Asset Registration Policy
Effective January 1, 2018
Byteball Market manages an independent asset registry ("Registry") for the Byteball Network. This document is to help Byteball Hub operators ("Hubs") decide if the asset registration policies (the "Policies") described here meet their standards to broadcast asset names to connected wallets. Hubs should review the Policies from time to time and any modifications made thereto. Modifications to these Policies are effective as of the date and time they are posted on this site.
At least the following key data elements are recorded by the Registry in its own database:
The Registry is open to anyone to issue and register any assets by any names. By default every issuer is unverified ("Unverified Issuers").
The Registry offers a procedure for issuers to validate their identity ("Verified Issuers"):
The Registry never verifies the validity of the Short Asset Name and the Ticker. As a result they may be redundant across multiple issuers, eg. USD might be registered by multiple issuers such as Bank of America, Chase or Wells Fargo.
The current Byteball Asset Metadata implementation defines a single data element to name assets (the "Byteball Asset Name"). Maintaining the uniqueness of the Byteball Asset Name is preferred in order to reduce confusion and potential scams.
The Registry ensures that Verified Issuer names are unique in its own database. If two issuers have the same name, the name is assigned on a first-come basis: the second issuer will have to distinguish their name from the first one eg. by assigning a sequence number or other verifiable property of the issuer eg. location.
Uniqueness of names registered by Unverified Issuers is not guaranteed.
To ensure uniqueness of the Byteball Asset Name, the Registry publishes names in the following format:
[Short Asset Name] by [name of the Verified Issuer]
Examples are: Bitcoin by Bittrex, US Dollars by Bank of America, Airmiles by Delta.
The Registry publishes asset metadata to the Byteball DAG of Verified Issuers by posting a data unit authored by the Byteball address ("Verified Registry Address") as below:
Asset metadata of Unverified Issuers is never published by the Verified Registry Address.
The following metadata is posted to the Byteball DAG:
After publishing the asset metadata in the DAG, it is permanent and immutable. Changes may be published in a separate Byteball unit, Hubs may propagate those changes to the user wallets.