Comments (7)
After the call we have decided not to have the burn and history truncation procedures for initial collectible schema. For more complex cases, we will be designing more schemas with the time
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There is a feature that is quite popular with exchanges: “split” for stocks or “redenomination” for coins. Corporations like Apple often split their share so that it becomes more affordable, and I recall that Polkadot had a redenomination recently. “Split” or “redenomination” means that every holder of an asset gets an "airdop" of multiple assets of the same type. It looks like issuing new assets, but in reality it is not that, but instead it is a change in the way that the assets are counted, e.g. as if we switched from Bitcoins to Satoshis. Maybe we could implement it on RGB schemas, in a way that this is not confused with issuing new assets.
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The point of RGB is to have equation "once we reached agreement, some party can't change it without your explicit consent; even if the majority votes for it". So it's not a tech problem, but a governance problem: RGB have no governance after genesis; not even issuer or majority can decide. It is a feature.
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My worry is that absence of splits makes RGB less compatible with normal stock exchanges. "We can't do a stock split" - that might be an argument against listing stocks in parallel on RGB along with a normal stock exchange.
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Who will be taking decision? And how to avoid contradiction to the main principle "you can't force owners into something w/o their permission?"
Were there stock splits for bearer-right assets?
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What we can do, is that we can have a "split right", which will be defined at the level of asset issuance in genesis for shares schema, and use this right to perform a split action. This will complicate schema, but it will grant the issuer an option to define that right holders, and all those who will be owning assets will know about such possibility from the very beginning.
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@sabina-sa With RGB-WG/rgb-node#19 I introduce "renomination" procedure which allows issuer (or a party defined by the issuer) to update all asset data, including:
- name
- contract (like text of contract, it's Ricardian representation or URL to it)
- precision, which will allow "splits" (if it was decreased) or "joins" (if it was increased)
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Related Issues (20)
- Make data type constants part fo the standard HOT 1
- Upgrade LNPBP-4 with merke trees
- LNPBP-2 references to an outdated stage of commitment procedure of LNPBP-1 HOT 2
- LNPBP-1 lacks standardization of public key serialization format HOT 6
- Cover multiple instances of the same pubkey in LNPBP-1 and 2 standards
- Allow bulletproof implementation upgradability in RGB schema HOT 1
- LNPBP-31: ElGamal on Secp256k1
- Write Tapret commitments standard HOT 4
- Test vectors HOT 1
- Write specification for opret-based RGB in BOLT lightning
- ticker doesn't allow numbers HOT 2
- decide future of current RGB21 implementation HOT 1
- Add contract media global state HOT 2
- RGB: Use i64 instead of i32 for Timestamps in interface standards HOT 6
- RGB-21 Schema: What should be the limit of the length of the name field? HOT 2
- RGB-21 Schema: Custom token data formatting HOT 2
- LNPBP-2: Miniscript determinism can't be used for key tweaks HOT 1
- LNPBP-2: Upgrade miniscript version requirement to v5.0.0 tagged commit
- LNPBP-38: Add support for Bifrost
- RGBv2: Reduce anchor entropy bit size by merging with txid data
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