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bitshares · Oct 22, 2019 · 8636258 · 8636258
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 # What is a BAIP?
 
 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).
 
 We intend BAIPs to be the primary mechanisms for proposing new features, for
 collecting community input on an issue, and for documenting the design decisions