BitShares 6.0 Hard Fork

🚀BitShares 6.0: No-collateral funding feature; P2P pledge lending (no price-based liquidation); Multiple Black Swan Disposal Methods and more

⏰The Hard Fork time will be at November 2, 2021 14:02:02 PM UTC

✅BitShares 6.0 Testnet Available Now on https://test.xbts.io

⛓Pre-release BitShares test-6.0.0 https://github.com/bitshares/bitshares-core/releases/tag/test-6.0.0
🤩Part of the content:
https://bitsharestalk.org/index.php?topic=33069.0
https://bitsharestalk.org/index.php?topic=33074.0
https://bitsharestalk.org/index.php?topic=33121.0
https://bitsharestalk.org/index.php?topic=33200.0

🔵BitShares Core 6.0.0 Release Notes:
Same Transaction Funding:
This upgrade will enable BitShares users set up fund pools with interest fees from which arbitrage bots can borrow and trade without collateral, as long as the funds are returned with interest before the transaction is completed. Failure to meet up with the conditions of the loan would lead to a reversal in the transaction.

P2P pledge lending:
This upgrade would enable users to offer simple P2P loans that do not have margin calls but use a time period and other set of conditions for repayment. Users can borrow with collateral and pay back before the loan expires or forfeit the collateral to the lender.

Black Swan Response Methods
Three new BSRMs have been added to bitassets, they are:

No settlement (Global Settlement Protection)- As the name implies it prevents global settlement from happening and instead the settlement price is capped at the collateral ratio of the under-collaterised positions to enable the debt positions to be paid off if they are forced settled or margin called, this method gives the borrowers more time to adjust their MCRs, and discourages forced settlement because forced settlement price becomes lower than market prices.

Individual Settlement to fund Pool- This method settles the under-collaterised positions quickly and locks the collateral into a fund pool. The collateral can then be claimed via forced settlement at a price that is capped to its collateral ratio in order to prevent other debt positions from being called. This method allows for borrowers with good MCRs to be protected from forced settlements.

Individual Settlement to order book- This method closes the under-collaterised debt positions and moves them to the limit order book for them to be bought. The derived settlement price is not capped leaving other debt positions at risk of forced settlement. This method doesn’t favor the borrowers and encourages forced settlement, however it allows those with good MCRs to adjust or setup new debt positions.

Missing Asset Authorisation Checks for certain Operations:
This upgrade pertains to whitelisting and blacklisting of an asset’s settlement, collateral bidding or updating operation, and creation of vesting balance. This means that if a user is blacklisted by the owner of an asset, he cannot perform those operations.

Add option for MPA owners to disable collateral bidding:
When asset is GSed, users can bid for the collateral in the fund pool in order to revive the asset, if this setting is active, that option would no longer available as a means of reviving the asset from Global Settlement.

Allow bitAsset options to be updated after Global Settlement

Match Force Settlement with Margin call at normal Margin call fill price:
This upgrade removes the need for force settlement delay.

Revive Global Settled bitAsset based on ICR rather than only MCR:
This option allows for a bitAsset to be revived when the CR of existing bids plus settlement funds exceed both the ICR and the MCR of the asset, this allows for the new debt positions to be far away from margin calls. The ICR to be used is set by the owner of the asset, by default ICR are always equal to the MCR of the asset and if ICR is less than MC a Margin call is triggered.

Skip asset authorization checks for override transfer

Updating the settings for assets added to liquidity pools in accordance with whitelist and blacklist:
This prevents blacklisted asset from being swapped in liquidity pools.

Thanks to Victor from BitShares Nigeria for preparing the detailed description https://bitshares.ng/bitshares-core-6-0-0-release-notes/#page-content

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