to the asset owner. E.g. the owner of MEMECASH is paid 1000 MEMECASH by he who just registered MEMECASH.KIM but at the owner is at the same time deducted 0.25 XCP.

Additional optional parameters would be good. The owner could specify that lowercase characters are not allowed, numbers are not allowed, special character are not allowed, or anything like this. He could also make these rules permanent. He can even only allow divisible or non-divisible and min/max token amount and min/max asset name length.

An optional white list of addresses allowed to issue subassets would be useful for a project that allows certain individuals to issue subassets. If no white list specified, allow any address.

My primary reason for suggesting this was a discussion on whether numeric assets should be free. A good argument in favor of this is that new users won’t have to first go through the hassle of acquiring XCP to pay the fee. A good counter-argument is that simply paying a miner fee is unreasonably cheap.

With this suggestion MRTOKEN will pay the XCP fee himself, and he can demand an equivalent BTC fee to be paid him. Anyone can then register a subasset with BTC only.

I’m all in favor of reducing the 0.25 XCP fee too. Why not make it 0.1 XCP or even less? Why not put this fee on both subassets and nueric assets then?

An added benefit is that MRTOKEN.SOMETHING is a more user friendly name than a numeric asset.

The other features I outlined can be discussed, but I guess they will add value in many ways, especially for those who want to sell subassets for a parent currency.