Feasibility of sidechains/crypto multisig gateway
Hello again bitshares community,
in October last year I proposed a worker for a decentralized crypto gateway for BTS, which ultimately failed.
The idea itself is still around though, there've been multiple situations where I witnessed people talking about it. I always felt that BTS isn't complete without it, and while I was seriously pissed how my proposal was treated at that time (and the money I lost on it), it may be time to forget the past and reconsider it. There's still no decentralized exchange offering what we could.
The problem: 30k USD still is the minimum amount I'd estimate for a simple prototype, and that's >8M BTS by now. With the experience from last time, I don't think that'd be reachable with workers in a decent amount of time.
So my idea would be to try collecting most of that without workers from the community. If a threshold (let's say 6M for now, to be discussed) is met we could regard the initial funding as successful and run a BTC crowdfunding to get more money for more development. The asset to control the parameters and earn from fees would be distributed between all funders then.
What are your opinions on the issue? Do you have the same feeling regarding the need for that gateway? Other ideas for funding? Do you maybe want to join the team for dev, design or marketing?
I really hope we can have a more fruitful discussion here than on bitsharestalk last year. This is definitely my last try ;-)
I agree that it's unlikely to get a worker approved for that.
I also think it's unlikely that some part of the community funds such development for the benefit of all - and even if such generous people can be found, it would be unfair on them.
What BitShares hasn't had when you tried last time is Fee Backed Assets. Your project is exactly what FBAs are about. I'm sure getting such a feature approved once it's been implemented would be easy, since the benefit for BitShares as a whole seems obvious to me.
We need an asset anyway, added a line to the OP. Of course the people funding it will own the asset used to control it!
I didn't know about FBAs until now, but they seem useful for sure. It would be nice to let the BTS blockchain handle distribution of fees, although it'll be a bit more complicated than letting the signers distribute them. Will need further investigation at due time. (dac income is in other cryptos/assets -> convert to bts, and use a new tx type to distribute maybe?)
As an assets has been part of the plan anyway it doesn't really change anything now.
Hey pharesim, Hoping to contribute something in this discussion.
I'm glad you're willing to reincarnate this subject. I agree, BitShares can really use a decentralized gateway to breath new life into the platform. My question, is it possible to maintain control of a decentralized gateway within the current BTS network and code? Or can this only get accomplished outside of the BTS network, hence a second chain?
I had an idea, which to me, would be an ideal situation; but at the time didn't get much feed back and I'm not even sure if it could get implemented?
That post was here... https://bitsharestalk.org/index.php/topic,21984.msg286531.html#msg286531
It wouldn't be implemented in BTS directly, but run as a service between the different blockchains. There's no additional chain involved, necessary data is held on the BTS chain. The service can connect to local or remote chains.
Control over the coins will be seperated from witnesses, a node running the gateway service is called a signer. Those are chosen by the BTS asset holders. Witnesses are of course welcome to act as a signers, but only for coins they want to run the daemon for.
Any estimate for what the Node hardware requirements would be? Could this same idea be implemented in the Cli Wallet? So that any open BTS Cli wallet could function as the "node/gateway"?
The major load will be produced by BTS & coin daemons, not our service.
It could of course be implemented into any other software. We're going a standalone route though. We're also planning an own GUI. While it will be usable with any BTS client, that wouldn't be comfortable.
Ease of use for anyone not familiar with BTS is one of the primary goals.