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 # BitAssets Improvement Proposal
 
 BAIP stands for BitAssets Improvement Proposal but can also seen as an
-improvement *consensus*. BitAssets are BitShares Committee's SmartCoins
-including but not limited to BitCNY, BitUSD and BitBTC. A BAIP is a design document providing information to the
-BitShares community, or describing a new feature for BitAssets or change its parameters
-or price feed formula, logic and source. The BAIP should provide a concise technical specification of the
-feature or the idea and a rationale for it. It may not only describe technical
-improvements but also document *best-practises* and recommendations.
+improvement *consensus*. BitAssets are smartcoins technically owned by
+the "committee-account" on the BitShares blockchain. A BAIP is a design document providing information to the BitShares community,
+or describing a new feature for BitAssets or change its parameters or price feed
+formula, logic and source. In short, this repository is for the community to discuss and organize votings for
+things about bitCNY, bitUSD and etc. The BSIP repository will no longer be used for
+this purpose unless there is a need to upgrade the BitShares protocol (aka hard fork).
 
 The distinct document [BAIP Purpose and Guidelines](baip-0001.md) gives a more
 detailed explanation.