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Pablo

A wish list of use cases for Codius and Smart Contracts...

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There are many obvious use cases being considered for Smart Contracts including the obvious ones but extending to voter registration and elections, wills and estate planning and offshore decentralised exchanges.

Most have obvious challenges due either to the interaction with "wet code" and the necessity of having real world events universally recognised on the blockchain or because there are regulatory/constitutional impediments preventing such use cases.

Let's take the shackles off - what would be your dream use-case for Codius?

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I am curious what the first few narrow use cases Ripple has for Codius.

When first talked about Codius was suggested for escrow and payment conditions- features now baked into the ripple protocol itself. So what's left? I think the next logical step would be cascading payments on ripple and ILP (when a shipper gets paid funds are auto passed to insure or stock release conditions), simplifying payment-chains

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Posted (edited)
7 hours ago, Pablo said:

There are many obvious use cases being considered for Smart Contracts including the obvious ones but extending to voter registration and elections, wills and estate planning and offshore decentralised exchanges.

Most have obvious challenges due either to the interaction with "wet code" and the necessity of having real world events universally recognised on the blockchain or because there are regulatory/constitutional impediments preventing such use cases.

Let's take the shackles off - what would be your dream use-case for Codius?

1) IoT/Machine to Machine Payments - to reference Brad Garlinghouse's example: You're late to work in your self driving car, the car in front of you is not in a rush, you send that car $10 worth of XRP to get out of your way so you can drive past them. 

2) Attack the use case of Golem Network Token (even though I hold it in my portoflio) - allows users to get paid for unused CPU power and pools that power then reallocates it to who needs it/can pay for it. Those who give their CPU processing power get paid, those who take it from the network have to pay for it

3) Same as #2 but instead of unused CPU processing power we change it to solar power

4) Exchange of airline flyer miles or whatever loyalty points for XRP

5) Car insurance where the amount you pay is based on how long you are driving in the car. As long as you keep driving, every second or minute (like a tax meter) you are paying. As soon as you step out of the car, you stop paying car insurance - XRP  Codius can automate a lot of industries 

5) The music industry - rather than having artist go through a record company, they set up a smart contract. Want to listen to the song in your free time it's $X amount, want it as your ringtone - the price is now $X, want to play it in a movie - the price is now $X. And the profits are split based on whatever % the artist and whoever else was involved in the production see fit. Something like this already exists - I heard it from Don Tapscott, I just think XRP and codius could make it a reality

Edited by Mpolnet

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How about state and/or federal tax collection?  I feel like a lot of time and money is wasted via tax collection verification and enforcement that might be applicable leveraging a series of smart contracts instead.  Tax data should probably be kept on a blockchain too given it's all public accessible today....

Evidence handling.  How much wasted money/time and mistakes are made through poor or improper record keeping and handling of forensic or investigative evidence?  How many agencies use segregated databases that might be immutable and accurate, but are maintained as satellites of information preventing inter-agency access to data.  Stick this data on a blockchain and enforce access via smart contracts.

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6 hours ago, Mercury said:

I think outside of ripple products that Codius can be used to automate payments in FMM type investments based on third party information, or even denctralized payment channels and/or projects like @KarmaCoverage

You dont need a smart contract for KarmaCoveage (could be run like a company, a la Ripple), but if it was run by smart contracts it would make KarmaCoverage a DAO.

Any which way, it is always the users who are in control of their own money, which is one of the reasons the service does not legally qualify as "insurance", the service never takes ownership or control of user funds. As a company, KarmaCoverage would only be providing the RCL platform, and an end user app with integration to the ledger, along with the business logic that all the user behavior must adhere to in order to make sure the whole system can never have a negative balance.

I have never really found a great place in KarmaCoverage for what would be it's XRP. Until recently, the only think I could think to do with the seignorage was keep it as company profit, but I detest that idea. However, if that seignorage was held in escrow for very large loss events (tsunami, hurricane, earth quake) the seignorage funds could be tapped to achieve additional coverage, in excess of just the money everyone put into the system for that coverage purpose.

@Mercury I have also been presently pestered by your ideas of doing this in conjunction with a credit union, as well as your idea that some of the funds paid out by the system, could be configured as a loan. 

I encourage anyone who is interested to check out the KarmaCoverage XRPchat thread, and/or join the KarmaCoverage LinkedIn group,  "Blockchain, Complexity & P2P Insurance" also. 

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Posted (edited)

YES! Automating state and federal tax collection with smart contracts would be huge. Especially, if taxes settle in XRP - I think this would have tremendous upwards pressure on the price per unit.  

Another interesting use case is actually demonstrated by Stefan Thomas at a Google talk. They basically made an API that creates a website for you based off of a picture description and each step of the process pays out to I think the system processing/creating the website (not 100% sure on who gets paid, I just recall that each step of the process of creating the website results in a payout, need to re-watch it). The link is below but I was totally fascinated by this as a potential use case that essentially creates/enables a new business model that wasn't even possible until now b/c the tech is here.

That's what's so exciting - we can think of crazy things now, but down the road I wouldn't be shocked if use cases start popping out of nowhere that we didn't even think of. And I would love to see them start attacking some of these other coins use cases since there are some interesting ones already. Examples would be Golem Network Token, Power Leger, Augur, Steemit, SALT Lending, and heck why not have a portion of the total XRP set up as a DAO that invests in other things like Iconomi, Blockchain Capital, and DigixDAO. It could also attack the Filecoin use case. 

