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CIP: 21
Title: Adjustment for Asset-Issuance fee
Author: frank_the_tank, burstjack
Comments-Summary: No comments yet.
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Status: Draft
Type: Enhancement (Hard Fork)
Created: 2019-05-07

Motivation

The Burst Asset Exchange is a built-in peer-to-peer exchange integrated into the Burst Wallet. It allows fast, secure, and decentralized trading of Burst Assets. Because of its decentralized nature, there’s no need for outside organizations or agencies to meddle with its affairs, resulting in improved efficiency and reduced costs.

There’s a wide range of application for potential investments or trades in Asset Exchange due to the fact that Burst Assets can be used as a token for almost anything with value.

The Burst Asset Exchange is bulletproofed and successful working since Burst creation 2014. As the fee is since inception at 1,000 BURST for the creation of an Asset which can then be traded on the Asset- Exchange we like to propose a new fee with this CIP.

Abstract

Any user with a BURST-Account is able to access the Asset exchange via the wallet or the corresponding API calls.The payment of those actions(fee) will take place in BURST.
As the fee is independent from a value of an Asset or the value of an order the current fee structure need to be reviewed and adjusted.

While in a recent hard-fork (CIP03) the new minimum fee of 0.00735 BURST was introduced (previous value was 1 BURST) to all types of order handling and transfer of an asset, the adaptation for the Asset Issuing was forgotten or overlooked.

Thus, in this proposal a new fee for Asset-Issuance is suggested.

Specification

TX Action Current fee in BURST New fee in BURST
2.0 Asset-Issuance 1,000 BURST 100 BURST

Tx = Transaction type plus subtype on the chain

Explanation of Action

  • Asset-Issuance (TX 2.0)
    This fee is to be paid when a new native Asset is created on the Burst chain. As the minimum fee is adjusted from 1 BURST to 0.00735 BURST we should also adjust the fee for this action from 1,000 to 100 BURST.

Summary

Making the assumption of one BURST at one USD as a possible future scenario, it is clear that the current Asset-Issuance fees can make most use-cases infeasible. We should as a competitor to the old economy be ready for scaling and attractive pricing..

Compatibility

The change will require a hard-fork and should be introduced together with CIP20.

References

Copyright

This document is placed in the public domain.

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