DrStrange liked a post in a topic by mDuo13 in Doubt about PayChan
You guys mostly have it. (I'm trying to improve the docs on this stuff right now, but I'm also splitting time with core Interledger specs and other projects. As our new tech writer gets up to speed I should be able to do a better job with that.)
Sukrim's way of describing it is largely correct but I find the analogy to be somewhat unintuitive.
Here's a summary of how it works:
- First, you set up a payment channel to some specific receiver and fund it with XRP. Only XRP is supported, not issued currencies (for the time being). The XRP that you fund is set aside from your normal balance, so it can't be spent at all while the payment channel is open.
- At any time, you can sign "Claim" messages that give some of the XRP from the channel to the receiver in that channel. The receiver can submit any claim message they have to receive that much XRP from the channel. They can't get more than was set aside in the channel, of course.
- The sort of tricky part is, as a receiver you can redeem any number of claims in any order, but the total amount you receive is equal to the largest one only. So, say you redeem a claim for 4 XRP and then a redeem a claim for 6 XRP in the same channel. The first time you receive 4 XRP and the second time you'll receive 2 XRP. Or you could just not redeem the first claim, and redeem the 6XRP claim for the full 6 all at once. The cool thing is this basically gives the receiver the confidence to say, "Well, I'm definitely going to get at least 4 XRP, but I don't need to withdraw it right away and I don't have to worry that the XRP won't be there when I do."
- Creating claims, sending them, and verifying that they're valid are all things that happen outside of the actual ledger. The only parts where the RCL actually gets involved are (a) when the channel is set up, (b) when you redeem money, and (c) after the channel expires or gets otherwise closed. So there's literally no limit, from RCL's perspective, on how many claims you can issue. As long as the person only redeems the largest (probably most recent) Claim, it doesn't matter how many intermediate steps they went through. In practice, the practical limit is how many signatures you can generate (on the sending side) and verify (on the receiving side) per unit time, with verification typically being the harder part. For maximum efficiency, use Ed25519 signatures, which have been demonstrated at ~100,000 signatures/second on a decent desktop processor. And since any number of people could be doing the same thing on their own computers and you can start to see how PayChan actually enables baaaasically unlimited transactions per second.
- If a channel runs out of the XRP that was funded for it, it closes automatically next time any transaction touches it. If the sender sets an expiration on the channel, then any transaction that touches the channel after the expiration closes it and returns unclaimed XRP to the sender. If the receiver doesn't care about a channel anymore they can close it right away. You can't redeem a Claim after a channel is closed.
- When the payment channel is first set up, the sender specifies a "Close Delay" on it which limits how fast they can close the channel. It's really important that the receiver checks that the close delay is long enough for them to notice and redeem any Claims they're holding onto if the sender decides to close it, so beware of that.
winthan liked a post in a topic by DrStrange in Withdrawal BTC from btc2ripple.com
Will let you know what happened at that time.
1. Received 28 BTC.PaxMoneta from family member’s wallet
2015-03-05 15:01:30 Received 28.276 BTC From rwXtqkj2ZtBeoRmSchasGkubA7tRmL1YY6
2015-03-05 15:03:40 Received 0.000718 BTC From rwXtqkj2ZtBeoRmSchasGkubA7tRmL1YY6
2015-03-05 15:09:30 Received 7.4149e-7 BTC From rwXtqkj2ZtBeoRmSchasGkubA7tRmL1YY6
2. Trading BTC.PaxMoneta/XRP
2015-03-08 21:42:40 Sell 1.6 BTC For 41280 XRP @ 25800
2015-03-08 21:45:10 Sell 0.5 BTC For 12750 XRP @ 25500
3. Withdrawal 26 BTC from PaxMoneta
2015-03-09 10:34:40 Sent 1 BTC To rUkMKjQitpgAM5WTGk79xpjT38DEJY283d
2015-03-09 11:47:00 Sent 25.176718741 BTC To rUkMKjQitpgAM5WTGk79xpjT38DEJY283d
4. Deposit 26 BTC with SnapSwap
2015-03-09 11:30:50 Received 0.9969 BTC From r5ymZSvtdNgbKVc8ay1Jhmq5f9QgnvEtj
2015-03-09 13:00:50 Received 25.10118858 BTC From r5ymZSvtdNgbKVc8ay1Jhmq5f9QgnvEtj
5. Sold all the BTC.SnapSwap buying XRP
2015-03-09 13:44:20 Sell 10 BTC For 261172.82241 XRP @ 26117.282241
2015-03-09 13:46:00 Sell 16.103 BTC For 418875.4099 XRP @ 26012.25919996
6. Received 3,000,000 XRP from another own wallets
2015-03-09 17:38:20 Received 999980 XRP From rUGJwXEBN2KVzgaiaTvnLMsMXYdVNbfe1V
2015-03-09 17:40:30 Received 999980 XRP From rpL7YoqUsWDi4Rk63FZ4z3S981oSbwqKwT
2015-03-09 17:42:30 Received 999980 XRP From rMSgGUnVr3ALuRmheWQSoE6KtMfcNBQfHV
7. Bought 128 BTC.SnapSwap selling all the XRP
2015-03-10 07:20:30 Sell 434985 XRP For 15 BTC @ 0.00003448
2015-03-10 07:21:30 Sell 883320 XRP For 30 BTC @ 0.00003396
2015-03-10 07:23:00 Sell 2432803 XRP For 83 BTC @ 0.00003422
8. Trading BTC.SnapSwap/XRP (19 March ~ 29 June)
2015-03-19 09:14:20 Sell 55 BTC For 1347500 XRP @ 24500
2015-03-19 09:15:20 Sell 80 BTC For 1848898.74984 XRP @ 23111.234373
2015-03-19 16:34:30 Sell 1341000 XRP For 50 BTC @ 0.00003729
2015-06-29 15:04:20 Sell 5.85962 BTC For 121705.00766 XRP @ 20770.11950587
2015-06-29 15:04:50 Sell 15 BTC For 308265.015 XRP @ 20551.001
9. Withdrawal 15,000,000 KRW From PaxMoneta remaining 35 BTC.SnapSwap and 10,598 XRP
2015-06-29 15:07:40 Sent 15000000 KRW To rUkMKjQitpgAM5WTGk79xpjT38DEJY283d
"client_type": "rt1.0.10-1-72-g2180038-dirty If you are using Internet Explorer, you may see SSL Certificate Warn",
"tx_hash": " C0BEF588B93416EAA6A48C92CC9C32E13874C6540F0AE3476DC87479F5162EA6"
10. Changed to long-term investment because believed in the future of cryptocurrency, 1 year later on 2016.11.3 looked into the account again and realized that SnapSwap and btc2ripple.com had stopped service.
11. Sold 10 BTC.SnapSwap accidently via order book remaining 25 BTC.SnapSwap.
2016-12-01 15:42:10 Sent 0.89 BTC To rchGBxcD1A1C2tdxF6papQYZ8kjRKMYcL
2016-12-01 16:27:11 Sent 0.17 BTC To rchGBxcD1A1C2tdxF6papQYZ8kjRKMYcL
2016-12-01 16:32:52 Sent 9.28 BTC To rchGBxcD1A1C2tdxF6papQYZ8kjRKMYcL
You can find out details here - https://data.ripple.com/v2/accounts/r4RQjDVX5XTA5TjkHPbTWNNtbURUaVpnNP/balance_changes?limit=1000&descending=true
* I can prove full chain of transactions by documents including source of funds.