Difference between revisions of "BSQ"
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| − | '''BSQ''' | + | '''BSQ''' colored bitcoin tokens are the unit of account for the Bisq DAO. |
| − | =BSQ Token= | + | __TOC__ |
| − | A BSQ token is a '''coloured coin''' on the Bitcoin blockchain. | + | |
| + | == BSQ Token == | ||
| + | |||
| + | A BSQ token is a '''coloured coin''' on the Bitcoin blockchain. A single BSQ token is defined to be 100 satoshis with some additional properties that identify it as BSQ in Bisq software. | ||
| + | |||
| + | Outside Bisq, a BSQ token just looks like a few satoshis. But on Bisq, the additional properties have the following results: | ||
* the satoshis take on the market value of a BSQ token | * the satoshis take on the market value of a BSQ token | ||
* the owner of the satoshis is endowed with power to participate in various Bisq governance functions | * the owner of the satoshis is endowed with power to participate in various Bisq governance functions | ||
| − | + | You can learn the basics of coloured coins [https://youtube.com/watch?v=xQTNigsrlO4 in this 3-minute video] or see a longer treatment of the topic [https://www.youtube.com/watch?v=68_DU1c0Cac in this interview]. Technical details of BSQ tokens are available [[Bisq_DAO_technical_overview|in this document]]. | |
| − | + | === BSQ v BTC === | |
| − | + | You can see how the characteristics of a BSQ transaction differ by viewing them side-by-side on a BTC explorer and a BSQ explorer: | |
| + | * [https://mempool.space/tx/0243f99c848de4f53cb29157d10bf1cdbfcf4219f84e9997dd3cac9244ab7242 txid 0243f99c848de4f53cb29157d10bf1cdbfcf4219f84e9997dd3cac9244ab7242 on a BTC block explorer] | ||
| + | * [https://mempool.space/bisq/tx/0243f99c848de4f53cb29157d10bf1cdbfcf4219f84e9997dd3cac9244ab7242 txid 0243f99c848de4f53cb29157d10bf1cdbfcf4219f84e9997dd3cac9244ab7242 on a BSQ block explorer] | ||
| − | + | === BSQ Trading === | |
| − | + | Because BSQ tokens are only recognized by Bisq software, BSQ trading can only take place in Bisq software. | |
| − | + | While BSQ is just bitcoin, it should only be stored in a Bisq wallet. | |
| − | BSQ can only | + | {{Admonition_Warn|Please '''do not try to send BSQ to a non-Bisq wallet''', or to otherwise create your own BSQ transactions. The rules to form a valid BSQ transaction are rather complex, and even the slightest error can result in invalid BSQ. Even the [[DAO_technical_overview|technical overview]] does not cover every single detail—the only complete reference is the source code. Also note that future code changes may break custom transactions or implementations. Bisq will NOT provide support for any such cases.}} |
| − | |||
| − | |||
| − | + | === BSQ Issuance === | |
| + | |||
| + | After the genesis transaction in April 2019, BSQ can only be created through an issuance transaction (compensation request or reimbursement request). See more on BSQ's [[Introduction_to_the_DAO#Overview|issuance and burn dynamic]]. | ||
| + | |||
| + | {{Admonition_Note|The BSQ token is not associated with any kind of initial coin offering (ICO) or capital-raising initiative. It’s merely a tool to decentralize the governance of the already-functional Bisq exchange service. As of December 2018, Bisq has facilitated over 19,000 trades without major incident since it went into production in April 2016.}} | ||
| − | == | + | == BSQ Wallet == |
| − | |||
| − | |||
BSQ is stored in a Bitcoin wallet, but the Bisq software takes several measures to keep BSQ and BTC separate to prevent mixing the two by accident. On disk, BTC and BSQ wallets are stored in separate files. In the Bisq interface, BSQ wallets are prefixed with a 'B' to prevent users from mistakenly using BSQ as BTC. | BSQ is stored in a Bitcoin wallet, but the Bisq software takes several measures to keep BSQ and BTC separate to prevent mixing the two by accident. On disk, BTC and BSQ wallets are stored in separate files. In the Bisq interface, BSQ wallets are prefixed with a 'B' to prevent users from mistakenly using BSQ as BTC. | ||
| − | As an additional protection measure, Bisq wallets use a special | + | As an additional protection measure, Bisq wallets use a special BIP-44 [[Restoring_your_wallet_from_seed#Restoring_to_a_non-Bisq_wallet|derivation path]] that other wallets won’t understand. |
For user convenience, the built-in Bisq wallets for BTC and BSQ share the same seed. | For user convenience, the built-in Bisq wallets for BTC and BSQ share the same seed. | ||
| − | More details are in the [[DAO_technical_overview|technical overview]]. | + | More details are in the [[DAO_technical_overview|technical overview]]. Also see how to [[buy BSQ]]. |
[[Category:DAO]] | [[Category:DAO]] | ||
Revision as of 20:35, 6 April 2021
BSQ colored bitcoin tokens are the unit of account for the Bisq DAO.
BSQ Token
A BSQ token is a coloured coin on the Bitcoin blockchain. A single BSQ token is defined to be 100 satoshis with some additional properties that identify it as BSQ in Bisq software.
Outside Bisq, a BSQ token just looks like a few satoshis. But on Bisq, the additional properties have the following results:
- the satoshis take on the market value of a BSQ token
- the owner of the satoshis is endowed with power to participate in various Bisq governance functions
You can learn the basics of coloured coins in this 3-minute video or see a longer treatment of the topic in this interview. Technical details of BSQ tokens are available in this document.
BSQ v BTC
You can see how the characteristics of a BSQ transaction differ by viewing them side-by-side on a BTC explorer and a BSQ explorer:
- txid 0243f99c848de4f53cb29157d10bf1cdbfcf4219f84e9997dd3cac9244ab7242 on a BTC block explorer
- txid 0243f99c848de4f53cb29157d10bf1cdbfcf4219f84e9997dd3cac9244ab7242 on a BSQ block explorer
BSQ Trading
Because BSQ tokens are only recognized by Bisq software, BSQ trading can only take place in Bisq software.
While BSQ is just bitcoin, it should only be stored in a Bisq wallet.
 |
Please do not try to send BSQ to a non-Bisq wallet, or to otherwise create your own BSQ transactions. The rules to form a valid BSQ transaction are rather complex, and even the slightest error can result in invalid BSQ. Even the technical overview does not cover every single detail—the only complete reference is the source code. Also note that future code changes may break custom transactions or implementations. Bisq will NOT provide support for any such cases. |
BSQ Issuance
After the genesis transaction in April 2019, BSQ can only be created through an issuance transaction (compensation request or reimbursement request). See more on BSQ's issuance and burn dynamic.
 |
The BSQ token is not associated with any kind of initial coin offering (ICO) or capital-raising initiative. It’s merely a tool to decentralize the governance of the already-functional Bisq exchange service. As of December 2018, Bisq has facilitated over 19,000 trades without major incident since it went into production in April 2016. |
BSQ Wallet
BSQ is stored in a Bitcoin wallet, but the Bisq software takes several measures to keep BSQ and BTC separate to prevent mixing the two by accident. On disk, BTC and BSQ wallets are stored in separate files. In the Bisq interface, BSQ wallets are prefixed with a 'B' to prevent users from mistakenly using BSQ as BTC.
As an additional protection measure, Bisq wallets use a special BIP-44 derivation path that other wallets won’t understand.
For user convenience, the built-in Bisq wallets for BTC and BSQ share the same seed.
More details are in the technical overview. Also see how to buy BSQ.
