TaylorWarden Posted November 28, 2019 Share Posted November 28, 2019 (edited) Ever since I rejoined the forums, I sometimes get private messages in regards to forming a new CAD gateway. In this thread, I am asking the community to provide some suggestions and feedback to determine if a new gateway is feasible. I was asked if I would perhaps perform a crowd funding round from the XRPchat community to bootstrap a new Gateway, which I will touch on later. The first thing that I would need to do is set up a new issuer, requiring about 500 XRP to cover OwnerCount objects in the ledger from trust-lines and to activate new ripple accounts who are coming to the Gateway in addition to providing some small amount of XRP to the market making account to cover the major order-books so that payments can find paths. Second, I already have a domain name registered until 2023 and I have the ability to host a website via shared hosting on the monthly basis but this means I will not be able to host an instance of rippled as I will not have enough resources to run it on the package I have available. Third, I would require capital to purchase silver for remittance over the RCL, as all of my gateways in the past have been focused on cryptos, fiat, and precious metals with precious metals being the focal asset class offering for all of my Ripple Gateways to date. This would be about another 600$CAD (or more) so that I could purchase a tube of silver rounds for remittance. As for crowd funding to jump-start a new Gateway, if the official forums were still up, I could point all of you to the postings in which I mention the crowd funding rounds that I already completed in the past via the NXT blockchain. The major problem with a crowd funding round is how do I provide value to the backers of the crowd fund? At first the NXT asset was providing 45% of the profits derived from the gateway calculated in NXT then shared to the XAGATE asset holders on that blockchain using their pay dividends function but I was still the majority share holder of the assets so I was receiving 51% of the dividends paid as a kickback for not selling my company's equity so easily (I forget the price per asset but it was set pretty low). With all of this being said and done, I invite you to take a look at https://streetsofsilver.website to view the fee schedule this Ripple Gateway will launch with. Please note that USD withdrawals will be done via wire transfer and that is why the withdrawal fee is set so high; If I am able to find a way to reduce this overhead I will be able to reduce the fee drastically when/if this Gateway launches. That is all for now folks, please, provide me with your suggestions and feedback as to how I may be able to provide some value to the interested parties who may want to crowd-fund this project! EDIT: Someone pointed out via PM that the deposit fee for Ethereum on the site was listed as 0.1 ETH per deposit which is a preposterous amount, the actual deposit fee is 0.01 ETH, that was a typo. Edited November 28, 2019 by TaylorWarden Update OP DarthTrader 1 Link to comment Share on other sites More sharing options...
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