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King34Maine

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  1. Let's not forget about Xpring's Logos acquisition last year. David Schwartz mentioned (26:37 – 28:18) at the 2018 UNCHAIN Convention that they had the overall framework for Codius built but did not have the engineering resources to fully execute Codius within Ripple and would seek to do so via Xpring. David also alluded, via a Twitter comment, to the fact that the Logos team would be building DeFi products and applications on top of the XRPL and Codius. I've commented in previous posts that for the longest time, I use to think that it was a poor strategic business move for Ripple to have placed their smart contracts program (Codius) on the back burner, yielding the space almost entirely to Ethereum and others to build upon. However, in retrospect, it was probably one of the best business decisions they could have made at the time. Stefan Thomas (Ripple's ex-CTO) said in Quora Q&A session: “I worked on Ripple’s smart contract system Codius back in 2013–2015. Back then, our conclusion was that a viable smart contracts ecosystem requires a standard for payments first. Contracts need to be reviewed to be trusted and that’s expensive if you need a new contract for each type of asset because every ledger has a different protocol/API. Thus, Interledger was born.” With that being said, we now have positive confirmation (09:16 mark) that there will be an Interledger Foundation based in California. I think this is very good news for ILP as obtaining the non-profit status in California and soon the IRS 501(c)(3) Tax Exempt Status. Obtaining this non-profit status will help to streamline the development of a streamline legal framework to host registries for all of ILP’s reference and technical documentation/specs/tutorial etc. It goes to show you just how much time and energy went into Ripple's development/planning process at the company's inception in knowing what needed to be done 1st, 2nd, and 3rd to achieve their goal of becoming this facilitator of the Internet-of-Value (IoV). Ripple realized early on that while blockchain allowed for the creation of many varied platforms (i.e. XRPL, Bitcoin, Ethereum) these platforms were no better at communicating with each other than traditional legacy banking networks and payment channels hence the creation of the Interledger Protocol. IMHO, very few blockchain/fintech companies have built the ecosystem more than Ripple with regards to increasing interoperability among platforms in the crypto space. This is why the adoption of the Interledger Protocol (ILP) by some of major DLT consortiums (i.e. Hyperledger Quilt, R3, etc.) as the “payments router" of the Internet as well as the interoperability layer for is so transformational. ILP not only connects all blockchain ledgers together, but it simultaneously creates competition among the different blockchain platforms/cryptocurrencies so that each will have to stand on their own code/blockchain technology. This altruistic act underscores the principled character of the leadership behind Ripple and their dedication to seeing the growth and evolution of the Internet-of-Value (IoV). Ripple could have patented ILP’s technology, however, they knew that the influence of the Internet came from the fact that it served as a gateway to connect everyone. The Internet can accomplish this because it is not a single network or system but a network of networks with information being sent across multiple platforms using open-source proprieties. This allows communication across the Internet to be seamless irrespective of what provider people are associated with. Ripple understood the same way the open-source TCP/IP protocol gave rise to the greatest economic stimulus/engine the world has ever known in the Internet, the same principles needed to be applied to ILP in order to see their vision for the IoV to come to fruition. The leadership at Ripple understood that ILP was the “rising tide to lift all boats” not just XRP. Stefan Thomas (Ripple’s former CTO) talks @ 46:58 about how XRP was "designed to be used as the settlement asset on ILP" with "payment channels built in a certain way that is incredibly efficient" despite the presence of other cryptocurrencies like Bitcoin, Ether and Lumens. Also, the other stroke of genius by the Ripple team is how they gifted ILP as an open-sourced piece of technology to the W3C to oversee the development of ILP so that it remains a neutral platform for anyone to us. Basically, make ILP the worldwide standard (via W3C) allowing all currencies/blockchain tech to compete openly and freely, but all the while knowing that XRP will have the upper hand. Ripple's Art-of-War strategy of empowering its rivals/competition while simultaneously using them to further its Internet-of-Value (IoV) agenda is brilliant! Stefan Thomas went on to say in that same Q/A (3rd question down): "Finally, on the Interledger front we are moving on from working on the protocol and are starting to