Skip to content
New issue

Have a question about this project? Sign up for a free GitHub account to open an issue and contact its maintainers and the community.

Sign up for GitHub

By clicking “Sign up for GitHub”, you agree to our terms of service and privacy statement. We’ll occasionally send you account related emails.

Already on GitHub? Sign in to your account

Jump to bottom

Update PR 115 (BSIP48) modify_max_supply #216

Open
wants to merge 11 commits into
base: bsips-issuer-asset-disable-modify-max-supply
Choose a base branch
from
Open

Update PR 115 (BSIP48) modify_max_supply #216

Changes from 7 commits
Commits
Show all changes
11 commits
Select commit Hold shift + click to select a range
6a51733
switch flag name to enable
jmjatlanta Sep 17, 2019
03d5a93
fix typos, revert flag name
jmjatlanta Sep 18, 2019
b93d081
Add disable_issue flag
jmjatlanta Sep 18, 2019
0d8e38d
Add changing precision
jmjatlanta Sep 18, 2019
0c8b60b
Fix typos, add some clarity
jmjatlanta Sep 19, 2019
79e4f19
Addition to specifications, risks sections
jmjatlanta Sep 19, 2019
b136220
Add new_precision to extension
jmjatlanta Sep 19, 2019
2a82116
Clarifications and fixes
jmjatlanta Sep 27, 2019
a6feb61
Added paragraph about ICO use case
jmjatlanta Sep 30, 2019
0fdb3b0
Clarify permissions and flags
jmjatlanta Oct 3, 2019
858b7ee
Fix flags/permissions, positive logic
jmjatlanta Oct 8, 2019
File filter

Filter by extension

Filter by extension
Conversations
Failed to load comments.
Loading
Jump to
Jump to file
Failed to load files.
Loading
Diff view
Diff view
80 changes: 55 additions & 25 deletions bsip-0048.md
View file
Open in desktop
Original file line number Diff line number Diff line change
Expand Up @@ -10,45 +10,75 @@

# Abstract

The possibility of creating assets on the BitShares Blockchain is a core feature
of our platform. In the case of an ico, the ico-holders can create an asset with
a fixed maximum supply. However this maximum supply can be changed by the
asset creator (issuer) anytime. This exposes participators ico to the risk,
of loosing value of their bought asset.
The possibility of creating assets on the BitShares Blockchain is a core feature of our platform. However some things are too malleable when they should not be. Other things are not flexible when they should be.

With this BSIP a flag will be introduced which forbids the modification of the maximum
supply of an issuer created asset.
Asset creators can create an asset with a maximum supply. However this maximum supply can be changed by the asset creator (issuer) anytime. This exposes token holders to the risk of their purchased asset losing value.

With this BSIP a flag will be introduced which forbids the modification of the maximum supply of an issuer created asset.

In addition, another new flag will be introduced that prevents any more tokens from being issued in the future.

And finally, the ability to change the precision of an asset will now be available as long as current supply is zero.

# Motivation

The implementation of a flag, to disable the modification of the maximum supply for
issuer created asset, has effects for both sides. On the one side the security for the
participators or non-issuer users increases, because the value of their assets (tokens)
can't be manipulated by exposing the market to more created tokens. And on the other side
it is good marketing for the ico-hoders, because they can advertise with their fixed
maximum supply.
A flag to disable the modification of the maximum supply for issuer created asset will be implemented. This has benefits for both the participants and the asset creator. Asset holders are assured the value of their assets (tokens) will not be diluted by issuers creating more tokens. Asset creators are able to market the fact that the maximum supply is fixed.
jmjatlanta marked this conversation as resolved.
Show resolved Hide resolved

A flag to disable issuing allows asset holders to be assured that the current supply will remain fixed, even if there are unissued tokens.
jmjatlanta marked this conversation as resolved.
Show resolved Hide resolved

The ability to change the precision of a created asset adds flexibility in the asset creation process.

# Rational

The `disable_modify_max_supply` is a new created flag in the `asset_issuer_permissions`.
The flag can be activated to forbid the modification of the `max_supply` (`asset_object.options`).
Once the flag is activated, it can't be deactivated.
The `disable_modify_max_supply` is a newly created flag in the `asset_issuer_permissions`. The flag can be activated to forbid the modification of the `max_supply` (`asset_object.options`). Once the flag is set to `true`, it can only be set to `false` if `current_supply` is zero.
Copy link
Contributor

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

Please be more specific. "flags" are different from "permissions". "permission" implies the permission to change the flag value, whereas the "flag" implies a specific restriction.
Same for "disable_issue".

