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1 hour ago, rippledigital said:

I don't get the difference between this and a Ripple gateway/exchange. 

The main difference imo is the synergy. Ethereum is starting to grow a big ecosystem of dapps. Stablecoins, gold backed assets like DGX and fiat backed tokens (like DC) will be able to interact with other applications. Nobody really needs a fiat backed asset as a standalone feature. But think about decentralized exchanges like EtherEx and EtherDelta - they would finally be able to offer a crypto / fiat trading pair. 

Edited by xtrapower

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7 hours ago, rippledigital said:

I don't get the difference between this and a Ripple gateway/exchange. 

They even use the term "fiat gateway" on their website. It really is acting exactly in the same way as a Ripple gateway, except on Ethereum.

I'm glad to see this sort of thing come to Ethereum. If they are successful, maybe there will be some lessons to learn from them that can be applied to consumer Ripple gateways. And maybe we can use them as another (unfortunately convoluted) way to get value onto Ripple (DC cash deposit <> trade DC fiat IOUs for BTC/ETH <> send BTC/ETH to Ripple gateway <> value on Ripple network).

I do find their company's name ironic, because as a gateway, they are a very obvious single point of failure.

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@tomxcs agreed. Very similar idea. Without ILP then it's just another siloed network on the ethereum platform. The community may be able to learn lessons from their tokenized fiat currency assets but in their Q&A it's clear that they dont have a way to mitigate counterparty risk. And there still isn't a rapid way to onboard or offload money onto or from their network since you have to go through Bitcoin or fiat. It's essentially a way to transact on the ethereum network without exposing yourself to the volatility of digital assets. Their success will depend in large part on the success of the Ethereum network itself and we're still waiting for reasonable use cases to emerge. So far, Chronicled Inc is the only one that I know of...

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@tomxcs agreed. Very similar idea. Without ILP then it's just another siloed network on the ethereum platform. The community may be able to learn lessons from their tokenized fiat currency assets but in their Q&A it's clear that they dont have a way to mitigate counterparty risk. And there still isn't a rapid way to onboard or offload money onto or from their network since you have to go through Bitcoin or fiat. It's essentially a way to transact on the ethereum network without exposing yourself to the volatility of digital assets. Their success will depend in large part on the success of the Ethereum network itself and we're still waiting for reasonable use cases to emerge. So far, Chronicled Inc is the only one that I know of...

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Just adding a side conversation...

Since I am relativity a Ethereum technical noob, how hard would it to make a auto Ripple gateway on Etherum. Thinking a self function gateway that offers a bridges for cryptos to ripple, operating as a ATM or sorts...

So BTC would be sent to the Ethereum's wallet who would then make a equal value deposit to the users ripple account.

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