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  CIP: 3
  Title: Reset Token & Divisibility Statuses for Unused Asset
  Authors: JP Janssen
  Discussions-To: https://counterpartytalk.org/t/cip-reset-token-divisibility-statuses-for-unused-asset/1643
  Status: Draft
  Type: Standards
  Created: 2015-12-03

Abstract

If the asset owner holds the entire supply and the asset is not locked, then allow the owner to reset the supply (e.g. set the supply at zero) and change the divisibility status.

Motivation

More than 30,000 assets are unused. If or when they get a use case it may be beneficial to change the divisibility status and/or reset the coin supply.

Rationale

The best asset names have been registered by squatters for the sole purpose of reselling them later. Future projects may want to buy these names. Currently an asset is stuck at the initial divisibility status and coin supply. By allowing the owner to reset these, the projects involved will benefit. If this is limited to assets where the owner holds the entire supply and the asset is not locked, I cannot see anyone being harmed by allowing this.

Specification

The create_issuance API call will include a new reset flag. A reset is valid only if the owner holds the entire supply and the asset is not locked. The divisibility status can be changed. The supply can be set at any value >= 0 (and below the upper limit).

Example use cases

Alice owns GOLD. The supply is 88,888,888 shares. Bob is setting up a GOLD ETF on Counterparty and intends to let one share represent 1 oz of gold. The ETF's total supply is only 10,000 oz. Alice wants to sell GOLD to Bob, and Bob would have been interested if he could set the supply to 10,000 shares.

Carol registered ODIN long ago. Now she plans to make a card game with ancient gods. Players are encouraged to trade on the DEX but ODIN is divisible and cards should not be that. If someone puts an ODIN card for sale, a troll may match the order with a millionth of a card, hence destroying the card (this actually happened with a Spells of Genesis card)

Copyright

This document is placed in the public domain.