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September tests from R3 Corda, conducted by Accenture, mentioned by Christine Lagarde

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8 hours ago, Kiwi said:

So, R3 asked Digital Assest to test XRP performance? This does not make any sense to me.

 

There's really no evidence on anything special happening on the ledger during October. There is a spike in payments on the day or two the price & exchange volume spike happened in Sept, but that's usually the case. Ledger volume spikes with exchange volume.

Last I read, that DTCC test happened in coordination with Axoni, IBM, and R3 (R3 was the technology consultant or something). No one even mentioned Ripple

The short interest on Bitfinex was getting near all time highs during that time & sentiment was pretty bearish going into September...so the simple explanation for the price spike is, it was a massive short squeeze

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Posted (edited)

I'm up in the air... on the one hand, there's no direct proof. But on the other hand there's this:

R3 integrated with ILP for their Corda Settler, ILP is purpose-built for the XRP use case, DTCC is testing Corda Settler as a future-proof settlement tool, DTCC has a former CEO on Ripple's advisory board, the only digital currency capable of these speeds and throughput is XRP, and DTCC's blockchain tests coincided exactly with XRP decoupling from all other crypto, which otherwise only happened during the 2017 EOY bullrun.

But that's not the point of this post. The point of this post is this:

If the rise was truly a result of DTCC testing, then the test was a proof-of-concept that Corda and ILP can handle peak transaction volume, NOT peak liquidity.

That means transaction speed, not transaction size. They would have been buying and selling XRP in the smallest possible amounts to reduce financial risk, not average trade sizes that would dry up existing liquidity. So that $0.25 to $0.50 would have been on the back of a minimum-viable-product.

Imagine the maximum-viable-product. 

Edited by ADingoAteMyXRP

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Posted (edited)
1 hour ago, ADingoAteMyXRP said:

If the rise was truly a result of DTCC testing, then the test was a proof-of-concept that Corda and ILP can handle peak transaction volume, NOT peak liquidity.

The Coindesk article explains that Axoni provided the DLT and smart contracts. Corda wasn’t utilized. 

https://www.coindesk.com/15-banks-join-dtcc-post-trade-blockchain-as-project-enters-testing

What would be the purpose of XRP in this system? 

 

Edit: if you read this press release from R3 in October, which was from a separate DTCC study, it’s pretty clear they’re talking about a private, permissioned chain and not the public XRP ledger 

https://www.r3.com/news/dtcc-announces-study-results-demonstrating-that-dlt-can-support-trading-volumes-in-the-us-equity-markets/

Edited by BehindtheLedger

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Posted (edited)
8 minutes ago, BehindtheLedger said:

Corda wasn’t utilized. 

Hm, that's a Coindesk article. Here's the press release from DTCC: http://www.dtcc.com/news/2018/october/16/dtcc-unveils-groundbreaking-study-on-dlt

"DTCC commissioned the benchmark study and provided expertise and requirements for Accenture to build functional prototypes of the US equities clearing and settlement system using DLT. During the 19-week study, DTCC and Accenture ran DLT performance tests using commercial DLT platforms offered by Digital Asset (DA platform) and R3 (Corda platform), whose engineers provided support on performance tuning. DTCC’s main objective was to analyze DLT’s ability to process the massive trading volumes of the US equities market, not the capabilities of individual commercial platforms."

"What would be the purpose of XRP in this system?" DTCC is testing settlement on DLT. So that's the purpose -- to test if it's capable of handing those transaction volumes.

Corda Settler is integrated with ILP. ILP uses XRP to transfer value. I mean, it's no guarantee but it makes a lot of sense.

Edited by ADingoAteMyXRP

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Posted (edited)
15 minutes ago, BehindtheLedger said:

The Coindesk article explains that Axoni provided the DLT and smart contracts. Corda wasn’t utilized. 

https://www.coindesk.com/15-banks-join-dtcc-post-trade-blockchain-as-project-enters-testing

What would be the purpose of XRP in this system? 

 

Edit: if you read this press release from R3 in October, which was from a separate DTCC study, it’s pretty clear they’re talking about a private, permissioned chain and not the public XRP ledger 

https://www.r3.com/news/dtcc-announces-study-results-demonstrating-that-dlt-can-support-trading-volumes-in-the-us-equity-markets/

They are either talking about the R3 Corda Settler DLT, which is a private / federated DLT, or the DTCC's one, which is private as well.

