The AlpTurkCoin asset system has a special asset class currency secured by the AlpTurkCoin network and blockchain . Virtual currencies with various customizable features can be created in minutes without the need for special hardware or a pre-existing user base.
Money System Menu
Monetary System is accessed by clicking Monetary System in the left pane menu area of AlpTurkCoin Client Interface and causes a submenu to appear:
|Currency System : This item expands or collapses the following submenu and opens the Exchange Cabinet screen where tradable currencies can be traded.|
|Currencies : This item displays a list of all currencies and their attributes as shown in the All Currencies Screen.|
|Exchange History : This item displays completed trades (trades) associated with the logged in account.|
|Currency Extraction : This item opens a pop-up entry form for extracting or re-issuing a currency as described in the Currency Extraction section.|
All Currencies Screen
- The currency list is sorted by the most recently issued currencies.
- The currency list can be restricted by entering a Code/Name search pattern in the Search Currencies field at the top . The search pattern is not case sensitive and * and ? may contain wildcards. .
- Clicking on a currency code in the Code column opens a detailed popup with a Currency Breakdown link to the list of currency holders .
- Currency Types appear when hovering over the icons in the Type column.
- Current Supply decreases when a reservable currency is claimed or increased when mintable currency is minted.
- Max Supply is the total supply of money upon issuance for the maximum supply of non-mintable money or mint money available.
- Clicking a highlighted button in the Actions column opens the Exchange Booth screen or a pop-up login form to reserve currency, when appropriate.
- Clicking My Currencies in the upper right corner limits the list to the currencies owned by the logged in account as shown in the My Currencies Screen .
My Currencies Screen
- Clicking a Transfer button opens the Transfer Currency pop-up login form.
- Clicking on a highlighted Offer button opens the Post Exchange Offer pop-up login form when available.
- Clicking a highlighted Claim button opens the Request Currency pop-up login form when available.
- Clicking All Currencies in the upper right corner returns to the All Currencies Screen.
Click Extract Currency from the Menu to mint or reprint a currency . A popup login form appears:
This login form provides a few hints (by clicking the green question marks), but some restrictions on fields are implied and clarified only through error messages that appear near the top of the form when inappropriate values are specified. To minimize errors, follow these guidelines:
CURRENCY NAME: The name must be unique, between three and ten characters long and longer than the currency code.
CURRENCY CODE: The code must be unique and consist of three to five capital letters.
TYPE: Control the desired combination of currency types, subject to the following restrictions: Requires detachable , controllable as well as modifiable and/or claimable ; but mintable requires replaceable . It is demandable , bookable , non- cashable and requires zero initial supply. See Currency Types below for more details.
TOTAL SUPPLY: If the currency is not printable or reserveable, the total supply must equal the initial supply. If mining is possible, the total supply is the maximum available through mining. The total supply of a reserve currency is determined at issuance to the reserve supply (entered as UNITS TO RESERVE in the reserve section of the form) and must be greater than the initial supply.
INITIAL SUPPLY: The supply of a printable currency increases during the printing process; The initial supply (if any) is held by the issuer. The initial supply of a separable currency (if any) is held by the issuer; but the initial supply of a demandable reserve currency must be zero.
DECIMALS: The number of decimal places allowed can be from zero to eight, but it is recommended to use up to four decimal places in rate calculations to avoid client rounding errors.
ISSUANCE HEIGHT: This applies only to reserve currencies and must be a higher blockchain height than the current value. Otherwise it should be zero.
CHARGE: The fee is automatically adjusted according to the number of letters in the currency: 25000 AlpTurkCoins for three letter codes, 1000 AlpTurkCoins for four letter codes and 40 AlpTurkCoins for five letter codes. The fee to reissue a currency is always 40 AlpTurkCoin, but the fee displayed for you and four letter codes must be overridden manually by clicking on the advanced option.
