The Asset Exchange is IEP’s built-in decentralized trading engine. Using the Asset Exchange you can create, buy and sell assets that represent data beyond simple coin transfers which opens up wide-ranging possibilities. The Asset Exchange is based on the ‘coloured coins’ concept whereby a coin or a set of coins can be designated (‘coloured’) to represent something-else.
By contrast, many crypto currencies only ever operate as just that – currencies, and nothing more. However, since the blockchain provides a trustworthy and permanent ledger of all transactions, it can be used to record far more diverse information than purely currency transactions. IEP tokens can be designated (‘coloured’) to represent other crypto coins, stocks/bonds, property, commodities, or even ideas. As a result, the IEP network can be used to trade almost anything.
The Asset Exchange is suitable for most use cases where users like to buy and sell virtual company shares, fiat-pegged assets, rewarding points or even crypto backed assets but not for HFT trading since the Asset Exchange is decentralized and running with a 60s. block-time confirmation. The Asset Exchange is completely decentralized and completely unregulated. The substantial benefits this offers are freedom, cost savings, lack of intervention and so on but also comes at a price. There is no hand-holding or policing, and scam assets can be and often are created.
Whilst the community generally picks up on these relatively quickly, if you make a mistake then there is very little recourse as transactions are irreversible. Before buying an asset, you should at least understand what an asset represents and clarify any doubts with the issuer.
Assets Usage Examples XIN assets are a convenient way to represent anything fungible and tradeable. An asset token could represent a bar of silver, a pizza redemption coupon, a share in a company, even a portion of a portfolio of other assets. By representing these things digitally on the blockchain, they can be publicly verified and easily traded. For instance assets can be used for: private equities, public equities, financial instruments of different kind, patents and much more.
Accessing the Asset Exchange In order to access the Asset Exchange, you can use wallet from which you can exchange your assets. If you do not know how to install the wallet, check out the README.txt of wallet
The Interface With the server running, access the Xin interface of your client. On the sidebar, click the menu Assets, this will give you access to the following options:
Show Assets : This item displays all assets info. This item displays assets info of an account holder.
My open Orders : Under this menu you can see all your orders that are currently open.
My Trades : This item displays all your trades.
My Transfers : This shows account holder’s asset transfers.
Last Trades : This item displays last trades.
Issue Asset : This item opens the page to issue new asset.
Search Asset : This item opens the page to search assets.
Issue Assets :
Click on the Issue Assets menu to open the Issue Assets page by which you can issue assets yourself. These will be publicly available where they can be traded for XIN and vice-versa.
The following window will pop up:
- Name : the name of the asset you intend to issue. This is also the name announced to other traders, allowing them to find this asset. you cannot issue an unnamed asset, multiple assets can be issued with the same name. Note: for this reason, pay attention to what you are buying or selling!
- Description : in this field you can briefly describe the asset being issued. It can contain any Unicode characters but should be URL-encoded. Maximum length of 1000 characters.
- Quantity: specify how many tokens you intend to create.
- Decimal : this field defines the divisibility of the token. As an example, by defining 2 decimals, the minimum amount of tokens you can sell or buy is 0.01. you can set from 0 to, at most, 8 decimals. The latter corresponds to the minimum of 0.00000001 tokens.
Search Assets :
Click on the Search Assets menu to open the Search Assets page.
Last Trades :
Click on the Last Trades menu to open the Last Trades page.
My open Orders :
Click on the My Open Orders menu to open the My Open Orders page.The My Open Orders page shows list of open buy offer and open sell offers, open buy offer shows the list of open offers which you can buy and open sell offer shows the list of open offers which you can sell.
Open buy offers :
- The Order column shows the status of your order.
- The Asset column shows the asset’s name which you want to order.
- The Price column shows the price of assets you are willing to buy.
- The Quantity column shows the quantity of assets you are willing to buy.
Open sell offers :
- The Order column shows the status of your order.
- The Asset column shows the asset’s name you want to sell.
- The Price column shows the price of assets you are willing to sell.
- The Quantity column shows the quantity of assets you are willing to sell.