Aspire Assets

With Aspire, users can create their own assets (also known as “tokens”, “coins” or “currencies”) inside the gAsp blockchain. These are separate from gAsp the currency itself, but exist entirely inside ordinary gAsp transactions. Tokens can be received, stored, and sent from any gAsp address to any other. They can also be placed in cold storage. Unlike Colored Coins, Aspire tokens are not tied to the gAsp balance of any given address. This means that sending/receiving gAsp has no effect on the balance of tokens.

Among other features, Aspire adds the ability createsendtrade, and pay distributions on assets, in a fully decentralized and trustless manner. While Aspire has its own internal currency (ASP), trading and creating assets does not require anything apart from regular gAsp transaction fees.

Many of the features described below can be accessed using the Web-based Aspirewallet. Especially casual users and those without a aspireparty-cli setup can benefit from the convenience of Aspirewallet.

Creating assets

Aspire allows users to issue assets. An asset that is created within the Aspire protocol is often called a user-created token. User-created tokens are just as real as ASP or even BTC. With the asset issuance function, every user has the ability to create a new currency project inside the gAsp and Aspire ecosystem.

You can create two different types of assets:

  1. Named: A unique string of 4 to 12 uppercase Latin characters (inclusive) not beginning with ‘A’. Alphabetic tokens carry a one‐time issuance fee of 0.5 ASP to discourage spam and squatting. This fee is burned (permanently taken out of circulation). GASP and ASP are the only three and four character asset names. For more information, see the Assets section in the Aspire specification.
  2. Numeric (Free): An integer between 26^12 + 1 and 256^8(inclusive), prefixed with A. Numeric assets only require one gAsp transaction fee to be created.

The different kinds of assets

The most basic kind of asset must specify:

  • who is issuing it (source)
  • the name of the asset (asset)
  • how much of asset is being issued (quantity)
  • a description of asset (description)

It is possible to issue more of asset, but, at any one time, there can only be one address which issues asset. With that said, the Aspire protocol allows source to transfer issuance rights of asset. Moreover, an asset can also be locked, so that there can be no further issuances of it. (See the examples for instructions on how to do this with aspire-cli). A description must always be included, even if description is just an empty string; the syntax of an asset with no description isdescription="".

Beyond creating the most basic asset, it is also possible to make assets either divisible or callable. If an asset is made divisible (or callable) upon its initial issuance, it must always be divisible (or callable) with every issuance thereafter. A divisible user-created asset is, like, gAsp and ASP, divisible up to 8 decimal places. A callable asset is an asset which the issuer can call back (i.e. repurchase) from its owners at a date (call-date) and for a price (call-price) specified at the initial issuance.

Sending assets (send)

To send an asset in Aspire, one must specify:

  • who is sending the asset (source)
  • what asset source is sending (asset)
  • how much of asset source is sending (quantity)
  • to whom source is sending quantity of asset (destination)

Paying distributions on assets

It is possible to distribute funds proportionally among asset holders using the distribution function. This feature is also also known as dividend payments, depending on their desired purpose. Distributions are paid in in any distribution_asset to everyone who holds the asset in proportion to how many units he holds; specifically: Let total equal the total distribution paid out, and quantity be the total amount of asset, then:quantity-per-unit = total/quantity

Distributions can be paid out to any assets that you ownership and control over. You can freely select the currency in which distributions are to be paid out: gAsp, ASP, or any other user-created asset.

Trading on the decentralized exchange

Aspire supports peer-to-peer asset exchange: users can trade assets with no middleman and no counterparty risk. The platform upon which trading is done is Aspire’s decentralized exchange and the gAsp blockchain. In what follows trading on the decentralized exchange will be detailed and explained by means of examples. For the purposes of the following use-cases:

  • “ordern” denotes the nth order in time, give_asset n denotes the asset being given in the order, etc.
  • Sally’s creates order1 and Alice creates order2
  • give_asset2 = get_asset1

Creating an order

At its most basic level, a trade on Aspire’s decentralized exchange consists of two orders, which are matched by the protocol. When Sally is constructing her order, she must specify:

  • her address (source1)
  • the asset she will give (give_asset1)
  • the quantity of give_asset1 she will give (give_quantity1)
  • the asset she will get (get_asset)
  • the quantity of get_asset1 she will get (get_quantity)
  • how long before her order expires (expiration1)

Protocol-based trustless escrow

The Aspire protocol acts as an escrow service, and thereby eliminates counterparty risk from the exchange of assets. Once Sally publishes her order give_quantity1 of give_asset1 is debited from her address; her address is debited before her order is matched with Alice’s, and so she cannot spend those funds before expiration1 passes, i.e. until her order expires. In the meantime, Sally’s funds are not lost or borrowed, they are held by the protocol itself. If another order is placed which satisfies Sally’s order, the protocol matches them, and sends each counterparty its respective funds.

Automatic order matching on the gAsp blockchain

give_quantity1 / get_quantity1 is the “ratio” in which Sally will exchange give_asset1 for get_asset1, and is denoted by ratio1. In order for two orders to be matched, ratio1 must always be’‘greater than or equal’’ to the inverse ofratio2, Thus, if, for exampleratio2 (give_quantity1 + 1) / get_quantity1would be high enough ratio to match Sally’s bet, but ifratio2 =(quantity2 – 1) / quantity2it would not. Having been matched, the exchange is always made atratio1`. Further, when when an order is matched, the exchange is always settled as much as it can be.

