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AlexCobb

You Need Check Out This Memo On a 1 Billion XRP Escrow Transaction!

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Just now, F6FNU said:

An EscrowCreate transaction requires the initiator to have the required amount of XRP that is to be escrowed, otherwise the transaction will fail.

Once an escrow reaches its end of life, be it due to its expiration date having passed or its crypto conditions being fulfilled, the escrow needs to be release. The release is not automatic, as the XRPL doesn't support time-based triggers. A specific transaction is needed to release the escrow, and anyone can initiate that release transaction.

 

 

Reference

XRP Ledger Dev Portal > Home > Docs > Concepts > Complex Payment Types > Escrow

So Ripple relies on random people to finish these transactions then?

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22 minutes ago, AlexCobb said:

Ok,Create an escrow release for 1 billion with your name on the memo

You’ll have to wait a month, when the next escrow is ready for release. 

@Sukrim made a topic once with instructions how you can do this. 

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Just now, AlexCobb said:

So Ripple relies on random people to finish these transactions then?

Anyone who creates an escrow on the XRPL rely on either time-based unlocks and/or crypto-conditions to enforce the escrowing of the funds for the intended period.

The originator of the releasing transaction has no power over who the funds go to. Whoever triggers the release, the funds will still move towards the initiator of the EscrowCreate (if the conditions of the escrow are not met: that's a refund) or towards the intended recipient (if the conditions of the escrow are met, that's a payment).

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Just now, SanHolo said:

You’ll have to wait a month, when the next escrow is ready for release. 

@Sukrim made a topic once with instructions how you can do this. 

Thanks for letting me know, kind of odd if ANYONE is able to finish the transaction

 

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Just now, AlexCobb said:

Thanks for letting me know, kind of odd if ANYONE is able to finish the transaction

 

You are not the first and not the last person to be surprised and that's understandable. Keep in mind though that only an escrow that has already met its own conditions can be released by anyone, and that the EscrowFinish transaction has no power over who receives the funds.

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16 minutes ago, F6FNU said:

An EscrowCreate transaction requires the initiator to have the required amount of XRP that is to be escrowed, otherwise the transaction will fail.

Once an escrow reaches its end of life, be it due to its expiration date having passed or its crypto conditions being fulfilled, the escrow needs to be release. The release is not automatic, as the XRPL doesn't support time-based triggers. A specific transaction is needed to release the escrow, and anyone can initiate that release transaction.

 

 

Reference

XRP Ledger Dev Portal > Home > Docs > Concepts > Complex Payment Types > Escrow

But what's the sense or fun to mess with these messages? I don't get it.... I would expect Ripple has taken action to stop anybody putting utter crap into Escrow-messages.

It's like Fudders encouraging to post BullSh!te for free on escrow transactions..

Just my 2 drops..

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Just now, Doctor said:

It shouldn't be possible for any random person to do this surely. You could make all sorts of mischief with this... 

You can't do any mischief. You can only trigger the execution of what was initially decided by the escrow creator.

EscrowCancel and EscrowFinish only trigger the destruction of the Escrow Object, they don't change the rules the original creator of said object set up initially.

The originator of the EscrowCancel or EscrowFinish transaction only triggers the destruction, and that's it.

The originator of the EscrowCancel or EscrowFinish transaction has no power whatsoever as to whom receives the fund.

The originator of the EscrowCancel or EscrowFinish transaction cannot either destroy an escrow object that hasn't met its own conditions.

 

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7 minutes ago, DutchPanda said:

But what's the sense or fun to mess with these messages? I don't get it.... I would expect Ripple has taken action to stop anybody putting utter crap into Escrow-messages.

It's like Fudders encouraging to post BullSh!te for free on escrow transactions..

Just my 2 drops..

You mean the EscrowCancel or EscrowFinish transaction memo.

Like any other transaction, EscrowCancel and EscrowFinish transactions incur a cost. So does adding a memo.

If someone wants to burn some XRPs to be the one who triggers the destruction of the escrow and do so in style, power to them.

Edited by F6FNU

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1 minute ago, F6FNU said:

You can't do any mischief. You can only trigger the execution of what was initially decided by the escrow creator.

EscrowCancel and EscrowFinish only trigger the destruction of the Escrow Object, they don't change the rules the original creator of said object set up initially.

The originator of the EscrowCancel or EscrowFinish transaction only triggers the destruction, and that's it.

The originator of the EscrowCancel or EscrowFinish transaction has no power whatsoever as to whom receives the fund.

The originator of the EscrowCancel or EscrowFinish transaction cannot either destroy an escrow object that hasn't met its own conditions.

 

Yes but you could put thing like "bg sucks ****" or "Hitler was right" or whatever **** in the memo... right? That shouldn't be allowed imho.

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