From 482b9dcef45634141975ca094800543ea7f785d5 Mon Sep 17 00:00:00 2001 From: Devin Bileck <603793+devinbileck@users.noreply.github.com> Date: Mon, 11 Feb 2019 22:56:51 -0800 Subject: [PATCH] Fix incorrect dust limit The Bitcoin dust limit is 546 satoshis, not 2730. Therefore the smallest possible BSQ amount to transfer is 5.46 BSQ. --- dao/specification.adoc | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/dao/specification.adoc b/dao/specification.adoc index 8385233..7452921 100644 --- a/dao/specification.adoc +++ b/dao/specification.adoc @@ -8,7 +8,7 @@ NOTE: This document is a detailed technical specification for the Bisq DAO and B BSQ tokens are based on Bitcoin and use the Bitcoin blockchain similar to colored coins. We don't use any existing colored coin implementation because our use case requires some extra features which are not supported by those (e.g. decentralized issuance). Besides that, we did not want to introduce any external dependencies to a company or Altcoin. As Bitcoin is the default base currency in Bisq anyway, and our requirements can be 100% covered by the basic features Bitcoin provides we decided to build our custom colored coin solution on top of the Bitcoin blockchain. We don't have the ambition to provide a general purpose solution but have designed the model according to the concrete requirements of Bisq DAO. -Technically a BSQ token is the same as Bitcoin but it adds some additional rules. A BSQ token is denominated as 100 Bitcoin satoshis so it can be divided in 100 subunits, leading to the smallest unit of 0.01 BSQ, which is equivalent to 1 satoshi. Bitcoin requires that the minimum amount of a transaction output is 2730 satoshis (dust limit) so for transferring BSQ tokens we inherit that limitation. The smallest possible BSQ amount to transfer is therefore 27.30 BSQ. As BSQ tokens are inherently BTC they will have at least the market value of the Bitcoin satoshis. So 1 BSQ = 100 satoshis >= the market value of 0.00000100 BTC, which equals about 0.02 USD at a market price of 20 000 USD/BTC. The real market value of a BSQ token will be decided by the market once trading has started and will be the sum of that underlying BTC value with the value traders see in the Bisq project. +Technically a BSQ token is the same as Bitcoin but it adds some additional rules. A BSQ token is denominated as 100 Bitcoin satoshis so it can be divided in 100 subunits, leading to the smallest unit of 0.01 BSQ, which is equivalent to 1 satoshi. Bitcoin requires that the minimum amount of a transaction output is 546 satoshis (dust limit) so for transferring BSQ tokens we inherit that limitation. The smallest possible BSQ amount to transfer is therefore 5.46 BSQ. As BSQ tokens are inherently BTC they will have at least the market value of the Bitcoin satoshis. So 1 BSQ = 100 satoshis >= the market value of 0.00000100 BTC, which equals about 0.02 USD at a market price of 20 000 USD/BTC. The real market value of a BSQ token will be decided by the market once trading has started and will be the sum of that underlying BTC value with the value traders see in the Bisq project. ==== Wallet