Allow XCP asset owner to have pre-registered assets


#1

I propose that we allow Counterparty.BTC asset issuers to have some of their assets be “grandfathered” in to the counterparty.cash chain.

I propose the following:

  • For a time period of 1000 BTC blocks, users of Counterparty.BTC can broadcast a special message announcing their intent to issue the asset on counterparty.cash. At the close of the 1000 BTC blocks, the assets will be reserved by the corresponding address on the counterparty.cash chain.

  • The 1000 BTC blocks time period should end before the Counterparty.BTC burn period.

  • The reservation must be used on the counterparty.cash chain during the burn period or it will expire and the asset may be issued by any address.

  • One message must be broadcast per asset reserved. This provides a non-trivial anti-spam fee and encourages the reservation of only assets the owner intends to use.


#2

Do you mean “allow Counterpart.io asset issuers”?


#3

No. I am referring to the Counterparty chain on Bitcoin Core when I use “Counterparty.BTC”.


#4

Counterparty.BTC is not a real platform. The platform is Counterparty.io where all the original assets were created.

Instead of a convoluted formula based on time periods, reservations and broadcasting, simply pick the August 1st, 2017 date and clone the assets as they were in place at that time, with the same access codes to the system. Or tell me this is not possible.


#5

You mean old asset owners can claim their assets or who have best softwares can make list and get all good assets?


#6

This is best way if possible.


#7

I mean that if you own an asset on Counterparty as of August 1st, 2017, then you will own the same asset on the the Counterparty.cash platform.


#8

This sounds fair…


#9

So for a short period, XCPC has to parse two chains at the same time? I favor simply cloning the assets and letting their registrations expire after a certain number of blocks unless XCPC is used to register the assets again.

There could be opportunities to improve the protocol to prevent squatting.
For example something like this: After 20160 blocks of no asset related activity other addresses can broadcast intentions to register with varying amounts of XCPC set into escrow. After another 1000 blocks, the winning address with the most XCPC in escrow gets the registration with its escrowed XCPC burned. The losers get their XCPC back.


#10

We won’t need to actively parse the old chain, we just need to take a one-time snapshot and put it to the source code.

Your ideas are good. But they are significantly more complicated. I also like the idea of continued asset “registration” fees. But the consequences are too severe if someone forgets to pay their yearly asset fee. And the implementation for this is too complicated as well.