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About

About #assets-otc

#assets-otc is a management system for digital contracts that involve transfer of ownership of any kind of assets. The main purpose of this service is providing asset issuers (AI) and asset holders (AO) with a secured and a convenient way for controlling the ownership of the assets. AIs are also provided with a tool allowing them to pay out dividends in Bitcoins, in a top security environment.

It is advisable (but not mandatory) to use the same PGP key for both; #bitcoin-otc and #assets-otc, because they have a decent Web Of Trust built already.

Currently the project is a non-profit enterprise. I develop the service voluntarily and cover the hosting with my private funds. In the meantime 10000 of ASSETS-OTC shares had been issued. If a business model comes out in a future, these shares will be entitled to dividends. The shares also have a voting power, as when it comes to a future of the project. If you would like to buy some of these shares, please make me an offer.

Trading

If you want to sell or buy any assets stored in this service you need to find a buyer / seller and agree on the price. The suggestion is to start from placing an order in the Order Book of #bitcoin-otc system, but you need to be registered there first (if you are not yet, see this guide). Another place to look for a potential trading partners would be Marketplace section at bitcointalk.org

No matter how you find the buyer (or seller), you may want to sign a contract with him, though it only depends on how much you trust each other. Our service does not require the contract, but if you decide to have one, both the parties should sign it with the PGP keys registered here.

At some point (before or after the payment - depends how you agreed), the seller will need to request the transfer of the assets' ownership and forward such a signed authorization to the relevant AI. To do this press "Transfer Request" button at your account page and follow the instructions.

So the seller authorizes AI to transfer his shares to another user (the buyer) by signing an auto-generated request with his PGP key. The AI should then check if the authorization request has a proper signature and if so he can log your transaction into the system right away. Then the transaction appears in both the parties' account history and they are able to download a signed receipt.

Fees

Our service charges no fees from AOs for using it, but your AI may request a fee for processing a transfer request. This is not unfair, since verifying your signature and committing the transaction into the system is a time consuming task. In other words: AI does not need to charge any fees, but the rules of #assets-otc do not forbid this as long as the fees are reasonable. Please talk to your AI, as if he charges any fees for processing the transfers.

Additionally we reserve a right to start charging AIs for providing them with the bookkeeping service, but if this will ever happen, there will be at least one month notice. Such a notice would be published at the login page of this service.
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