More details on the six currency types are below:
Exchangeable currencies can be exchanged for AlpTurkCoin currency in the Exchange Booth of the AlpTurkCoin client, which works differently from the Asset Exchange. A currency holder can post a combined bid/ask pair with expiry block height and amount limits. Only one active bid is allowed per account. Requests to buy or sell the offered currency can be submitted by anyone. These exchange requests are executed immediately (in whole or in part) or not at all if no matching offers are found.
can be controlled
Controllable currencies can only be transferred to and from the issuing account, and only the issuing account can issue offers if they can also be exchanged.
Reservation is possible
If Reservable is checked, two extra fields appear:
UNITS TO BE RESERVED : The total amount of foreign currency to be reserved is the reserve supply . Unless the following minimum has been achieved by then, the total supply of foreign currency will be when the issue height is reached. Therefore, it must be equal to TOTAL SUPPLY and greater than INITIAL SUPPLY.
MINIMUM AMOUNT OF AlpTurkCoins PER WHOLE UNIT TO ACTIVATE THE CURRENCY:Assuming the COIN currency code, this is the minimum amount of AlpTurkCoin per COIN required to support this currency. For example, if the reserve supply is set to 1000 COINs and the minimum amount per reserve unit is 0.2, at least 200 combined AlpTurkCoins must be committed by backers to support the COIN currency before the issue height. If this minimum requirement is met or exceeded on time, each committed backer becomes a founder and receives a portion of the difference between the initial supply of the COIN currency and the reserve (now total) supply. If the minimum amount is not met on time, the currency will be deleted and all promised AlpTurkCoins will be unlocked and returned to backers. If the minimum is reached or exceeded, all pledged AlpTurkCoin will remain locked until claimed if it can be claimed. or otherwise it may be transferred to the issuer.
can be requested
Claimable currencies include reservable coins that allow them to back locked AlpTurkCoin reserves claiming a proof coin that a current holder backs it, reducing it in doing so that means it can exchange for locked AlpTurkCoin All Currencies shown in the Current Source Display .
If Mintable is checked, three extra fields appear:
MINIMUM DIFFICULTY: Minimum difficulty (minimum 1).
MAXIMUM DIFFICULTY: Maximum difficulty (maximum is 255 and greater than minimum).
ALGORITHM: The hash algorithm to use. Choose SHA256 , SHA3 , scrypt or Keccak25 .
- A printable currency is issued with a FIRST SUPPLY currency that may increase over time until TOTAL SUPPLY is reached; hence it would be more correct to call it TOTAL SUPPLY, in this case MAXIMUM SUPPLY.
- The currency supply is increased by a mintage process managed by the above features. Mining does not secure the currency the way mining does for some other virtual currencies such as Bitcoin; The currency is already secured by the AlpTurkCoin blockchain and network.
Unscrambled currencies will not participate in coin mixing (an anonymity feature) when available in the future. The default is join.
A currency can only be deleted when the total supply belongs to an account and only using the Delete Currency API call. However, a currency that can be deleted can be reprinted with different properties using Export Currency.
To transfer some currency to another account , click the Send Currency button at the top of AlpTurkCoin Client Interface . Alternatively, click the Transfer link on the My Currencies Screen or go to Exchange Booth for currency and click the Transfer link there . The Transfer Currency drop-down entry form is displayed:
Recipient: Enter the recipient account ID.
Units: Enter the number of currencies to transfer, up to the number of Available Currencies .
Change an Exchangeable Currency
Currency exchange takes place in the Currency Cabinet that opens when the Currency System is clicked on the menu or when the Exchange link is clicked on the All Currencies Screen :
- Click the Bid link at the top to post a buy/sell offer pair . See Posting an Exchange Offer for details. Published bid pairs are displayed in the middle row in order of best odds.
- Click on the green bar to request to buy the currency offered with AlpTurkCoin. Open offers to sell currency for AlpTurkCoin are shown just below. See Submitting a Change Request for details.
- Click on the red bar to request to sell currency for the quoted AlpTurkCoin. Open offers to buy currency with AlpTurkCoin are shown just below. See Submitting a Change Request for details.