look at early use cases. We’ll be challenging a lot of use cases for distributed protocols that are currently using custom tokens with much simpler solutions that use ILP/XRP instead. (Think custom communications protocols that are for one purpose only being disrupted by the Internet.)" I think this quote pretty much encapsulates the current state of affairs with the advent/proposal of a collateralized stable coin feature that would also allow peg assets on the XRPL to some external value with liquidity guaranteed by the ledger mechanics itself (02:30 - 02:50). I whole-heartedly agree with you on this point. This is an area where Ripple is light-years ahead of any other blockchain company/platform. Because these smart contract platforms will operate globally, moving data/value within these systems in a lawfully obligatory way requires that there are defined standards. Utilizing a similar governance scheme, analogous to the (RippleNet Committee), to seamlessly on-board Banks/FIs from vastly different geographic and regulatory environments onto RippleNet, I can easily see Ripple applying a similar strategy for developing/integrating a smart contract legal framework layer (i.e. Codius) into RippleNet. -Sorry for the long post-
  2. @KarmaCoverage this is a bit off subject but was wondering if I could pick your brain about the current strategy around the 4-trillion dollar stimulus package. Do you think it will be enough? Do you think we're already in a recession? If so, what's your take on how long it will take for us to re-bound. From what I'm able to ascertain is that there is a liquidity crisis among the large commercial/investment banks (i.e. JPM, Citi, Goldman, Morgan S. etc.) as they are not able to make markets due to reaching the limits of their current balance sheets with respects to Fixed-Income markets. So, in essence, the Fed is basically purchasing those securities temporarily for cash and will redeem payment at a later date.
  3. Could it be that Ripple just wanted a quick end? I thought that case had more to do with the IP regarding Ripple's DLT-based solution (i.e. xCurrent at the time). I guess, what I'm trying to get at is 17 and 18 are related to XRP not Ripple's DLT-based tech stack. If they wanted quick resolution of these two couldn't/wouldn't they try and settle them as well just to get them out of the way instead of prolonging the process?
  4. You can already issue Tokens/Currencies on the XRPL. What David was talking about was an XRPL stable coin proposal.
  5. You asked several questions to be perfectly honest. Your title for one and I gave you plenty of info to read. @Sukrim asked you a question that I was going to. I'll provide it again for you here: Also, no need to yell bro.
  6. Firstly, you have to make sure you DYOR and stop listening to the random noise out there. Google is your friend. I was going to write up a detailed explanation, but if you are too lazy to do a bit of due-dilligence yourself and come with more than hearsay and conjecture, you can't expect ppl to take you seriously. Research first then come back with questions. With that being said, here's some links for you to start out with: https://xrpl.org/technical-faq.html https://xrpscan.com/validators (Note that there are 165 validators. The 34 you reference are the dUNLs list of validators. This is a DEFAULT UNL List that Ripple provides as a standard for those who are part of the network to use. Yes, for your validator to be listed on this dUNL that Ripple provides you have to adhere to strict standards explained in bullets 3, 4 and 4 below. If you don’t want to use the dUNL, you don’t have to. If you are an honest and trustworthy validator you participate in the consensus process just the same. I kind of went into a bit more details as to why Ripple created the dUNL here.) How We Are Further Decentralizing the XRP Ledger to Bolster Robustness for Enterprise Use Continued Decentralization & the XRP Ledger Consensus Protocol The Inherently Decentralized Nature of XRP Ledger The Best Incentive is no Incentive
  7. I got blocked by Tiffany and Galgitron on Twitter a while back for calling them out for acting like two f****g petulant 5-yo. I used to value their opinions, however, the way they kept b***g back-n-forth with each other got very old real quick. I basically told them to go get a hotel, review that Anatomy & Physiology, and make up. Let's just say they didn't take too kindly to my recommendation.... !! Those who have been keeping up with Ripple over the past few years know that they aren't following the same cookie-cutter plan/path to decentralization that Bitcoin, Ethereum, and others are following. However, this doesn’t mean that they are not cognizant of the importance of decentralization. Ripple’s decentralization plan is more of a progressive decentralization process that will unfold over time. There's a reason why Ripple created the dUNL. When your blockchain/DLT network is responsible for potentially validating multimillion-dollar transactions for banks, central banks, and FIs