Testnet 6: Price Peg
Today we are releasing the Price Peg Feature release on Testnet 6.
You can download the respective binaries here:
Our goal was to feature freeze by February 18th and we made it!
Now when you list an offer to sell an item, you are able to choose from a price peg so that your price can be tracked in terms of the currency you chose.
Note: on the live version this will be very important to choose wisely here because it is possible that the price peg provider can manipulate the price and make off with your wares. However a trusted price peg provider would ensure that you are hedged against the price that you are targeting.
More information will be provided with the launch of the marketplace.
Here are some screenshots from that process:
There is also
minimum SFX price and that is there to safe guard against a drastic drop in the Safex Cash exchange rate or manipulation or general error by the price peg provider. In that case only up to the minimum amount would be accepted.
Suppose that you are selling a product for $100, and suppose that currently 1 SFX is 1$ and the peg reflects that. You anticipate the most SFX can appreciate is to 2$ so you accept that at worst you will take 50 SFX
So even if the price peg sets the price to $5: 1SFX then you will still only take 50 SFX instead of the 20 SFX the price peg would have adjusted your listing price to.
You can then manually adjust the minimum accepted amount. A more prevalent explanation is due and will be made available on the launch.
During the last week Igor has been iterating through many of the bugs that our testing group has dug up. There are lots of them and that is an indication of a great testing group identifying issues in the system.
Here is the fixes list from last week:
- Fixed print format for the output when listing accounts/offers/price pegs Now it has been prettified
- Error checking if you are staking less than the minimum required amount (10,000) on the wallet side this is enforced
- Created a patch so offers can be created with 0 price so you can sell an item for free
- Fixed purchase edited offers - there was error that you couldn’t purchase an offer that got edited, this is now fixed.
- RPC call when you want to list offers: only returned active offers and those with a quantity greater than 0
- You can now put a
-as part of your account name
- Now when you create an account locally, it will check first if the account is already created in the blockchain before giving you the impression that you can create that account (this is a wallet related issue that is now resolved)
- When rescanning the blockchain you don’t see duplicated safex offers anymore. When you resynced the wallet you would see your own offers twice in the list on your wallet. This is now resolved.
- Added more error checks in the wallet
- An error check that prevents your price from being bigger than the money supply
- Feedback rating is now from 0-3
The intention for feedback is: 0 is negative, 1 is neutral, 2 is positive, 3 is trusted
- Fixed an issue where if you bought the same product twice, the second instance or any subsequent instance of feedback transactions would be rejected as a double spend. This issue is now resolved and for each purchase you can leave an individual feedback as expected.
- Wallet rescan no longer stores duplicates of feedback similar to the issue that existed with rescans and offers displayed in the wallet.
- When calling show_transfer the wallet did not differentiate between the new transaction types such as stake/unstake/list offer/purchase/feedback/price peg etc it would say that the output is unknown but now the wallet interprets the differences and displays appropriately.
The next steps is to continue with Testnet 6 and gain the feedback from this round and see what issues remain to be fixed.
Development into the marketplace wallet has begun. As previously discussed in the updates: we had lost the handle on the gosafex module due to the team that built it gaining funding for their personal startup and losing the attention that we needed to complete it, and so far we have not found a replacement team.
So, the strategy we devised to extend the functionality of the orbiter wallet platform is front and center. Igor and Daniel will be sorting out that together with Daniel having already started on the Graphical User Interface.
The TWM Wallet will have a two fold system. One is an API to store the big data such as pictures, public keys for encrypting messages, the encrypted messages themselves, and other types of sorting and meta content needed for a smooth flowing marketplace application.
The API will enable to creation of a website as well for browsing and interacting with products. However, all of the functionality will be at first exposed into the wallet that is dubbed: TWM Wallet.
The wallet side of the project involves extending the functionality of the Orbiter platform however we will not be using any of the orbiter GUI functionality and will establish it all from scratch. Igor will tackle exposing the marketplace functionality and token staking functionality that is already in the Command Line Version that we’ve been using for testing into a format that is consumable by the GUI.
The rush now is to complete a GUI that we can click on while we launch the marketplace application v1. Here we go.
The Safex Development Community