- Swap requests from the account logged in to buy or sell the offered currency are listed in the lower left area, with the last at the top. If the request is in italics, it is pending. As soon as a pending request is approved (included in a block), it will be executed based on currently available offers. All non-italic requests have already been processed and will likely be ignored if no matching bids are found. Old offers will continue to be displayed until they are at the bottom of the list, but will not be processed again even if a new matching offer appears.
- Swap requests (transactions) from all accounts are listed in the lower right area, with the newest at the top. Click My Exchanges to view only those associated with the logged in account . This list is short; old exchanges (trades) fall from the bottom. Click Exchange History in the Menu for a complete list .
Post an Exchange Offer
The Post Exchange Offer pop-up login form appears on the Exchange Cabinet screen, or alternatively on the My Currencies Screen, when the Bid button is clicked:
Purchase units (Start): The initial amount of currency offered to purchase .
Purchase units (Limit): The total amount of currency to purchase .
Buy Rate per Unit: The recommended exchange rate for purchasing currency (in AlpTurkCoin per unit).
Units of sale (Start): The initial amount of currency available for sale .
Sales units (Limit): The total amount of currency units to sell.
Selling Rate per Unit: The suggested exchange rate for selling the currency (in AlpTurkCoin per unit currency).
Expiration Height: The height of the block at which the proposal expires; must be greater than the current height.
- When a swap request is made against a bid, the corresponding limit is reduced by the swap (trade) amount.
- After a bid pair is published, it continues until the expiration height is reached or both limits are zero. If one limit becomes zero before the other, that half of the bidding pair is withdrawn.
- Offered amounts may decrease or increase from their starting values; they decrease when an exchange request is executed, but if the limit allows, they increase when an opposite type of exchange request is executed.
- Only one active offer is allowed per account; new offers replace existing offers.
Submit a Change Request
Clicking on the green and red bars, the change Request dropdown forms appear in Change Booth:
The green purchase requisition form has the same fields as the red sales requisition form. Only the direction of the barter (trade) is different.
Units: The amount of currency to exchange. When selling, it sets the exchange limit instead of the Total , i.e. Units can not be exceeded, but Total can be exceeded.
Rate: Minimum favorable (requested) exchange rate required (in AlpTurkCoin per currency). The request will be executed at a more favorable rate if possible.
Total: The amount of AlpTurkCoin to be exchanged. This read-only field is automatically calculated as Units * Rate . When purchasing , it sets the exchange limit instead of Units , i.e. Total can not be exceeded, but Units can be exceeded.
Fee: The minimum and default fee for a request is 1 AlpTurkCoin.
- The change request is sent when the blue Exchange button is clicked, but will not be executed until approved (included in a block). Once approved, the request will be fulfilled immediately (in whole or in part) if any matching bid is found, otherwise it will be permanently ignored.
Example of Change
Complete the offer form as follows:
- Purchasing units (Initial): 5
- Purchasing units (Limit): 10
- Purchase price per unit: 1
- Sales units (Start): 10
- Sales units (Limit): 20
- Rate of Sales per Unit: 2
After the proposal is approved on the blockchain, the Exchange Booth screen shows:
Fill out the green purchase requisition form as follows:
- Units: 20
- Ratio: 3
While the request is pending, the Exchange Booth screen shows:
- Italicized when the request is pending.
After the request is approved on the blockchain, the Exchange Booth screen shows:
- Units , Rate and Total Change Requests and Performed Exchanges sections on the columns of the same units request form. Units the amount of money in exchange rate established in the alptürkco per currency and total amount of alptürkco shopping is always equal to Units * rate .
- The amount of currency requested was more than the quoted amount and the quoted rate was more favorable to the requestor than the requested rate, so the quoted amount and rate were valid as shown in the Executed Exchanges section.
- The request was executed immediately after approval, but continues to display in the Change Requests section. Although the request is partially fulfilled, it becomes invalid after execution; Even if a new matching offer appears in the future, the request will not be fully satisfied.
- All of the first currency offered for sale (10 units) were sold, so the selling half of the bidding pair was temporarily withdrawn. However, if the supply of currency to sell is filled with a sell swap request executed against the buy offer, it may resurface. Up to 10 more units can be sold this way, since the sales limit has been reduced from 20 units to now 10 units.
