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Tonnie

Other currencies on XRP-ledger

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Hi,

Can anybody tell me what these currencies are and how this works? Can anyone make a currency on the XRP-ledger?

BTR: r3rdCdrFdKG1YqMgJjXDZqeStGayzxQzWy

JON: rJZDXRoTPqjuxwFseRwuNugsGZVLYKi3kf

SCZ: rScheetz28HPqwAo3sxCtqKxU5TPWbLEf

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2 hours ago, Tonnie said:

haha, thanks!!

But maybe: Why would one make his/her own currency? Kind of IOU?

Why would someone create his own mean of exchange? Probably as a way to exchange.

You can apply the same concept/ idea with the XRPL.

As an example, I can create a USD Lumpy (I owe you) and give it you in exchange of XRP.

It's exacty how Gatehub (a crypto trading platform on the XRPL) works.

The only thing you cannot create on the XRPL is XRP (the native token).

Peace

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Guest

It’s a way of encapsulating the value of anything on the XRPLedger.  

Imagine MercuryMint wants to issue gold and silver medallions worldwide and is willing to trade XRP for them (or anything else on the XRPLedger).

He can issue MMG and MMS tokens and anyone that buys one with XRP is able to redeem it for a medallion.  That means other folk can now trade MMG if they think there is,  or will be, a scarcity and it’s value can climb. (Or fall)

But also it is a provable and fast and convenient way to pay for the medallion. Anyone anywhere can buy one.  

Of course you will have noticed there is a “trusted party” in this transaction...   MercuryMint.  So long as they value their reputation they need to actually send a medallion anytime someone pays...  just like most current commerce.  

They also need to ensure they don’t issue more MMG than they can produce in the real world.  

So there might be good reasons in the future to possibly issue these IOU currencies on the ledger.

Interestingly their counterparty risk is what reveals the wonder of XRP....    no Counterparty.  

 

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After intensive research about BTR, I found out the following:

- BTR is a token of http://bitcoinr3.io/

- twitter account is: https://twitter.com/BTR_Token

- There is a daily distribution of 45,000 BTR to anyone who sends 1 BTR or 0.1 XRP to rGfM8rWuBTcgTotqPCLhuBKVWqYrvjCjkA .

 

- You need a trustline:

Currency: BTR

Counterparty:  r3rdCdrFdKG1YqMgJjXDZqeStGayzxQzWy

Limit Value:     21,000,000

 

- regularKey is set to blackhole address and masterKey is disabled. That means the issued asset is without counterparty risk.

- Value: https://xrpcharts.ripple.com/#/markets/BTR:r3rdCdrFdKG1YqMgJjXDZqeStGayzxQzWy/XRP?interval=1d&range=6m&type=line

 

I don’t know if the distribution is still active. The daily distribution should run until 01 December 2019.

 

What is the purpose or utility of the token / asset / currency??

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BTR has the same supply (21,000,000) like BITCOIN.

So you could say: BITCOIN moved onto the XRP Ledger.

And it is distributed via free airdrop.

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This ripple-data-api file seems to have some information on issued currencies.

https://raw.githubusercontent.com/ripple/ripple-data-api/develop/api/gateways.json

Does anyone know why say bitstamp only issue BTC and USD on ledger? They support more currencies on their site and there are even some more in this file but they have 'featured' set to false which seems to mean they don't really exist.

Why don't more exchanges become gateways, or existing gateways issue more currencies?

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15 hours ago, elias said:

they have 'featured' set to false

"They" in this context means "Ripple" - Bitstamp is not in control over the file you refer to, that's just what Ripple's developers chose to  put in there. Nothing less, nothing more.

15 hours ago, elias said:

Why don't more exchanges become gateways, or existing gateways issue more currencies?

Poor user experience when onboarding customers until Checks are enabled on MainNet. Regulatory issues/concerns. No more example implementation of a gateway. No real advertisement of that feature by Ripple at all. Very few features regarding issued currencies being developed by Ripple in the past few years (many exciting features were XRP exclusive). No more community standards around gateways (IRBA), no guidelines for clients (and many don't even implement issued currencies)...

Edited by Sukrim

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2 hours ago, Sukrim said:

"They" in this context means "Ripple" - Bitstamp is not in control over the file you refer to, that's just what Ripple's developers chose to  put in there. Nothing less, nothing more.

Poor user experience when onboarding customers until Checks are enabled on MainNet. Regulatory issues/concerns. No more example implementation of a gateway. No real advertisement of that feature by Ripple at all. Very few features regarding issued currencies being developed by Ripple in the past few years (many exciting features were XRP exclusive). No more community standards around gateways (IRBA), no guidelines for clients (and many don't even implement issued currencies)...

Thanks a lot .. so do you think Ripple is intentionally letting the XRPL exchange fade away? According to xrpcharts it has almost no activity these days. Stellar seems to be promoting their exchange more.

 

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Their previous CTO definitely was more focused on Interledger... ;-)

The current one seems to promote more advanced capabilities of XRPL more actively, so I doubt that they are trying to "fade away". They could certainly do more, but there's not much money in there for them, so their motivation is probably a bit lower than e.g. for lobbying with central banks.

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4 hours ago, elias said:

Thanks a lot .. so do you think Ripple is intentionally letting the XRPL exchange fade away? According to xrpcharts it has almost no activity these days. Stellar seems to be promoting their exchange more.

 

I think so. Through policy they have actively destroyed the most vibrant 'decentralized' exchange in existance over the past 5 years or so. Go figure.

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On 5/3/2019 at 5:41 AM, mr_xrp said:

- You need a trustline:

Currency: BTR

Counterparty:  r3rdCdrFdKG1YqMgJjXDZqeStGayzxQzWy

Limit Value:     21,000,000

Interesting account.

Could be interesting in December.

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