Jump to content
Snacks

Private ledger debate

Recommended Posts

I'm not technical enough to explain to you what Brad meant by "private blockchain" but I was reading the below thread last week and it gives some indication as to what he was referring to. I don't think he literally means a separate ledger from the XRPL.

 

 

Edited by CalRippleken

Share this post


Link to post
Share on other sites
10 hours ago, Snacks said:

Watch at 22:30. Could someone explain this to me plz.

He is talking about XCurrent.  I’m not an expert but as I understand it....

It runs on Ripplenet and makes a transitory private blockchain between the banks to manage the messaging of the transaction.  The escrow is used on that private chain to ensure the components of the transaction are satisfied completely at both ends and then the release occurs and the transaction is now complete.

xcurrent by itself doesn’t settle the transaction...  what has happened is ledger transfers between pre positioned funds.  To achieve the complete settlement without prefunded overseas accounts you need xrapid or xvia calling on xrapids capabilities.  

The whole lot has now been bundled together to seamlessly allow the users to choose just exactly how much of the process they want to enable.  That’s why Ripplenet members are so important even though the fudsters say “XCurrent is just software... it doesn’t use XRP”.  Because every single Ripplenet member can choose (once regulatory clarity and change and competition arrives) to enable xrp usage at the flick of a switch.

Its even better than that now,   because multihop lets you transact with xrp even if you don’t want to touch the digital asset...  some other xrp enabled Ripplenet member does that seamlessly for you.

Share this post


Link to post
Share on other sites

in regards to banks not wanting their private txs for the world to see

 

Quote

yes some of it - XRP - is public open ledger, a different part of ripples technology that connects banks to the liquidity solutions, these are private - think about almost as a temporary private blockchain between two banks its cryptographically signing the transaction, holding an escrow and releasing it at the same time so you never have a situation or a transaction doesn't complete

 

Share this post


Link to post
Share on other sites

One or more of Ripple's products could act as a layer-2 solution on top of Ripple network in which transactions are not settled directly on the ledger, revealing the details of the payments, like all the wallets addresses that were involved in the transactions and other such payment details. It's basically similar to the Lightning Network for bitcoin, anonymously routed payments through a second-layer network on top of the XRP network and the final on-XRP ledger settlement just adjusts balances, but you don't know what the payments were doing or where they were going before the net settlement occurred unless you were one of the parties directly involved in those transactions.

Just my opinion/guess.  You have to guess sometimes when you are dealing with proprietary software, as is the case with Ripple's products, some of which leverage the utility of the XRP network.

Share this post


Link to post
Share on other sites

i hate this private vs public nonsense, we had this in crypto way back in 2015/2016 and it is NOT AN ISSUE AT ALL, PERIOD, END OF!!!

on the internet, we don't say "everything should be public!" or "everything must be private!", that would be beyond DUMB -- what we say is, those who want to make data/whatever public can do so and gain the benefits from that, and those who want to create a private network, or even an INTRAnet, can and will do so according to their needs

literally the entire debate is completely useless and retarded -- the market will work out what's what, everything else is bitcoiner ideology again

Share this post


Link to post
Share on other sites

The whole "private ledger" or "two ledgers" debate is complete nonsense. There are not two ledgers.

There are hundreds of ledgers.

Each and every exchange has it's own ledger recording which customers own how much XRP. And the price on these ledgers is based on what the last exchange of XRP was with something else. ie. 1 XRP = 1 XRP, you can only say 1 XRP = $0.33 because someone has just paid $0.33 for 1 XRP. And only on *that* exchange. Hence as we already see the price of XRP (or BTC, or.. or..) is different on every exchange around the world. It is *roughly* the same due to market forces of arbitrage. If the price of XRP was, say, $0.33 on one exchange and $0.50 on another exchange then traders would buy it on one exchange at $0.33 and sell it on the other for $0.50 and make a profit. This is called arbitrage. The result is it puts upwards pressure on the low price (due to demand to buy it) and downwards pressure on the high price (due to demand to sell it). So the prices even out.

So as you can see the whole theory that there is some 'hidden' ledger somewhere that XRP is being traded on and is some totally different price to what we see is crazy. The market forces of arbitrage would cause the prices to start to converge. They may not converge exactly or may take some time, but they will eventually tend towards convergence.

-Matt

Share this post


Link to post
Share on other sites

There is only 1 production ledger, this two ledgers thing is complete idiocy.

 

However, I wouldn't be surprised if Ripple had a seperate Sandbox testing environment and a test ledger.

Share this post


Link to post
Share on other sites
16 minutes ago, Archbob said:

There is only 1 production ledger, this two ledgers thing is complete idiocy.

However, I wouldn't be surprised if Ripple had a seperate Sandbox testing environment and a test ledger.

True but how do you know your zerps are not on the test ledger? What if the production ledger is the one not accessible to us?

Share this post


Link to post
Share on other sites

Well, I doubt anyone can be sure of that but if Ripple did that and our XRP are worthless, there'd be a lot of lawsuit that they probably wouldn't win, so its kind of doubtful.

Share this post


Link to post
Share on other sites

But there is only one Ledger where 100 billion XRPs were created, and where the drops burnt for every transaction with XRP are removed from existence. I think people are tired of seeing a price that does not move much and start constructing weird concepts, to me it is a sign of something good that the price is stabilizing.

Right now at least 200 banks and FIs are using xCurrent for quick messaging settling nostro/vostro  balances. But, most of these banks have to do this business through bigger banks that have offices in the places money are sent, sometimes through many banks paying everyone for the troubles.  Reminds me of the term "La cosa Nostra", or; this thing of ours. Making money through this ancient thing that no one had the guts or resources to challenge.

"Flipping the switch" relates to using XRP for instant liquidity instead of nostro/vostro. When regulations are in place, that is what will happen. The banks will be given a choice in the GUI when the infrastructure and laws are in place for that transaction.

 

Edited by mandelbaum

Share this post


Link to post
Share on other sites
39 minutes ago, Archbob said:

Well, I doubt anyone can be sure of that but if Ripple did that and our XRP are worthless, there'd be a lot of lawsuit that they probably wouldn't win, so its kind of doubtful.

But we're continually having that drummed into us lately that ripple and xrp are two different things and that ripple owes us nothing and this is the reality that has cut through the hopium fog for me :

xrp is not gold with a unique molecular structure that cannot be recreated, it can .

xrp can be recreated a hundred billion times over with exactly the same functionality on a hundred billion ledgers that can also be created.

xrp holders are owed nothing by ripple as we are reminded over and over again.

 

 

Share this post


Link to post
Share on other sites

×