- The amount of currency offered for purchase increased from the first 5 units to the purchase limit of 10 units. If the purchase limit was 15 or more due to 10 units sold, it would increase to 15. Thus, Exchange Booth gives an offer publisher the opportunity to automatically renew the currency sold.
- Clicking on a timestamp in the Exchange Requests section opens a detailed popup showing all executed exchanges resulting from a request; Clicking on the timestamps of any of these executed exchanges will, in turn, open a bid detail window showing the initial and current consumables and limits, as well as the clearing totals, along with all exchanges run against that bid. The offer detail window can also be opened by clicking on a height value in the Exchange Offers section, and the request detail window can also be opened by clicking on a timestamp in the Executed Exchanges section.
Fill out the red sales request form as follows:
- Units: 20
- Ratio: 0.5
After the request is approved on the blockchain, the Exchange Booth screen shows:
- The amount of currency requested was more than the quoted amount and the quoted rate was more favorable to the requestor than the requested rate, so the quoted amount and rate were valid as shown in the Executed Exchanges section.
- All of the currency offered to buy (10 units) was bought, so the buy half of the quote pair was permanently withdrawn as the buy limit was zero.
- The amount of currency offered to sell increased from 0 to 10, the remaining sales limit; units purchased replenished the currency supply, thus re-emerging the selling half of the quote pair.
- Note that the buyer and seller are the same account. The Monetary System allows this, but still charges a fee, although in reality no currencies or AlpTurkCoins are exchanged. This is an effective method of withdrawing an offer before it expires.
Reserve a Detachable Currency
Clicking the Reserve button on the All Currencies Screen displays the Reserve Currency drop-down entry form:
AlpTurkCoin amount per currency: This value is multiplied by the Reserve Supply amount to determine the amount of AlpTurkCoin pledged to support the currency and displayed as the allocated AlpTurkCoin amount .
- If the amount of AlpTurkCoin entered per currency is 1.5 and the reserve supply is 100, 150 AlpTurkCoins will be committed to support the currency. When this is clicked on the read-only field, it will be displayed in the form as the allocated AlpTurkCoin Amount .
- The minimum amount of AlpTurkCoin per currency that must be committed by all currency supporters in order to activate (edit) the currency is displayed as Activation Per Unit Reserve . ACTIVATE WHOLE UNITS PER MINIMUM AMOUNT PER AlpTurkCoin specified as this value CURRENCY REQUIRED on Number Currency form. The combined amount of AlpTurkCoins that must be pledged is this value multiplied by the Reserve Supply .
- The amount of AlpTurkCoin per currency currently pledged by other supporters is displayed as Valid Reserves Per Unit . The corresponding amount of AlpTurkCoin currently committed is this value multiplied by the Reserve Supply .
- In this example, 200 AlpTurkCoins must be committed by all fans to activate (issue) the currency. 100 AlpTurkCoins have already been committed; At least 100 more AlpTurkCoins are required. Now if 150 AlpTurkCoins are pledged, the minimum will be met (and exceeded) and the currency will be issued at issue height.
All support commitments can be viewed in the Currency Founders popup, which can be opened by clicking on the currency code in the All Currencies Screen and then Click here to view this currency’s Founders . If the minimum combined foreclosure height is reached, the pledged backers will become the currency’s founders. In this example, there are two committed backers:
- Amount Reserved column shows AlpTurkCoin amount of money given upon activation (issuance) with each supporter AlpTurkCoin becomes reserve money support. These values are calculated by multiplying Reserve Units (elsewhere called Reserve Supply ) by the Amount Per Unit column.
- Founders units column denotes money divisions reservation Feed proportionally, amount allocated to be distributed as money promise supporters upon activation (issuance)
- The minimum percentage shown in the column of what percentage each supporter has contributed to meeting the minimum reserve requirement. If the total reaches 100%, the currency is activated (broadcast) at issuance block height. In this example, the total has already exceeded 100% and therefore the currency will be activated (issued) 5 blocks from now.
