I followed through on an idea I had for an asset without a central issuer and I want to share this experiment with the community and hopefully get some people to help me with the issuance. If you would like to join this coalition please follow the instructions here: https://github.com/Buskcoin/The-Chain-Gang
You can view the code in action at http://www.hodl.info. I issued a sample asset called XYZABC so you can see what it should look like if you issue it correctly.
Some attributes include:
- Counterparty assets are used as placeholders.
- Each additional issuance is voted upon by the asset holders.
- Crypto-votes are sent to burn addresses.
- asset information is stored in burn addresses
- relies on Blockscan
As of now I am the only holder but I would like to change that. I have issued 5000 and if you follow the instructions you can issue another 5000. We will issue 5000 every 1008 blocks(1 week) and vote on how they are distributed. The issuing process is a little cumbersome so my hope is to form a coalition that will focus on making improvements.
When you create your assets you can link a post in this thread in the description. If there are multiple candidates I’ll split up the issuance. https://github.com/Buskcoin/The-Chain-Gang
I made a simple doc to help explain what I’m doing here. I would love to get some feedback on this. Thanks.
So people vote on the distribution of the tokens? I think with smart contracts you can decentralize this process even further. I’ve heard ideas about this in the past, but not an implementation yet.
Do you have any ideas for possible applications?
I think one implementation would be some kind of crypto-society where you vote on new members or maybe an altcoin where you vote on the monetary supply. This is just a proof of concept but I’m sure you could create some kind of protocol to suit your needs.
The process for issuing more of an asset is kind of difficult because you can’t send out dividends to assets that you don’t own. If you want to try it I’ll vote you in . www.hodl.info
Let me know if you have any suggestions.
Someone offered me some criticism on the reddits: http://www.reddit.com/r/counterparty_xcp/comments/32ejz2/decentralized_counterparty_asset/
I just discovered this and I have added it to this list https://xcpassets.org/projects/ but i must be honest, i am a little confused on how this works? Could you provide additional documentation on what exactly you are doing here and the value that it brings?
It’s a meta asset where the head asset shifts to whatever new asset is voted upon.
The votes are sent to a burn address that points to the next head asset and vote asset(e.g. 1NEWASSET+newvoteassetR4E3r). It’s kind of like a linked list data structure.
Burn addresses are created and displayed using this code: https://github.com/Buskcoin/The-Chain-Gang/blob/master/BurnAddress.php for assets that…
a) have been issued to each holder of the previous head asset, with…
b) an extra amount that has been asked by the new issuer to be given to them and…
c) with a new vote token that will eventually point to the next asset.
So, the result is a sort of meta token where the distribution can be voted on by its holders. I don’t know how else to explain it. Please ask me questions so I can get a better idea of what I’m missing.
I could, for example, decide to issue one locked asset for myself and create a club where each member is voted on. There would be equal votes for all members unless I somehow trick the majority to vote me in again.
It may be that there is no real practical use for an asset where the distribution is voted on. It’s a proof of concept and my code is horrendous. Thank you for considering this for your site.
Your very welcome I will continue to keep tabs on this project as you develop it