Will there be a reputation system built in? Also, what if I wanted to create a new market with a new coin, is it possible?
Creation of new assets is currently disabled at heatwallet.com. There is an expected price increase to create new assets, the fee will probably be raised to 500 HEAT. There is no reputation system built-in, but there is a flag which states if an asset is Certified or not, see screenshots below. Currently, only assets created by Heat Ledger Ltd are certified. At the moment, be very careful with assets which are not certified - standard due diligence is required. Three questions which should be asked are:
1) Do you know the real identity of the asset creator?
2) Is the asset backed by something of value, for example bitcoins?
3) Does the asset creator provide transparency, for example a web-site dedicated to the asset?
If No on any of these questions, I would stay away.
Very cool, does this mean that sometime in the future I will be able to list some obscure coin and process transactions on my own accord? Example, betsy wants to buy my skycoin, I pay the market creation fee and list skycoin. Since she trusts me so she pays btc for my skycoin on the HEAT exchange. After that I send her the skycoin. Does it work like this? If so, this means that coins will probably be listed on HEAT before other exchanges right?
Also, I feel 500 HEAT might be too little, we might get a lot of spam. But I guess the fee should scale based on heat price or something. The cool thing is that an trusted oracle is not needed because heat is its own exchange haha.