- If the minimum reserve requirement is not met on time, the currency will be forfeited and all pledges returned. Once the minimum amount is reached or exceeded over time, all pledged AlpTurkCoin will remain locked until claimed if it can be claimed or otherwise transferred to the issuer.
- If currency is enabled (edited), the Founders table freezes as a permanent record and Reserve Supply becomes the total supply of the currency.
Claim a Claimable Currency
The Request Currency drop-down form appears when clicking the Request button on the My Currencies Screen :
Number of units: The maximum number of currencies to be claimed, up to the amount of currency held in the logged in account .
- The claim rate is multiplied by the input (in AlpTurkCoin per currency) the number of units unlocked and the amount of AlpTurkCoin that will be shipped to the coin holder.
- In this example, if a maximum of 80 units is requested, 40 AlpTurkCoins will be transferred to the logged in account and the Current Supply shown on the All Currencies Screen will be reduced by 80 units.
A Mintable Currency Mint
AlpTurkCoin client interface does not provide a minting mechanism. Minting requires a separate tool that leverages the following AlpTurkCoin API calls:
- Get Minting Target returns a target hash; A nonce must be found with a hash value less than the target hash value . According to the MINIMUM and MAXIMUM DIFFICULTY properties entered on the Currency Extraction form, the difficulty of calculating a valid nonce increases as the currency supply increases. The hash algorithm applied to the Nonce must be the algorithm chosen as the ALGORITHM property in the same manner.
- The Currency Mint sends the calculated nonce in exchange for newly minted currency and increases the Current Supply shown in the All Currencies Screen .
A reference printing tool using the API is the Java Mint Worker Utility included with AlpTurkCoin Software. In its current form, it can only use a CPU for hash calculations. It is hoped that in the future it will be developed to include support for GPUs and ASICs.
Overview The “Currency” entity is the basic building block of the AlpTurkCoin Money System, the currency has a unique name and code and its uniqueness is guaranteed by the protocol, currencies can be deleted and their codes can be reused under certain conditions.
The total money supply can be divided into currencies. Like assets, currencies support decimal positions implemented as a client-side feature. The maximum number of currencies that can be mined per currency is similar to AlpTurkCoin, ie 10^9 * 10^8. The actual maximum unit supply is determined by the currency issuer. The currency issuer is the account that issues the currency and pays the issuance fee. The issuer is responsible for setting currency properties and has additional control over currency usage in some configurations. Like the asset balance, currencies can be transferred between accounts.
Currency Properties The currency entity supports several properties. Features can be mixed and matched in various ways to create the currency type. The currency type then controls the inner workings of the currency. The list of available currency features is as follows:
EXCHANGEABLE – currency can be exchanged with AlpTurkCoin. Currency holders can post a currency quote stating the buying and selling rate of the currency, much like banks or currency exchanges publish exchange rates. Each account can only post one exchange offer at any given time. Exchange offers have an expiration block after which they are no longer valid. Buyers and sellers can submit exchange requests to match published exchange offers. Unlike asset buy/sell orders, swap requests are not recorded and are either executed immediately (fully or partially) or not executed at all. Matching a buy or sell trade request with a trade offer, AlpTurkCoin creates a clearing entity that represents the transfer of currencies against the balance and causes the relevant account balances to be updated. Posting a swap offer will temporarily reduce the AlpTurkCoin and currency balance of the offer account until the offer expires. Trade offers also set a limit on the number of units traded, which may be greater than the number of units offered. When a trade request matches a trade offer, the number of units offered for sale decreases and the number of units offered for purchase increases unless the limit is reached. Once the exchange limit of an exchange offer is reached, this exchange offer is no longer available. When an exchange request matches an exchange offer, As long as the limit is not reached, the number of units offered for sale decreases and the number of units offered for purchase increases. Once the exchange limit of an exchange offer is reached, this exchange offer is no longer available. When an exchange request matches an exchange offer, the number of units offered for sale decreases and the number of units offered for purchase increases unless the limit is reached. Once the exchange limit of an exchange offer is reached, this exchange offer is no longer available.
