xourexe Posted January 17, 2017 Share Posted January 17, 2017 Given the historial concerns on XRP distribution, I have always wordered if it would be possible at some point to set up something like a smart contact distribution system which distributes XRP in a reliable and predictable way, based on certain premises and without reliance on Ripple. These are just some improvised thoughts and I don't know if it would be implemented over RCL itself or another smart contract platform, but what do you think of it? Is it a silly idea? Hodor 1 Link to comment Share on other sites More sharing options...
Xi195 Posted January 17, 2017 Share Posted January 17, 2017 (edited) I've had similar thoughts. I think the problem is that Ripple wants to allocate XRP in a way that best incentives the growth of the network. They're nowhere close to a point where they can confidently state the best way to do that. Tying them up cryptographically would require some idea of how they plan on using them. As I'm writing this I had an idea. Currently there are two buckets of XRP. XRP held by Ripple and XRP held by the market. What if there was a third tier where portions of Ripple's XRP are tied up cryptographically into a third "lock-up" bucket. For example, after testing the MM scheme, they may feel confident that they'll be able to distribute X Billion XRP over Y time period, in which case they could tie them up cryptographically. Similar methods could be used to incentivize new validators I.e. Increased decentralization. I think there might be something here. Tagging @miguel and @JoelKatz. Since this is the first time I believe something like this has been discussed here I thought I'd loop you in. Guessing it may be something Ripple has considered, but maybe not. Edited January 17, 2017 by Xi195 Link to comment Share on other sites More sharing options...
JoelKatz Posted January 17, 2017 Share Posted January 17, 2017 It can be done with SusPay. You can make a payment that provably can never be claimed and thus can only be spent once it expires and returns to the sender. However, there is a good reason not to do things this way, or at least not to do it excessively. The downside is that this reduces our flexibility to respond to unexpected developments. So that means we either have to lock up amounts and times that aren't really all that meaningful (just preventing truly outrageous behavior) or risk being unable to respond in the best way to some drastic, unexpected circumstance. To date, our policy has been primarily to be open about how me make decisions and what our intentions are rather than making unenforceable promises. But enforceable promises are a new tool and we should definitely explore using them. jp2017, Xi195, rippleric and 4 others 7 Link to comment Share on other sites More sharing options...
Guest Posted January 17, 2017 Share Posted January 17, 2017 5 minutes ago, JoelKatz said: [locking funds] It can be done with SusPay. You can make a payment that provably can never be claimed and thus can only be spent once it expires and returns to the sender. Can you provide a bit of help on how to do this? How to construct a payment that can provably never be claimed? I'd like to lock up my funds for a couple of years. For many XRP investors this would be a great feature, to prevent panic sells. Link to comment Share on other sites More sharing options...
Hodor Posted January 18, 2017 Share Posted January 18, 2017 50 minutes ago, JoelKatz said: But enforceable promises are a new tool and we should definitely explore using them. Things that make you go "hmmmm" Xi195 1 Link to comment Share on other sites More sharing options...
nikb Posted January 18, 2017 Share Posted January 18, 2017 2 hours ago, lucky said: Can you provide a bit of help on how to do this? How to construct a payment that can provably never be claimed? I'd like to lock up my funds for a couple of years. For many XRP investors this would be a great feature, to prevent panic sells. You would use a suspended payment. If you're using RippleAPI, check out https://ripple.com/build/rippleapi/#suspended-payment-creation and see the allowExecuteAfter flag. If you wanted to construct the payment directly using JSON, then you would construct a SusPayCreate transaction and set the FinishAfter value to the time (using the Ripple epoch) before which the suspended payment could be completed. Such a payment would only succeed in ledgers whose parent ledger closed after the specified time. See this comment in the C++ code for an explanation of the needed and optional fields. Xi195, Hodor and KarmaCoverage 3 Link to comment Share on other sites More sharing options...
segra Posted January 18, 2017 Share Posted January 18, 2017 (edited) 6 hours ago, lucky said: Can you provide a bit of help on how to do this? How to construct a payment that can provably never be claimed? I'd like to lock up my funds for a couple of years. For many XRP investors this would be a great feature, to prevent panic sells. I would of thought using a 'cancel after' date along with a random digest would prevent spending until you can cancel it (as you will never have the proof) however after attempting it, there appears to be NO code to handle a digest? *Edit* Nevermind, its sfConditional at that level Edited January 18, 2017 by theshadow Link to comment Share on other sites More sharing options...
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