The #Galactic-Milieu assets have a long history and tradition, dating back even to before the Open Transactions Server thread on the BitCoinTalk forum.
An important tradition tracing back to the first Open Transactions based server, and continued even now, is the policy of only "tokenising" HALF of the blockchain-based assets that we actually have.
I have been pondering how best to integrate HIVE into the #Galactic-Milieu's family of assets, which seems to come down to two basically different approaches; one is to start creating #Galactic-Milieu assets on the HIVE ENGINE; the other is to represent HIVE or HBD (HIVE Based Dollars) or SWAP.HIVE (the HIVE ENGINE's token representing HIVE coins) on the HORIZON and/or STELLAR platforms.
The later approach would of course invoke our policy of only "tokenising" HAVE the coins we actually have.
For example if I create an HBD token on Stellar, along with a corresponding HZHBD token on HORIZON, I will need to have on hand twice as many actual on-the-blockchain HBD as the number of such tokens I issue.
Looking at the HIVE wallet of this (@knotwork) account we can see it is shown as having 22.110 HBD of savings. If I use those savings as a basis for issuing HBD and/or HZHBD tokans I can thus issue up to 11.055 of such tokens according to my policy of only "tokenising" half of what I actually have.
There are a number of reasons for the policy, among them the idea that it causes twice as many actual coins to be "tied up" thus helping limit how much of the total value of a coin can "hit the markets", hopefully making them rarer, thus more valuable, on the markets.
An important reason for the policy is that it allows me to "freeze" the coins represented by the tokens in a much more "deep-frozen" way than would be feasible if the "frozen" coins could potentially end up having to be "bailed out" to "honour" the tokens.
By only issuing tokens representing HALF of the coins, I can deep-freeze that half so deeply that it could take weeks or months or years or even decades to "un-freeze" them.
That is because I will still have on hand the other half, and can use that other half to "redeem" the tokens without needing to go dig up the "deep frozen" ones in order to do so.
This all means that I have to issue (mint, coin) my tokens "in advance" rather than mint them "on the fly" as a lot of the sample code I have come across likes to do.
It means that I cannot use that kind of existing sample code, which anyway seems typically to also claim that it is not for "production" use.
Thus when I integrate an existing blockchain-based asset into the #Galactic-Milieu there is inevitably a kind of "bottle-neck", a limit to the size of the largest transaction anyone will be able in practice to transact using the tokens, caused by the limited number of the token that has been minted.
Notice with this example of HBD too that the HBD I have pointed to as potentially useable to "back" a token happens at the moment to be in a HBD-savings state, which means it is already frozen for three days in that it would take three days to get it out of savings; so if it is desired that people be able to "bail out" HBD or HZHBD tokens back to actual liquid HBD on the HIVE blockchain they would have to wait three days for me to "unfreeze" some HBD for them.
Would that be acceptable? Or would it make more sense that I take half my HBD out of savings first before minting tokens, so that I have liquid HBD available equal to the tokens, with which to "redeem" (honour) them, over and above the half left in savings which are technically the ones "represented by" the tokens?
Whichever way I resolve that question, the point I am trying to get across here is that issuing a new token for the #Galactic-Milieu is not as "simple and trivial", thanks to this policy of only "tokenising" only HALF of what I actually have, as it could be without that policy.
Only 11 HBD / HZBD tokens is pretty trivial though, hardly worth the trouble, no? So maybe the way to start is to simply sell a bunch of the #Galactic-Milieu assets directly for actual HBD on the HIVE blockchain until I accumulate a large enough number of actual HBD for it to seem reasonable to launch the tokens.
