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BobWay

Chat: [Study Group] Syllabus

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Posted (edited)

I've been working on a rough syllabus for what I'd like to discuss in the study group. Deciding how to order the topics has been pretty tricky. It is very likely that we'll all decide to change the ordering around as we begin our discussions. I may also try to merge some topics into a single session. But we need to start somewhere.

Please let me know if you have any suggestions or if you notice any missing topics that you'd like to discuss.

Introduction

  • 1.    Rippling Payment Basics

Foundational

  • 2.    The Shape of Money
  • 3.    Blockchain Technology
  • 4.    How Prices Move

Intermediate

  • 5.    Cryptocurrency Ideology
  • 6.    Money Flows (Cross Currency)
  • 7.    Advanced Configuration Shapes

Advanced

  • 8.    Anyone to Anyone - Expanding the network
  • 9.    Smart Contracts
  • 10.  Opportunities & Lessons Learned
Edited by BobWay

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1.    Rippling Payment Basics

  • Tech Training Deck
    • Ledger Graph Notation
      • Entities
      • Accounts
      • Orders
      • Payments
    • Rippling Payments
      • XRP Ledger
        • Privacy
        • Scalability
        • Compliance
    • Messaging
      • Off Ledger Addressing
      • Compliance
    •  ILP
      • Privacy
      • Scalability
  • Instant Settlement Pattern
    • Synchronized (Atomic) Accounting
    • Avoiding Risk
    • Inclusion    
  • Hands-On
    •  Setting up a testnet address/secret pair
    • Definining a testnet name/address pair
    • Creating a fiat currency account
    • Receiving fiat
    • Sending fiat to others
    • Creating a second fiat currency account
    • Circular payments to convert one fiat currency to another
    • Market Orders
      • Viewing the current market
      • Creating your own order
    • Understanding Lowest-Cost Pathfinding

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2.    The Shape of Money (Systems)
    Money Itself = Liquidity
    Definition (see the IMF doc on cryptocurrency)
        Medium of Exchange
        Unit of Account
            Debt Repayment
            Contracts for Future Payments
        Store of Value

    Ledger Graphs
        Federal Reserve Notes
        Banking         Facilitating payments
        Local Money        Idealogical money
        Gateways        Local Money on XRP Ledger
        LETS            Liquidity without Money
        Cryptocurrency     Money without promises

    Multiplying the Utility of the Existing Money
        Increasing its Velocity
            Local Banking
                circulates money faster in a community, allowing the same money to pay more bills.
            Local Money 
                circulates money faster in a community, before that money leaves to pay remote bills.
        Lending - increases the velocity of money
            Local Banks
                Increases the velocity of the "horded" money.
                Increases the value of the "hoarded" money by allowing it to find work.
                Keeps the "horded" money in the local community, so it doesn't have to leave to find work.

        Increasing Liquidity without Increasing Money-Tokens 
            Bank Lending    ->    Creates liquidity without creating tokens
            Personal Lending->    Creates liquidity without creating tokens
            LETS            ->    Creates liquidity without creating tokens
            Social Credit    ->    Creates liquidity without creating tokens
            "Good ol' Boy networks"        ->    Creates liquidity without creating tokens
            Cryptocurrency
                Crypto Investors        ->    Creates liquidity without creating tokens
                Crypto Lending (WTF?)    ->    Creates liquidity without creating tokens

    Fractional Reserve Banking
        Zero Reserve Banking
        Safe Deposit Boxes

    Collateralized Lending
       https://www.thebalance.com/collateral-loans-315195
        Hypothecation
       https://ir.lawnet.fordham.edu/cgi/viewcontent.cgi?article=1391&context=jcfl
       https://heinonline.org/HOL/LandingPage?handle=hein.journals/umkc84&div=48&id=&page=&t=1556480751
 

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3.    Blockchain Technology
    Accounting
        Journal vs Ledger
        Double Entry Bookkeeping
        Unspent Transaction Outputs (UTXO)
        XRP Ledger
        Ethereum
    Technology
        Paranoia as a feature
        Addresses, Secrets, Public & Private Keys
        Hashing
        Merkle Tree Proofs
    Consensus
        Mining
            1, 2, 3
        Proof of...
        Consensus
    Scalability
        ILP
        Codius
 

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4.    How Prices Move
    Markets
        Makers vs Takers
        WANT vs NEED
        Market Makers
        Arbitragers
        Speculators
    Payment Size vs
        Risk
        Liquidity (capital requirements)
        Profit
    Stability is balanced flows
    Imbalanced flows require liquidity circles
        Alternative paths
        Market Maker re-balancing
        Arbitrage
 

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5.    Cryptocurrency Ideology
    Coins vs Bank Accounts
        Virtual Physical Currency
        Account opening direction
        Who can hold coins/accounts
        Funds freezing
        Privacy
    Code Words
        Anonymity vs Pseudonymity
        Censorship Free
        Doublespend
        Immutable
        Traceability - Link-ability
    Monero
        Secure, Private, Untraceable, Fungible
        Ring Signatures
    Zcash
        Private Addresses
        Transparent Addresses
        Zero Knowledge Proofs
 

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6.    Money Flows (Cross Currency)
    Pre-Transaction Negotiation Flows
    4 Tiers from previous deck
*        Bank Transfers
        Card Networks - Payments
*        Money Services Businesses
            Remittance
            Remittance - Bill Pay
        Hawala
            Fincen PDF
*        Person to Person Payments
            Paypal - MSB
            Venmo - MSB
            Cryptocurrency - ???
            Rippling Payments
*        Xpring / Coil
 

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7.    Advanced Configuration Shapes
    Pre-Transaction Negotiation Flows
    "Stable Coins"
        Backed
        Unbacked
    JPM Coin - Dollar clearing use case
    Fed Coin - "A payment" use case
        Effect on bank deposits
        Effect on liquidity
    Stellar/IBM configuration
    Dis-intermediating the Dollar (De-risking)
 

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8.    Anyone to Anyone
    Expanding the network
    Joining together different tiers (network effect)
    How Nostro accounts work
    XRP Bridge
    Driving payments through XRP
    Patent
    Community Size vs Value
 

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9.    Smart Contracts
    Agency vs Responsiveness
    XRPL
        Trust lines = ICO's
        Orders = DEX
        Rippling = same currency Orders
    ILP
        Escrow
        Synchronization
    Codius
        Key management
        Connects chains
    Layer 2 Networks
        Payment Channels
        Lightning
 

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Posted (edited)

10.    Opportunities & Lessons Learned
    Gateways & Money Transmission
        Regulatory ways to proceed
        2 party transactions
        Dealing
    Alice & Bob
        Merchant end (reversible directions)
        Consumer end
    Circular Value Flow
        Return Value Path
        Money Path
    Circular Business Transactions
        Cash and Carry
        Card and Carry
        Card and Delivery
        Pure Digital
            Currency Conversion
            Stock Tokenization
            Title Transfer
            Omni - Cloud Closet
    Identity
    Accounting
    Forked Payments

Edited by BobWay

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