Improve Nu Exchange Integration guide for exchanges to provide liquidity


#1

For reasons given here, Nubits adoption by internet payment processors, payment exchanges, and currency conversion gateways (PEGs) is highly desireable to Nu.

Regardless whether/when the motion passes, this post is to propose improvement of the Nu Exchange Integration guide so that and PEG who is interested in integrating Nubits can learn about being an LPC and obtaining NBT liquidity.

I could change the guide page directly as suggestions but posting here makes it easier to discuss. So here are two points to add -

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5. Optional: become a Liquidity Providing Custodian

As described in the White Paper, if you plan to put your fund into reserves to buy or sell Nubits for your business, you could be approved to become a Liquidity Providing Custodian (LPC) and receive LPC fees from the Nushare holders. An LPC is required to set a tight buy/sell spread (typically 0.2%) between buy and sell prices, and will report liquidity (it’s automatic) to NuNet.

To become an LPC you need to submit a custodial grant proposal. A template can be found here. It can be helpful to read past proposals in the Motions area of the discussion board.

If you are not an LPC you are free to set any buy/sell prices of Nubits.

6. Optional: Buying Nubits from Nu


If your business operation needs to have Nubits in large quantities you can either buy them from the market or, if the buy order exceeds existing sell wall liquidity on the market, you can buy from the First Strategic Reserve Team.

=======over

Now there is a question for @JordanLee , the FSRT manager: Does the buyer in “6” above have to be, according to the reserve proposal, an LPC, who according to “5” has to set a tight spread? What if a big player comes over to buy 3 million NBT but wants to set the prices according to market rates?


[Passed] Promoting Nubits to internet payment processors, exchanges, and gateways
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[Passed] Promoting Nubits to internet payment processors, exchanges, and gateways
#2

Now that the PEGs motion has passed, let’s discuss the Nu Exchange Integration guide revision for PEGs, who usually provide liquidity on their own exchanges.

What does everyone think the proposed modification?

Can @JordanLee answer the question -


#3

That is good! I will wait the @JordanLee 's answer


#4

The question is not about asking for fees. The question is technicality when PEGs want to buy more NBT than current market liquidity depth for their own operation. Do you allow them to buy directly from the Reserve Fun you control, and if you do, do you require them to set tight spread? Please read the above posts.


Park Rate Voting
#5

Paging @JordanLee , you haven’t answered to repeated requests for input in this thread. If you don’t give input in the next day I will assume you have reserve for #6 above, and remove it from the proposed change because it revolves around the reserve fund of which you are the manager.

If no other comments to the revision in the OP in the next day from anyone I will suggest edit on the Nu Exchange Integration guide.


#6

Regarding #6 above: It is optimal that FRST funds not be planned to be used for anything. They are by definition for unplanned, fast evolving scenarios.

Grants should be used for this purpose.


#7

Thanks for the clarification. So PEGs should by Nubits on the market for their operations need.


#9

I have submitted an edit suggestion to the Nu Exchange Integration page although I didn’t figure our how to format the section title.

I don’t know who is responsible for approval and accepting the changes. @Ben ? @CoinGame ? Can you do it?


#10

We’re in the process of moving the documentation to a different platform. You can keep the change request and we’ll merge it into the new site once it’s up.


#11

@CoinGame Thanks for the heads up. Will the URL to the integration guide change?


#12

I am copying the current guide below in case it becomes inaccessible.

Nu Exchange Integration

This guide will explain how you can integrate NuBits and NuShares into your exchange.

1. Download the daemon


From NuBits.com/download you can find a package containing the daemon for your environment. The daemon will be called “nud” or “nud.exe” depending on your platform.

2. Create a nu.conf file


Before running the daemon you will need to create a nu.conf file. Follow our creating a nu.conf file guide to learn how to create the file. Place the following into your file:

rpcuser=anyusername rpcpassword=anypassword server=1

:exclamation: If you are configuring NuShares you MUST add avatar=0 to your conf file
rpcuser=anyusername rpcpassword=anypassword server=1 avatar=0

3. Start the daemon


Run the daemon using the --daemon parameter
Ex../nud --daemon
This will start the daemon in the background and begin syncing the blockchain. Run ./nud getinfo to verify you can communicate with the daemon through RPC.

4. Point your exchange software to the correct daemon unit


Nu uses different port numbers for different units. The only units in the software right now are NuBits and NuShares, but this may change in the future. Use the following guide below to select the port number for the unit you’re configuring.

PROTOCOL PORT 7890
// Base RPC port used by the NuShares RPC server.
// Other unit RPC servers listen on RPC_PORT+1, RPC_PORT+2, etc.
RPC PORT 14001 // NuShares
RPC PORT 14002 // NuBits

// Same rules apply to testnet, but on different ports
TESTNET PORT 7895
TESTNET RPC PORT 15001 // NuShares
TESTNET RPC PORT 15002 // NuBits

// Peercoin ports used when communicating with the Peercoin wallet for dividend distributions
PEERCOIN RPC PORT 9902
PEERCOIN TESTNET RPC PORT 9904

Have your software point to the correct port number to interface with the unit you’re configuring. For example this is how we would communicate with the NuBits unit in the Peatio exchange software

"rpc: http://nuEx:123exch@127.0.0.1:14002";


#13

I’m really sorry for the super late reply. docs.nubits.com will still point to our documentation but yes the actual url behind that will be different as it will utilize a different service.


[Passed] Promoting Nubits to internet payment processors, exchanges, and gateways
#14

@CoinGame , Can you put the change in (add point 5 above) even it is still on the old platform because we are ready to send letters to PEGs and needs this instruction in its complete form?

edit: @Ben, I don’t know who does what with the website but if @CoinGame is not around can you apply the change?


#15

@mhps I’ll work with CG today to see what needs to be done.


#16

Thanks. Note that I can’t edit my suggested edit so please take point 5 from above only.


#17

We made a lot of progress yesterday. We have a couple of goals with the new platform that will require some more effort than simply copy/pasting information over to another host.

  1. Free - No overhead for shareholders. Our previous service required a monthly fee. There will be no cost to hosting the docs going forward.

  2. Beautiful - Ugly documentation sucks. We want it to look just as good as it did on the previous platform (maybe even better!).

  3. Ease - Documentation works best when anyone can jump-in to contribute content without being a techo wiz. We’re trying to make the platform easy for anyone to help contribute content.

  4. Balance - We want to hit a balance between allowing anyone to contribute without opening it up to abuse or griefing. The last platform limited the number of people who could approve changes and had a less than ideal method for community support.

We have a vision that I think everyone will be pleased with. Once we get it up and running we’ll make sure to include the changes discussed here and explain the process going forward.


#18

Can you give an estimate when this will happen? I am not trying to rush you guys but if it will take more than a week or two we may want to go ahead with the letter to the PEGs without the changes then remind the responding PEGs of the contents in point 5.


#19

On Friday I was able to get the underlying framework and local development environment configured and validated. My goal by the end of today is to have the current documentation migrated from the old platform to the new one and available for review. Depending on the progress that I can make and presuming that there are no unexpected delays, I may even be able to have the front-end styled to match the rest of the Nu branding at the same time. Otherwise I expect that will take an additional half day’s work to wrap up.

In any case, I don’t foresee any reason that we won’t be able to have the documentation ready to go with the PEG content updates in place by Thursday of this week at the latest.

Will that work with your schedule?


#20

That will do fine. Thanks.


#21

I ran into an issue while setting up the localization options for the content. It probably puts me one day behind, so rather than this afternoon, I expect that tomorrow we’ll be ready to launch the updated docs.nubits.com.

Apologies for the delay.