Copy link
Contributor Author

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

Let me see if I understand you correctly. From the programmer standpoint, disable_modify_max_supply is a flag, as it is a bit. But that muddies the waters, as others see it as a "permission". So I should re-word the paragraph to make disable_modify_max_supply to be a "permission", as it is part of the "asset_issuer_permissions".

If the above is correct, I will modify the paragraph below as well.

Copy link
Contributor

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

What I mean is this: https://github.com/bitshares/bitshares-core/blob/master/libraries/protocol/include/graphene/protocol/asset_ops.hpp#L56-L59
Assets have both flags and permissions. The flag tells what is currently allowed. The permission tells if the flag setting can be changed.
An inactive permission can only be enabled when supply == 0.

Copy link
Contributor Author

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

The lightbulb just went on. Thanks for flipping the switch.

Copy link
Collaborator

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

Is this considered resolved?

Copy link
Member

Choose a reason for hiding this comment

The reason will be displayed to describe this comment to others. Learn more.

It's partially resolved. In the last commit one sentence of two got updated.


The `disable_issue` is a newly created flag in the `asset_issuer_permissions`. The flag can be activated to forbid issuance of additional tokens. Once the flag is set to `true`, it can not be changed.

Changing the precision of an asset should be easily accomplished with an `asset_update_operation`. This causes no harm while the asset is not issued.

# Specifications

This BSIP comes with a change to the protocol, which requires a propotocol upgrade.
However the changes to the code are minor.
This BSIP comes with changes to the protocol, hence requires a propotocol upgrade. However the changes to the code are minor.

For `disable_modify_max_supply`:

1. Add the `disable_modify_max_supply` flag to the issuer permissions
2. Add a `can_modify_max_supply()` the `asset_object`
3. Change the `asset_update_evaluator::evaluate` method to assert false for
1. the deactivation of the `disable_modify_max_supply` flag
2. the modification of the `max_supply` when the `disable_modify_max_supply` is set

2. Set `disable_modify_max_supply` to false for existing assets at hardfork time
3. Add a `can_modify_max_supply()` to the `asset_object`
4. Change the `asset_update_evaluator::do_evaluate` method to assert false for
1. the setting of the `disable_modify_max_supply` flag to `false` if `current_supply` is not zero or
2. the modification of the `max_supply` when the `disable_modify_max_supply` is `true`

For `disable_issue`:

1. Add the `disable_issue` flag to the issuer permissions
2. Set the `disable_issue` flag to `false` for existing assets at hardfork time
3. Add a `can_issue()` to the `asset_object`
4. Change the `asset_update_evaluator::do_evaluate` method to assert false for the setting of the `disable_issue` flag to `false` if it is currently `true`
5. Change the `asset_issue_evaluator::do_evaluate` method to assert false if `can_modify_max_supply()` returns false
jmjatlanta marked this conversation as resolved.
Show resolved Hide resolved

To change the precision:

1. Add the `fc::optional<uint8_t> new_precision` to a new `asset_update_operation.extensions` struct.
2. Change the `asset_update_evaluator::do_evaluate` method to assert false if
1. `new_precision` exists and is not equal to `asset_object.precision` and `current_supply` is not zero
2. `new_precision` causes `max_supply` to be an invalid number

# Risks

It is believed that the addition of `disable_modify_max_supply` and `disable_issue` will add security for asset holders.

The modification of the precision value carries no techincal risk, as asset creators will be unable to modify the precision once tokens have been issued.
jmjatlanta marked this conversation as resolved.
Show resolved Hide resolved

There is the risk to parties interested in acquiring the asset if the precision is changed after due diligence and before issuance.

# Discussion

Using `disable_` as names for boolean values is not advisable and can lead to confusion. However, these names were chosen for compatibility reasons. See the comments [of a similar situation here](https://github.com/bitshares/bitshares-core/pull/1375#pullrequestreview-164580457).

# Summary for Shareholders

This BSIP proposes a way to improve the user security in the context of issuer created
assets.
This BSIP proposes a way to improve the financial security of users against the dilution of a held asset. It also provides a mechanism for asset creators to modify the precision of their asset.

# Copyright

Expand Down