A straightforward case

Suppose that Alice places order2 before expiration1 which matches order1 perfectly: give_quantity2 == get_quantity1 get_quantity2 == give_quantity1. Once Alice has made her order, the protocol debits quantity2 of asset2 from her address, and, since her order satisfies Sally’s, Alice’s order funds are sent to Alice, and Sally’s order funds are sent to Alice. This completes the trade between Alice and Sally.

Matching an order: partially fulfilling an order

For the following example, let give_quantity1 = 10 and get_quantity1 = 20, and that neither give_asset1 nor get_asset1 is gAsp. Suppose that Alice wants to match Sally’s order, does not want all 10 of give_asset; rather, she only wants 8.

Since the ratio1 == 10/20 == 1/2, Alice must ratio2 >= 2/1, to match Sally’s order. In other words Alice must offer ‘’at least’‘16 of asset_2 to get 8 of asset_1 from Sally’s order. Let’s say Alice constructs order2 such that give_quantity2 == 18 and hence ratio2 = 18/8 > 2/1. The order will be settled at ratio1: for every unit of give_asset1 that Sally gives Alice, she will get two units of get_asset1. Moreover, since every trade is settled as much and give_quantity2 == 18 Sally will receive’‘18’’ get_asset1 in exchange for 9 give_asset1.

Trading gAsp on the decentralized exchange

Suppose Sally makes an order to trade asset in exchange for gAsp, and Alice makes an order to trade gAspin exchange for asset. Upon placing order1, Sally’s account is immediately debited, as usual, and, once Alice has placed order2, it is matched with order1. However, her gAsp is not debited from her account, and the protocol will not send her Sally’s ASP until Alice sends her gAsp using Aspire’s gasppay function. If Alice sends the gAsp using gasppay in ‘’fewer than 10 blocks’’, the protocol will send her the ASP and thereby complete the transaction, otherwise, the trade expires, and the protocol will re-credit Sally’s address with give_asset. This feature is enabled on the CLI, and disabled on Aspirewallet, due to incompatibility with the browser-based security model.

Use-cases

Below are just a few of the many uses of assets, feel free to propose new uses if you find them.

Betting

Aspire turns the gAsp blockchain into a betting platform and prediction market. Oracles can create broadcasts of information, and users can then place bets on these broadcasts. Funds are escrowed automatically by the protocol, and benefit from being stored securely inside the gAsp blockchain. Funds placed on bets are be provably inaccessible until the bet is resolved or expires. Oracles can set a fee fraction to receive for their betting feeds, providing incentive to run their broadcasts.

Tickets & Coupons

Assets can be used as tickets to a music event, parking tickets, coupons, etc.

Token Controlled Access (TCA)

Token Controlled Access is the idea of granting access to private forums, chatrooms, games, projects or other social media based on the ownership of tokens. Different types of tokens represent different types of membership, and holders of that token can register and/or view the restricted content. To invite new users, smaller fractions of these tokens can be transferred. If the token is indivisible and scarce, it will limit the amount of users others are able to invite. These tokens are also publicly tradable on the DEX and therefore can have a monetary value, and/or one proportional to other types of these tokens.

Proof of Publication

Using broadcasts, users can publish timestamped information onto the gAsp blockchain. This makes it possible to verifiy that something has been posted at a certain time, and it cannot be deleted.

Crowdfunding

Aspire assets can be used for crowdfunding. You can issue a certain amount of assets and sell these to start your project. Due to the high amount of trust involved, it is better to use a Aspire-based crowdfunding platform which can perform due-diligence on your project. This will provide your users trust, and demonstrate the legitimacy of your project. There is nothing stopping you from doing this on your own, but users may rightfully be suspicious about your project.

Derivatives

You can back Aspire assets with tangible goods, such as gold.

In-game Currency

To integrate your multiplayer game into the global economy, Aspire assets can also be used as in-game currency.

Altcoin Migration

If you have an altcoin that seeks to fulfill a specific purpose, but do not wish to continue mining, you can migrate it to Aspire with proof-of-burn.

Verifiable Voting

Aspire supports voting through the use of user-created tokens. This means that you can post the terms and options of your vote as a broadcast, and let users vote on its outcome with full transparency by using tokens.

If you create a token (EXAMPLE), you can create any other tokens (such as EXAMPLEVOTE) and pay distributions of EXAMPLEVOTE to all holders of EXAMPLE in one single action. Create a distribution payment and choose EXAMPLEVOTE as the currency to distribute. This way, all holders of EXAMPLE will receive EXAMPLEVOTE in the amount you specify.

Now all you need are as many different gAsp addresses as there are choices in your poll. For example: one gAsp address for yes, one for no. To cast their votes, holders of EXAMPLE can then send the EXAMPLEVOTE they have received to whichever address they agree with. The results of the poll will then be public and verifiable on the gAsp blockchain, and can be visualized in a block explorer.