Ether to XRP transfer using Interledger

[Mahesh]

Hi Guys,

 

I am implementing the Interledger Protocol to transfer Ether to XRP. I have followed below steps:

Ethereum Transfer:

 - I have implemented the Ethereum transfer between two account using https://github.com/interledgerjs/ilp-plugin-ethereum and I am able transfer it in my local ethereum network.

 - Now my plan is to create Ripple local network and transfer ether to ripple account in local network.

 - Consider a scenario if 'X' account want to  transfer 10 Ether to 'Y' account of ripple network, in this scenario I have one basic question about 10 Ether, where I have to keep this 10 Ether:

  - Will it vanished from Ether network

  - Will it transfer to base account which used for transfer, similar to current bank payment architecture used for cross border payment

 

  Please explain me if anyone know, how is the flow of Ether or XRP in different payment network and how to implement using ILP.

Edited December 11, 2017 by Mahesh

[jn_r]

Hi Mahesh, 

You forget the middleman. If 'X' account wants to transfer 10 Ether to 'Y' account of ripple network, then the middleman 'Z' (aka the connector) will facilitate in this transfer. That will answer your question as where the Ethers went: They went from account 'X' to 'Z', the account of the middleman. 

Same on the Ripple network, accept on that ledger the midldeman 'Z' sends the XRP to account 'Y'. 

Instead of creating a local ripple network (not sure how easy that will be) you could also use https://ripple.com/build/xrp-test-net/

 

[Mahesh]

Thank You.

You mean to that Z middle account (connector) is exist in both network (source and target), if exist then the connector will act as currency exchange point in this transfer.

How does that connector utilize 10 Ether OR Ripple whatever currency he have?

OR

I am new to this concept. Could  you please explain me whole flow and responsibly of each item/utility involved in payment transfer of different payment network.

 

 

Edited December 11, 2017 by Mahesh

[tulo]

I suggest you to read the whitepaper and to subscribe to the mailing list.

ILP is not ready yet, so I'd wait a bit before implementing something.

[Mahesh]

Thank you Tulo,

I have gone through the whitepaper I got the concept but only uncleared part  where should I transfer 10 Ether, if required to transfer connector then his account should be  in Ether payment n/w or same as sender account  as well as receiver payment n/w because connector is transfer payment to receiver account. 

If we consider above flow is correct then how the connector will evaluate/map the value of 1 Ether = ? XRP (How many ripple), if evaluation based on exchange rate etc.. this is my understanding. 

Okay, I will wait till ILP get ready...

 

 

[Professor Hantzen]

This may help:  https://github.com/interledger/rfcs/blob/master/0020-explain-like-im-five/0020-explain-like-im-five.md

Essentially as others have said, to send value from person A to person B over ILP must involve *at least* a person C.  Person C is the source of the "exchange rate" and where the currency "disappears" to. There is no other way to send value using ILP.

[Mahesh]

Thank you Hantzen

[oniabifo]

On 12/11/2017 at 4:35 AM, Mahesh said:

Thank you Tulo,

I have gone through the whitepaper I got the concept but only uncleared part  where should I transfer 10 Ether, if required to transfer connector then his account should be  in Ether payment n/w or same as sender account  as well as receiver payment n/w because connector is transfer payment to receiver account. 

If we consider above flow is correct then how the connector will evaluate/map the value of 1 Ether = ? XRP (How many ripple), if evaluation based on exchange rate etc.. this is my understanding. 

Okay, I will wait till ILP get ready...

 

 

Does any one has an idea when ILP will be ready?