As has been pointed out elsewhere it is pretty simple to make a shell-script that will take the latest rates include-file and switch it around to show values in terms of any of those shown or even in terms of some arbitrary value; so here I am going to imagine that one HBD is equal in value to one US Dollar, and that one US Dollar is, as google currently claims, worth .000034 BiTCoin. Here is the Latest Rates include-file at time of writing:
...
sBCErate=153122.21314667
sBCIrate=13780.77633731
sBMCrate=19552.54020008
sBRFrate=15212.74803868
BTCrate=42813584.03489756
CDNrate=10585.68519858
CLCrate=108.65451854
sCMCrate=56493.88399007
sCRFrate=461643.06605610
CZBrate=83.03569878
DVCrate=1.00000000
sDVCrate=1292812.79329646
FBXrate=134.98386432
sGDCrate=1369121.53332294
sGFCrate=5036199.35916895
sGHCrate=353224.68424156
GMCrate=7451.09622425
sGMCFrate=281877.64577189
GPLrate=15036.29740827
GPL2rate=10423.41898222
sGRCrate=1527375.33095934
GRFrate=17165.82231841
sGRFFrate=1705292.67123287
GRPrate=196.15351145
sGRPrate=116149.12837319
I0Crate=684.52956166
IXCrate=633.81845698
LTCrate=137754.25316314
MBCrate=31348.58347707
NKLrate=510.09502242
NMCrate=2314.87630059
NRDrate=224.33055873
QBTrate=3.10471495
SPICErate=14596.07305565
TBXrate=119.18012975
UFCrate=81.25970644
UKBrate=10470.65217052
sUNFrate=226487.62145710
UNSrate=13822.64775269
USFrate=44.00548612
XGGrate=40.64064186
...
There are any number of ways we can do this, for example we can take the value of a bitcoin, shown in DeVCoins as BTCrate=42813584.03489756, and multiply it by .000034 to come up with the value of a dollar in DeVCoins according to the calculated values shown in the Latest Rates, which comes out as 1455.66185718 DeVCoins. (All the values in the default version of the Latest Rates include-file are shown in DeVCoins, mainly becuase it is typically the cheapest coin thus gives the finest granularity of values.)
Whichever way you go about it, because the Latest Rates are calculated over and over and over again from the "treasuries" until none of the values changes from one iteration to the next, the values shown are "circular" in that you can use them in any direction and they all work out the same whichever way around you do them. I already have a script I use to help me set and compare prices, which shows me a price converted into all of the assets on the Latest Rates list; using it to tell me the price of one US Dollar (aka one HBD in this assumption that an HBD is worth a USD) gives me the following list of how much an HBD should cost in each of the listed assets:
...
sBCErate=.00973835
sBCIrate=.10820571
sBMCrate=.07626419
sBRFrate=.09802034
BTCrate=.00003482
CDNrate=.14086558
CLCrate=13.72385413
sCMCrate=.02639504
sCRFrate=.00323011
CZBrate=17.95804437
DVCrate=1491.15876389
sDVCrate=.00115342
FBXrate=11.04694084
sGDCrate=.00108913
sGFCrate=.00029608
sGFFrate=8.65350717
sGHCrate=.00422155
GMCrate=.20012609
sGMCFrate=.00529009
GPLrate=.09917060
GPL2rate=.14305850
sGRCrate=.00097628
GRFrate=.08686788
sGRFFrate=.00087442
GRPrate=7.60199882
sGRPrate=.01283831
I0Crate=2.17837014
IXCrate=2.35265910
LTCrate=.01082477
MBCrate=.04756702
NKLrate=2.92329604
NMCrate=.64416347
NRDrate=6.64714951
QBTrate=480.28845981
SPICErate=.10216164
TBXrate=12.51180685
UFCrate=18.35053102
UKBrate=.14241316
sUNFrate=.00658384
UNSrate=.10787793
USFrate=33.88574687
XGGrate=36.69131921
...
I used a value of USD with only a couple of decimals for that, so it might not exactly match what you'd get using some finer-granularity value, but it gives a ballpark at least, showing for example that one HBD should be worth 0.00658384 UNF or 2.17837014 I0C or .00003482 BTC and so on.
So, is anyone interested in buying any #Galactic-Milieu assets directly using on the HIVE blackchain HBD to help me build up a stockpile of HBD with which to eventually launch HBD and/or HZHBD tokens on the STELLAR and/or HORIZON platforms?
-MarkM-
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