 

 

EDIT: Olaf Carlson-Wee of Polychain Capital actually had an interesting thought towards token M&A (mergers & acquisitions). He stated that a company would never buy a protocol since it doesn't make sense but that he could image a scenario where one protocol acquires another protocol. How would this work? The acquiring token protocol would acquire the tokens of the protocol it's taking over, burn them, and then release the existing tokens of the acquiring protocol to the hodler's of the old protocol that was taken over. Or new tokens could be created and then disbursed (but for the case of XRP, I think they would just have to issue out existing XRP's rather than create new XRP's since this can't be done and would just cause problems). EX: XRP acquires Golem Network Token's protocol, which is worth lets say for this example $250M. XRP could release $300M worth of XRP and burn the $250M of GNT. This would create $50M of economic value for the GNT hodler's to incentive them for allowing this protocol M&A to occur.

Link to the podcast is below:

http://www.thetwentyminutevc.com/olafcarlsonwee/

https://itunes.apple.com/gb/podcast/twenty-minute-vc-venture-capital/id958230465?mt=2

^ 26th podcast if searching in iTunes on the channel

Edited by Mpolnet

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Posted (edited)

Much could be filed under "Government databases" but there are a number of important ones - 

  • Would completely improve firearm background checks in the US: national, available, public but anonymous.
  • Sex offender database could be more centralized and accurate with greater public access.
  • Would love to change our use of #SSN especially with  the credit bureaus - Codius put Equifax out of work.  You have a unique i.d. that is anonymous but possible for a company (like, say cell-phone service) to run an instant check to verify.  
  • Titles & deeds - property transference (esp. fund verification) is mentioned frequently, but encoding coordinate boundaries and mineral/water rights would be a boon.  
  • ^as above, DMV.  'nuff said.
  • military - blockchain can be used to make logistical transfers faster and more easily tracked.  This would help track the "lost" items more closely, too.

I really would like to see it implemented for academic work:  this would disrupt publishing houses as researchers are able to distribute and monetize securely without them.  You could self-publish research and for others to use the work, a small fee transacted for access.

Similarly, there are a lot of accrediting and licensing bodies that require X number of hours and supervision.  Smart Contracts offer the power of centralizing the process around the individual in a unified way, putting power in their hands, while at the same time more accurately tracking credentials.  Instant license print-outs upon completion.

It will be used for better customer tracking both within a large company (e.g., Target)  and between partners (Target & Visa).  The unique identity that is transferable provides big data with more opportunities and the ability to claim no identifying information is used.  

Have to imagine that blockchain technology will change the way the trucking industry works, especially subcontracting.  From shipping to port logistics. To that end, I would be surprised if FedEx is not already trying to implement it for all their independent carriers.

 

 

Edited by WrathofKahneman

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Posted (edited)

Also - construction: imagine every site has a unique ID,   there are so many different contractors and suppliers involved that smart contracts could accurately, real time, indicate when work is possible for different contractors because the supplies are there and other work is finished.  This would make pay-for work easier and help to track costs.

A friend indicated it would help immensely with blood donations as all the various services could provide unique ID's to individual bags and track them along with their properties - (Blood type, etc.)  This might help pharmacies, too.  It would certainly cut down on wrong prescriptions and might even help track painkillers as it prevents double dipping between different pharmacy networks.

Edited by WrathofKahneman

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To the mention above that SALT Lending is a worthy coin. I think so as well, so I invested. Then, the market went red and it occurred to me how would they secure the collateral when the very value they loan against plummets. I researched and found they don't actually have an answer to this. My solution would be to use digital assets as security as long as they don't reach a "agreed upon low point" in value. If they do... they are confiscated by SALT Lending. And if they never recover in price, the difference in the balance of the loan is repayable. That is my solution to this and, if enacted, would create a futures type loan process that I don't think is a great idea either. So, in short, without a more comprehensive solution to collateral stabilization... I pulled out because it's only a great idea if we are all on a trip to the moon. 

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https://www.coindesk.com/ford-patent-envisions-car-car-crypto-transactions/

I think this is a solid use case - especially if there are fleets of driverless cars. I also recall Brad mentioning this as a use case that may seem sci-fi today but one that he could see coming to fruition in the future. I would be curious to see if Ripple can collaborate with Ford on this. They could potentially help the profit margin of the company by reducing operational costs through ILP/XRP in addition to helping them lead the new frontier of automotive technology. 

 

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Posted (edited)

@Pablo

I invested in one ICO from 2017 called Bowhead Health.  They have a docbot and an app which monitors your health and the data are then stored on a decentralised blockchain.  It then allows the individual to be in control of the data and when a clinical trial comes knocking you can sell them your data (assuming you fall within the trial's requested parameters, caucasian, age 30-34 etc) instead of some big company selling the data.  They have a token native to the ecosystem which is paid to consumers for using their app/docbot and updating their health data and then anybody who wishes to buy your health data also pays with the token.

This could be done for all of our personal data, even something like an internet search history smart contract that you can sell to marketers and salespeople (for XRP of course!).  Why should google or facebook get the money these big companies pay for our personal data when we can own it on the blockchain and make it available via smart contracts.  And send that money through the XRP ledger.

Edited by CaligulazBaby

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Anyway, taxes integration should be helpful directly inside rippled.. Not as extension of smart contract.

About Codius, I really expect something with super powers.

In examples work also outside network (ethereum smart contract, just cannot work outside), maybe close to a p2p system bases on ID, consensus algoritm and something like wikidata (world rappresentation) to integrate in future the next gen of AI.

I've no a full idea or plan.. Just an overview on the future.

 

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