there cannot be any ambiguity or downtime!!! While anyone can run a node for the XRP-Ledger, Ripple knew that their unique clientele was not going to feel comfortable relying on your “average Joe” to process/validate transactions alone. They want a validator network of data centers (i.e. WorldLink, Telindus-Proximus Group, Bahnhof (Swedish ISP), AT TOKYO, Microsoft, and various educational institutions) who have a proven record of being both reliable and secure and who are not like, "Oh Shit" during power outages, etc. What happens when "Joe" loses power to run his validator? What is "Joe's" contingency plan to get it back up in a timely manner? Does "Joe" have redundancy measures in place? Again, it's not that Ripple doesn't want retail community participation, however, it's just that they prefer those who specialize in providing these types of services and those who have an active stake in ensuring that the XRPL operates smoothly (i.e. banking/financial, educational, Xpring, and exchange partners) to run validators for the network. When you think about this line of reasoning makes perfect sense. With that being said, David Schwartz gave a very good presentation (The Best Incentive is no Incentive) at the Stanford Blockchain Conference regarding this very issue. Why pay/incentivize your "average Joe" to run a validator when you have an abundance of partners (+300) that you can tap to run a validator and who are inherently incentivized to run one since they are active participants on the network? Also, what happens when the XRPL has a validator network comprise mostly of 3rd parties (Forced Stakeholders) whose incentives are only to make money? What happens when there are misalignments between the Natural Stakeholder (i.e. Ripple partners etc.), and Forced Stakeholders (i.e. 3rd party validators) surrounding fees/charges/incentive payouts per validation? Do the Forced Stakeholders stop validating transactions and force (cough...cough PoW) their will on the Natural Stakeholders? With respect to the cost associated with running a validator, again, Ripple's clientele have plenty of money and the cost for running a validator on the XRPL is spit in the ocean to them.
  8. I'm still a novice to the mechanics by which many of these platforms, like Uniswap and IDEX, work. However, I'm getting myself up to speed as we are starting to see more and more DeFi application and DEXs come into play. With that being said, long-term, I think that many of these platforms need to start addressing/implementing key regulatory practices (AML/KYC) that are undoubtedly coming down the road from various regulatory bodies. Compliance will be key to longevity!!
  9. There's an interesting Twitter thread about this as well as the development of three new transaction types: OracleCreate, OracleUpdate, and StableCoinCreate that Ripple's C++ team are working on.
  10. It does seem to be a very interesting platform/protocol particularly the cMix privacy technology. However, with so many platforms out there focusing privacy-based communication, it will be interesting to see how team Elixxir market the platform to penetrate this ever crowded space.
  11. SWIFT is a consortium that is funded by banks so it's not a company that can be bought out by anyone. To me, an R3 acquisition by Ripple, merger of the two, and I'll add an alliance (similar to the EEA and Hyperledger) of the two makes more sense. I say this because it seems that Ripple has already begun testing the waters around Trade Finance. We all know that Trade finance has/is R3's bread-n-butter: I think SWIFT will eventually be dissolved overtime as its banking participants join newer, cheaper, faster, direct P2P/B2B blockchain/DLT-based networks (i.e. RippleNet, R3, etc.). A lot of folks are talking about Ripple being bought out by a tech company, however, with the recent Facebook debacle around privacy, I don't see a Google or Apple buyout on the horizon. There's a reason that Google partnered with Citi and Amazon with JP Morgan. It's because the world of banking and finance is laden with lots of regulatory red tape and is very expensive to manage. All risks/headaches tech companies would gladly allow banks to take on. Now, I can also envision Ripple making additional acquisitions to help shore up efforts around Codius: One such company that I'm really looking is a Ripple funded Javascript-based smart contract platform called Agoric. I think Agoric would pair well with xPring especially as we've seen xPring's metamorphosis from what was once a Ripple-based VC platform to a more developer-centric platform. As Ethan B. mentioned in his announcement: I think the Agoric smart contract tech fits nicely within the mission/theme of what xPring is trying to accomplish since it's based on JavaScript, one of the most widely utilized programming languages.
  12. My best guess is that Ripple is more likely to be making a significant acquisition themselves, especially in light of that 200-million Series C funding round.
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