CONTROLLABLE – currency feature suitable for currencies that need to track an external asset. It imposes the following restrictions on the currency (1) Currency can only be transferred to/from the issuer account (2) only issuer account exchange offers can be posted. The issuer account can pre-arrange a large (almost infinite) supply of units, then transfer units to accounts or offer to swap units to reflect actual transactions taking place in an external system. The large supply of units in the issuer’s account can be used to mimic the effect of creating units out of the blue to support features such as creating new units and paying interest.
RESERVABLE – currencies are not issued immediately. Instead, the currency issuer sets a block height from which the currency will be mined and a AlpTurkCoin limit per unit required to print the currency. Currency “founders” then spend their AlpTurkCoins to reserve currency shares. If the amount of AlpTurkCoin needed per unit to print the currency is not reserved before the block height is reached, the issue will be canceled and the funds will be returned with minus fees. If reserve requirements are allocated, the currency is subtracted and the units are divided among the founders according to the proportional shares of AlpTurkCoin deposited. The remaining rounds are sent to the issuer’s account. See the following discussion of use cases for a separable currency.
REQUESTABLE – currencies of the redeemable currency can then be claimed at the same AlpTurkCoin rate per unit reached when leaving the currency. The ability to claim a currency at a certain rate places some practical limits on the rates at which users will want to exchange it. However, the demandable currency can also be changed for the sole purpose of replacing the entire money supply so that the currency can be deleted.
MINTABLE – currency can be minted using proof-of-work algorithms that are almost identical to Bitcoin. Unlike Bitcoin mining, currency minting does not secure the network (this is done by AlpTurkCoin). The mint is only used to create new currencies and serves as the sole mechanism to increase the number of existing units after mintage.
NON_SHUFFLEABLE – this feature indicates that in the future this currency will not be able to participate in coin mixing. By default, currencies are allowed to participate in mixing.
The properties are combined into an Integer bitmask set as the Currency type.
Currency Exchange For the exchangeable currency, each coin holder can post a single swap offer stating the buying and selling rate against AlpTurkCoin and the number of units he/she wishes to exchange (cannot exceed current currencies and AlpTurkCoin balance). Users can observe all currency offers (intuitively similar to fiat currency exchange offices) and try to match them with buy/sell currency requests. A trade offer has an expiration height and a limit on the total number of units that can be traded. When units are purchased from a trade offer, the number of units to be sold increases automatically and vice versa. The publisher can also limit the total trading volume of currencies traded for a particular exchange offer.
Delete a Currency Since current currency codes are limited to 3, 4 or 5 capital letters, the total number of codes is limited to 26^3 + 26^4 + 26^5 – 1 = 12355927 unique values (“AlpTurkCoin” code reserved), some of these codes are likely to have value in their own right. Therefore, it is possible to delete a currency under certain conditions, depending on the currency type. Users can rearrange or delete a currency and then issue a new currency with the same code but different features. To delete or rearrange a currency, an account must create all currencies (and additional conditions apply depending on currency type)
Creating a New Currency The only way to create a new currency after issuing a currency is to use proof-of-work printing. Other methods of volume creation are susceptible to denial-of-service attacks and/or sock puppets and are therefore not allowed. The controllable currency type provides a partial solution for creating new units by allowing the account issuing the currency to treat its own supply as a treasury and only consider units outside that account as the total currency supply. This approach requires users to trust the currency regulator who can increase the money supply at any time.
