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jl777
2019-04-08 05:29:47 -11:00
parent 74aa8a9536
commit 01be71fd44
1 changed files with 8 additions and 1 deletions
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src/cc/pegs.cpp
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@@ -53,8 +53,15 @@ pegs CC is able to create a coin backed (by any supported coin with gateways CC
(1000 KMD, -1200 USD, 200KMD reserve, -160KMD, issue $1600 USD, 40 KMD reserve) 1000 KMD with 2800 USD issued so $2200 reserves. Let us assume it can be liquidated at a 10% discount, so for $2000 in addition to the $2800, the 5000 KMD is able to be withdrawn. This removes 4800 USD coins for 1000 KMD, which is a very low reserve amount of 4%. If a low reserve amount is removed from the system, then the global reserve amount must be improved.
In addition to the global reserves calculation, there needs to be a trigger percentage that enables positions to be liquidated. We also want to liquidate the worst positions, so in addition to the trigger percentage, there should be a liquidation threshold, and the liquidator would need to find 3 or more better positions that are beyond the liquidation threshold, to be able to liquidate. This will get us to at most 3 accounts that could be liquidated but are not able to, so some method to allow those to also be liquidated. The liquidating nodes are making instant profits, so they should be expected to do whatever blockchain scanning and proving to make things easy for the rest of the nodes
In addition to the global reserves calculation, there needs to be a trigger percentage that enables positions to be liquidated. We also want to liquidate the worst positions, so in addition to the trigger percentage, there should be a liquidation threshold, and the liquidator would need to find 3 or more better positions that are beyond the liquidation threshold, to be able to liquidate. This will get us to at most 3 accounts that could be liquidated but are not able to, so some method to allow those to also be liquidated. The liquidating nodes are making instant profits, so they should be expected to do whatever blockchain scanning and proving to make things easy for the rest of the nodes.
One last issue is the normal redemption case where we are not liquidating. In this case, it should be done at the current marketprice, should improve the global reserves metrics and not cause anybody whose position was modified to have cause for complaint. Ideally, there would be an account that has the identical to the global reserve percentage and also at the same price as current marketprice, but this is not realistic, so we need to identify classes of accounts and consider which ones can be fully or partially liquidated to satisfy the constraints.
looking at our example account:
(1000 KMD, -1200 USD, 200KMD reserve, -160KMD, issue $1600 USD, 40 KMD reserve)
what sort of non-liquidation withdraw would be acceptable? if the base amount 1000 KMD is reduced along with USD owed, then the reserve status will go up for the account. but that would seem to allow extra USD to be able to be issued. there should be no disadvantage from funding a withdraw, but also not any large advantage. it needs to be a neutral event....
UNSOLVED selection, account adjustment issue
Now, we have a decentralized mechanism to handle the price going lower! Combined with the fully decentralized method new USD coins are issued, makes this argubably the first decentralized blockchain that is both backed and pegged. There is the reliance on the gateways CC multisig signers, so there is a fundamental federated trust for chains without intrinsic value.