No MONDO yet.
Consumed some BTS while while trying some settings.
And extra funded the pool
Well, not that much really, adjusted the MONDO-BTS core exchange rate also from 1:20 to 1:1.12. And this might be changed again, mainly to prevent a MONDO transactionpool from getting drained. This means that the MONDO reserve pool always needs to have a higher core exchange value than the real market. This pool is BTS {Bitshares} backed and the issuer of the new Asset needs to keep track of it. If it is empty, the MONDO transactions will be payed for in BTS again. The reserve pool advantage is that users can only have MONDO in their wallet and do transactions, without the need of holding BTS. It needs a well filled reserve pool though to function properly.
With creating a User Issued Asset {UIA} on the Bitshares blockchain there are a lot of settings possible. Even leaving the Smartcoin options out, it is still quite complex. Basically for the MONDO all the options, except one, were turned off. For the MONDO no confidential transactions was turned on. And the amount limit was calculated in a way that all centmil MONDO could fit in a 64 bit signed integer variable. Using 5 digits, just like Bitshares {BTS}, this creates a maximum supply of 9'223'337'036.00'000 MONDO ever. Which is comparable as 9 million to the 21 of Bitcoin, because BTC has 8 digits. In effect this means MONDO is more scarse than Bitcoin. But that is not the only way the market decides what price it will settle for. After creating an User Issued Asset {UIA} the amount is first available as a maximum supply. That means it still has to be issued. That is done by sending some, or all, of the created Current Asset Tokens {CAT} to an account. And there it wend wrong, because there is a bug in the issue part of the Bitshares client User Interface {UI}. It is being worked on to get it fixed...
More expensive, but adds value?
The way MONDO was set up means that getting it completely issued, keeping the core price above the market value handing it out, doing airdrops, keeping the MONDO transaction reserve pool filled and trading it will have its costs in BTS. This will add to the value of each MONDO issued in a way. It is way more costly than creating an Asset on the Waves DEX platform for instance. Yet there is no guarantee that the Bitshares DEX traders will see it like a valuable Asset. Because there is no market fee setting, getting the MONDO out there can become quite a challenge. And will it be used? Does it have its use, besides that it will be used for speculation? Well, there is always the possibility to burn MONDO, making it more scarse in the proces. It will be interesting to see how much of the maximum supply actually makes it onto the market.
While waiting for the bug fix
There already was one idea suggested for the usage of MONDO, by fellow Steemian @funcrypto. As it is inspired by the universal language Esperanto it was suggested by Funcrypto to use MONDO for Esperanto related purposes. To some extend this would be possible, maybe in sponsoring with MONDO. But to be used in a practical sense, the innitial settings for the MONDO were too liberal. To be able to use it for the Esperanto community it would need to have different settings, maybe even Smartcoin settings. So, for a part MONDO could be used for supporting the Esperanto community, but to be effective in usage, concerning that subject, it would have needed more strict settings right from the start. Yet, I am open to suggestions and ideas on how this could be implemented effectively.
Mondo; United we stand tall!
In Esperanto it translates to: "Mondo; Kunigitaj ni staras alta!" This about Cryptos, the Free and Open Sourced kind on Decentralized Blockchains. And the Esperanto link was used symbolicly, even though this language could be used on a worldwide scale. It is the idea behind it, one earth, one humanity, one currency. This is what Free Open Sourced Cryptos can create, already have done and will keep on doing. Yet it might need something like the MONDO to bind it all together. But then it probably should be a weighted averaged one that has no market for itself. It would be one symbolic virtual united Crypto exchange currency. For this goal a smart contract would be needed, to keep track of a lot of Cryptos out there and get an up to date weighted average value for the ONE, maybe called UNITS. And every wallet then would have a representation of whatever Crypto portfolio they have in UNITS value. Where prices would be denounced in UNITS anywhere on the planet. Well in a sense that is what the MONDO would be part of, Cryptos uniting us all, that way we stand tall...
Get your BTS address ready
Now, I think Steem Smart Media Tokens {SMT} are going to open way more possibilities than Bitshares User Issued Assets {UIA}. But they both have their own field of usage inside the Cryptos realm. So far I can state that creating and using an Asset on the Bitshares blockchain is quite expensive, compaired to others, but I think it does add to the value of an Asset. Using one like the MONDO, to sell tickets and so on, or hand out loyalty points, it is probably set up too liberal form the start. Yet, I might be a bit too carefull here. Setting up a User Issued Asset on the Bitshares platform can become quite complex and costly. Not only to create it, but also to maintain it. Yet it also gives way more serious use cases than Assets created on other blockchains. Like one that could be used for things like the Esperanto Foundation for instance. Which could also be an idea for Steem Smart Media Tokens {SMT}, reward publishers who write in Esperanto for instance.
In the meantime for the MONDO it takes a bit of a wait until the Bitshares User Interface {UI} is fixed.
May the Cryptos be with us!
The issue bug
Image MONDO cc-by-sa @oaldamster.