Printing Users can submit printing requests to mint additional currencies. Each mint request triggers a hash calculation based on the data sent and the currency hash algorithm. The resulting hashcode is compared to the target value derived from the current currency difficulty. The minimum and maximum currency difficulty values and the printing algorithm are specified when the currency is issued and cannot be changed later. The expected number of hash calculations (ie difficulty) to print the first unit is 2^minDifficulty while the difficulty of printing the last unit is 2^maxDifficulty. Difficulty increases linearly from minimum to maximum based on the ratio between the number of units available and the total supply. The difficulty increases linearly with the number of units printed per CurrencyMint request, with small printers printing only a few units per request, large printers can print multiple units per request. The number of units per print request is limited to 1/10000 of the total unit supply. Printing is limited to a single printing transaction per block/account/currency. Currency issuers can set an initial supply of units as a “pre-mint” supply assigned to the issuer account, then use crowd funding by making the currency RESERVABLE and EXCHANGEABLE. Once the currency becomes active, the delta between the current supply (reserved supply) and the aggregate supply can be printed. NRS provides a Java-based reference application, mInter, available for printing. In practice, we expect users to develop this minter after calculating hash codes using their Asics or GPU, trying to match the current target, and decoding a hash. send a currency mint transaction (so you pay a fee). If indeed the hash code is smaller than the destination, the currency units are credited to the sender’s account.
See the documentation for the “Mint Worker” utility of the reference application here #207
The Value Store The combination of RESERVABLE and DEMANDABLE features can be used to allocate an initial value for a currency by locking AlpTurkCoin. Once the currency is activated, the reserved AlpTurkCoin is locked and the only way to release them is to get the currencies back in exchange for AlpTurkCoin. This provides a value based on the AlpTurkCoin balance locked to the currency. Note: locked AlpTurkCoin does not participate in counterfeiting, so in theory it is possible that a large amount of AlpTurkCoin will be locked as a currency store of value thereby reducing the amount of AlpTurkCoin used to protect the network, we are aware of this issue and we will. watch closely. We don’t expect this to become a major issue anytime soon.
Crowdfunding The combination of RESERVABLE and EXCHANGEABLE features can be used for crowd funding, in this configuration the AlpTurkCoin balance allocated by the founders is not locked, instead the currency is sent to the issuer account when the currency becomes active. The issuer can use this AlpTurkCoin for their operations and the founders cannot claim their currencies back, they can only exchange them according to the published foreign exchange offers. Currency issuers can “pre-mine” the initial supply, and the founders share the difference between the reserve supply (also called the “pre-activation” supply) and the initial supply.
Fees The currency issue fee depends on the length of the currency code.
3 Letters – 25000 AlpTurkCoin
4 Letters – 1000 AlpTurkCoin
5 Letters – 40 AlpTurkCoin
Reissue an existing currency with different features costs 40 AlpTurkCoin regardless of the number of currency code lengths. All other foreign exchange transactions (as of today) are subject to a fee of 1 AlpTurkCoin.
Unit conversion Currency is measured in units and similar assets have decimal places, but the blockchain keeps currency balances in whole numbers (QNT). So, for example, if a currency has 2 decimal positions and the customer reserves 123.45 units. The “units” value sent in the API call should be 12345. APIs using AlpTurkCoin balances should send the measured value in NQT as usual. When specifying the “rate”, the API calculates the ratio between the AlpTurkCoin balance in NQT and the currency balance in QNT. Starting from version 1.5, the user interface for rate fields shows MS currency as “base currency” and AlpTurkCoin as “offer currency”. The rate shows how much AlpTurkCoin is needed to buy 1 MS currency.
Example: For a currency with 2 decimal positions. When submitting a purchase exchange request at a rate of 5.6 [AlpTurkCoin/Unit] for 12.34 units, the currency The values sent to the Purchase transaction should be: units = 1234 ie units without decimal positions or 12.34 * 10^2 currencyNQT = 5.60000 ie converted rate NQT is then divided by decimal position or 5.6 * 10^8 / 10^2
To avoid rounding issues when sending information to the server, the UI applies the following rule: If the decimal position of a currency is D. Unit values cannot have more than D decimal places, and ratio values cannot have more than (8-D) decimal places. Therefore, when editing a currency, we do not recommend specifying more than 4 decimal places so that the conversion rates can also be divided by at least 4 decimal places.
Disclaimer Before issuing a currency, we recommend that you publish a currency with the same characteristics on the testnet and experiment with all parameters, as the currency cannot be changed without deleting it.