Vega project mission and vision

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Hi everyone,

A few people in the community have been asking about the Vega project and its overall mission and goals. Whilst we plan to tackle these topics in more depth in future blog posts and content, we thought itā€™d be a great to share some of the projectā€™s strategy and mission docs with you.

These concepts guide the design of Vega and how the project prioritises work:

Mission

When we work on Vega, weā€™re not just thinking about defi and crypto but looking at how trading is used out in the real world, and how to make it faster, fairer, cheaper, better, and more accessible, and thatā€™s reflected in Vegaā€™s ambitious mission:

It is Vegaā€™s mission to build tools for decentralised trading that allow anyone on earth to trade freely, with open and full access to their trading and risk data and no artificial barriers to entry or reliance on centralised entities.

Vision

Vega develops the tools for trading financial products that settle using digital assets on well functioning [1] decentralised and privacy preserving markets. Vegaā€™s specifications and code are or will be (see [2] below) free and open, and anyone can contribute to Vega.

  • Vega Protocol: an open standard specifying the full Vega Protocol for trading, liquidity incentivisation, market creation and governance, external data sourcing, and crypto-asset deposit/withdrawal

  • Vega Core: an eventually free software [2] Go implementation of the protocol optimised for correctness, stability, and speed.

  • Vega Node: an eventually free software [2] complete Vega node written in Go that includes a consensus layer, historic data stores, key management and rich client APIs.

  • Vega Console: a eventually free software [2] extensible professional trading terminal implemented as an HTML5/JavaScript ā€˜dappā€™ that provides access to all features of the Vega Protocol and the Vega Node APIs.

Mega-goal (aka ā€œBHAGā€)

The Vega Protocol will power the foremost decentralised markets in financial products. Just as bitcoin is the cryptocurrency most recognised and the first to be seriously considered or traded by major institutions, so markets built on Vega will be the first credible and mainstream decentralised markets for financial products.

Vega concepts

There are a number of concepts and principles that have a well define meaning within the project. Youā€™ll see and here others of these talked about at different time but two that are used above are the definition of well functioning markets and the concept that we are building eventually free software so Iā€™ve included both definitions below.

[1] well functioning markets

Vega is designed to enable meaningful amounts of economically useful trading on liquid and properly specified markets. It is important that such markets can be built with Vega in order to achieve the projectā€™s overall mission and goals. For Vega, a well functioning market:

  • is sufficiently liquid to handle risk and close-outs gracefullty, and is rarely or never unable to operate properly due to low liquidity;
  • does not vary unreasonably in price action from the fair market price (for example, as indicated by other markets) and does not excessively often trigger pricing circuit breakers;
  • is well specified with sensible parameters and trustworthy oracles; and
  • remains open and trading until maturity (if relevant) and settles within a reasonable time period after product lifecycle events like expiry.

[2] eventually free software

This is the idea, central to the Vega mission and vision, that the protocol design and software implementation will be fully open source under a true free software license. During development, and the early life of Vega, some source repositories remain private because of the overhead on the project of managing a public open source project, and the desire to focus attention and contribution from the community on the most important parts of the project, whilst retaining enough control to iterate quickly.

The project is committed to releasing the source code, specifications, and other resources behind Vega, and evolving the governance towards an open, community driven model at the appropriate time.

I hope you found this useful and interesting, please feel free to jump into the thread with any questions you may haveā€¦

B

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