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Assets #24

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Tracked by #26
vladiuz1 opened this issue Sep 14, 2021 · 6 comments
Open
Tracked by #26

Assets #24

vladiuz1 opened this issue Sep 14, 2021 · 6 comments

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@vladiuz1
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vladiuz1 commented Sep 14, 2021

We need to create the assets entity.

Assets is a list of symbols, each one of them representing an "asset" - this is a group of coins or tokens of the same value, that can be easily exchanged between each other at 1:1 ration (minus commision), reside on differrent networks, and can be grouped under the same symbol/logo of original value.

This is one way to do it:

These assets need to be configured in the /assets/ folder (same level as /networks/ folder) in the root repo directory.

Trustwallet has assets under the network folder, but i didnt notice the connection between the cross-network assets such as "USDC", "USDT", etc other than the symbol name.

Thing is symbol names may not match in some cases. They could be different in different networks.

For example, BTC has a different symbol in Ethereum - its WBTC, however, some CLIents show this as BTC in ethereum too. So we need to let the user decide what network and symbol he wants to choose as his underlying coin or token on selected network.

image

The assets will become the grouping key for different wallets on different networks. And even tokens of the same value on the same network can be grouped together... e.g. renBTC, WBTC, bBTC, etc etc..

Now its hard to decide which of these assets need to belong to the BTC group. The primary trait that will lead to grouping to the BTC asset shall be the exchange rate. The exchange rate of BTC should be identical of the primary BTC coin... So if this rate is different, the token should not be grouped under the same asset. There could be discrepancies in the rate, like eth's WBTC and BTC have very similar price, but nevertheless i have seen them differ by 1%.

On the other hand there are two currencies that are of the same value, nevertheless these are different assets:
USDC, USDT. They too have representations in multiple networks. These are two different assets because they are stable coins and they are controlled by 2 different entities and have a different logo.

This was referenced Sep 22, 2021
@VitaliyShulik
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@VitaliyShulik
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VitaliyShulik commented Oct 2, 2021

@VitaliyShulik
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VitaliyShulik commented Oct 2, 2021

@VitaliyShulik
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@VitaliyShulik
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@VitaliyShulik
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This was referenced Oct 20, 2021
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