It does not have to be the XRPL.

The purpose of XRP is unchanged on those DLT.

Edited by JannaOneTrick

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3 minutes ago, ADingoAteMyXRP said:

Hm, that's a Coindesk article. Here's the press release from DTCC: http://www.dtcc.com/news/2018/october/16/dtcc-unveils-groundbreaking-study-on-dlt

Yeah, I realized there are two different DTCC projects here. One is where they are moving their Trade Informaton Warehouse to blockchain. That’s the one where Axoni provided the DLT.

The other is the test you mentioned (I edited it into my post as well) where they tried to simulate the necessary txs/sec to mimic the US equity market. Corda was involved there but - this is the question - why would you need XRP to settle US equity trades? 

In addition, it says in the R3 press release that they got up above 6k txs/sec...more than the XRP ledger can handle in any event 

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Posted (edited)
23 minutes ago, BehindtheLedger said:

In addition, it says in the R3 press release that they got up above 6k txs/sec...more than the XRP ledger can handle in any event 

The Ledger Close Time already got to a fraction of a second.

This means the number of TPS can dramatically increase in those times. It already happened before when the TPS were abnormally high.

Also, Christine Lagarde, if you listen to the video in the OP, says that "A study by the DTCC showed that DLT should be capable of supporting daily trading volume of the US equity market of over 100 million trades per day."

Interestingly, the XRP ledger can handle it.

Edited by JannaOneTrick

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1 hour ago, ADingoAteMyXRP said:

Corda Settler is integrated with ILP.

This is not true. Corda settler has nothing to do with ILP. Corda settler is production ready. ILP isn’t.

On the larger issue at hand, it is a complete misunderstanding and misinterpretation of events even after multiple evidence to contrary, the speculation still goes on.

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16 hours ago, JannaOneTrick said:

entire trading day’s volume at peak rates, which equates to 115,000,000 daily trades, or 6,300 trades per second for five continuous hours

 

- XRP + Cobalt is the only way in the foreseeable future that can settle 6,300 trades per second for five continuous hours.

- Hence we are waiting for Cobalt (+ regulation) for XRP adoption at mass-scale

- If payments are recorded on the digital ledgers in real-time but settlements do not happen real-time, this potentially creates a backlog of settlements and a havoc in the making. Hence R3, DTCC they need Ripple + XRP + Cobalt.

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13 hours ago, Kiwi said:

So, R3 asked Digital Assest to test XRP performance? This does not make any sense to me.

And they clearly mention performance of private DLT,  one they used to test this. Isnt xrpl public one?

Confused.

 

Hey Kiwi ... there is a video interview with Jennifer Peve of DTCC, where she describes the testing in some detail:

http://www.dtcc.com/dtcc-connection/articles/2019/january/03/settling-equities-on-the-blockchain

Paraphrasing/TLDW:

For the testing, DTCC chose two private DLT platforms:

R3|Corda Enterprise - https://www.r3.com/corda-enterprise/

Digital Asset|DA Platform - https://www.digitalasset.com/products

Accenture managed the project and created two ring-fenced environments within DTCC's AWS Cloud environment.

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Lots of activity!

XRP with payment channels scales to 50K transactions per second.

Corda is a permissioned settler, but it is integrated with ILP. The purpose of using it would be specifically to test settlement with DLT and crypto.

Asking “Why test XRP?” Is like asking “Why test if the boat leaks before we’re even on the water?” To me that sounds like the best time to test if the boat leaks. 

Again, this is all a bit pointless because we don’t have proof the rise was DTCC but it absolutely could have been.

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Posted (edited)
10 hours ago, CountZerpula said:

within DTCC's AWS Cloud environment.

it was said a page back in a quote I did from dtcc 

see... no one listens to an arsehole :crazy:

 

Edited by fiik

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Ripple stopped selling for about 10 days in September, prior the price increase, I don't think the pump had anything to do with tests, especially corda settler - you can see the xrp related commits on their repo happened mainly in November and afterwards, the settler product was nowhere near production ready back then, let alone doing stress testing. People again are trying to see things that aren't there imo.

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