Assets - FAQ

Can I change x after creation of the asset

The following parameters can be changed after creation:

  • Issuer

  • UIA-Options:

    • Max Supply

    • Market Fee

    • Permissions (disable only/nor re-enable)

    • Flags (if permissions allow it)

    • Core exchange rate

    • White/Black Listing

    • Description

  • MPG-Options:

    • Feed Life Time

    • Minimum Feeds

    • Force Settlement Offset/Delay/Volume

Things that cannot be changes:

  • Symbol

  • Precision

A guide can be found here.

Can I change the issuer?

The current issue of an asset may transfer ownership of the asset to someone else by changing the issuer in the asset’s settings.

What about Parent and Child assets?

A parent/child relation ship for assets can be represented by the name of the symbol, e.g.:

PARENT.child

can only be created by the issuer of PARENT and no one else.

What happens to the asset creation fee?

50% of the asset creation fee are used to pre-fill the assets fee pool. From the other 50%, 20% go to the network and 80% go to the referral program. This means, that if you are a life-time member, you get back 40% of the asset creation fee after the vesting period (currently 90 days).

Fee Pool

What is Fee Pool Draining?

If an order is created and paid in a non-BTS asset, the fee is implicitly exchange into BTS to pay the network fee. However, if the order is canceled, 90% of the fee will be returned as BTS. The result is, that if the core exchange rate is lower than the highest bid, people can simply buy your token from the market, and exchange them implicitly with the fee pool by creating and canceling an order. This will deplete the fee pool and leave the issuer with his tokens at a slight loss (depending on the offset of the core exchange rate). For this reason, we recommend to use a core exchange that is slightly higher than the market price of your asset. As a consequence, paying fees in BTS should always be cheaper.

What is the fee pool all about?

The fee pool allows participants in the network to deal with assets and pay for the transaction fees without the need to hold BTS. Any transaction fee can be paid by paying any asset that has a core exchange rate (i.e. a price) at which the asset can be exchange implicitly into BTS to cover the network fee. If the asset’s fee pool is funded, the fees can be payed in the native UIA instead of BTS.

Note

The core exchange rate at which a fee can be exchanged into BTS may differ from the actual market valuation of the asset. A user, thus, may pay a premium or spare funds by paying in BTS.

Warning

Make sure your core exchange rate is higher than the lowest ask, otherwise, people will buy your token from the market and drain your fee pool via implicit abitrage.

It is the task of the issuer to keep the fee pool funded and the core exchange rate updated unless he wants the owner of his asset to be required to hold BTS for the fee.

What to do if the fee pool is empty?

Open up the issuer’s account, click the assets tab and open up the dialog to change the asset. There will be a fee pool tab that allows you to fund the fee pool and claim the accumulated fees!

Market Fees

What are Asset Flags and Permissions?

When an asset is creatd, the issuer can set any combination of flags/permissions. Flags are set in stone unless there is permission to edit. Once a permission to edit is revoked, flags are permanent, and can never be modified again.

What are the Flags?

  • charge_market_fee: an issuer-specified percentage of all market trades in this asset is paid to the issuer

  • white_list: accounts must be white-listed in order to hold this asset

  • override_authority: issuer may transfer asset back to himself

  • transfer_restricted: require the issuer to be one party to every transfer

  • disable_force_settle: disable force settling

  • global_settle: (only for bitassets) allows bitasset issuer to force a global settling - this may be set in permissions, but should not be set as flag unless, for instance, a prediction market has to be resolved. If this flag has been enabled, no further shares can be borrowed!

  • disable_confidential: allow the asset to be used with confidential transactions

  • witness_fed_asset: allow the asset to be fed by witnesses

  • committee_fed_asset: allow the asset to be fed by the committee

What are the Permissions?

  • Enable market fee

  • Require holders to be white-listed

  • Issuer may transfer asset back to himself

  • Issuer must approve all transfers

  • Disable confidential transactions

What happens if I enable Market fees?

If Market Fees of a UIA are turned on, fees have to be payed for each market transaction. This means, that market fees only apply to filled orders!

The percentage of market fees that are applied can be defined and changed by the issuer and any fee generated that way will be accumulated for each asset only to be claimed by the issuer.

If the Market Fee is set to 1%, the issuer will earn 1% of market volume as profit. These profits are accumulated for each UIA and can be withdrawn by the issuer.

What if two different market fees are involved in a trade?

Suppose, I set the market fee for MyUIA market at 0.1%. and the market fee for YourUIA market at 0.3%.

In BitShares, You pay the fee upon receiving an asset. Hence, one side will pay 0.3% the other will pay 0.1%.

Market Pegged Assets

Can I use the same flags/permissions as for UIAs?

Yes!

What are market-pegged-asset-specific parameters?

  • feed_lifetime_sec: The lifetime of a feed. After this time (in seconds) a feed is no longer considered valid.

  • minimum_feeds: The number of feeds required for a market to become (and stay) active.

  • force_settlement_delay_sec: The delay between requesting a settlement and actual execution of settlement (in seconds)

  • force_settlement_offset_percent: A percentage offset from the price feed for settlement (100% = 10000)

  • maximum_force_settlement_volume: Maximum percentage of the supply that can be settled per day (100% = 10000)

  • short_backing_asset: The asset that has to be used to back this asset (when borrowing)