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CNFlinch

A. Britto answer to lowering account reserve

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A new account mechanism that should allow the XRP ledger to efficiently service humanity scale usage is in development.

This tells me Ripple's long game is to go after not just FIs and multi-national corporations with nostro accounts, but to also target individual consumers and IOT ready devices that can dispense micro-payments.  If they are successful in this endeavor, then Google and Amazon will look like 'Mom & Pop' shop compared to Ripple.

Interesting times are a head, folks! Really glad to be alive now. Looking forward to witnessing this paradigm shift in value transfer take shape.

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Maybe he is talking about some kind of sub-account system? Obviously now you can't have an active account without paying the reserve, and they have already indicated they want to keep the reserve "high".

I can't think of any mechanism though that would allow you to service 7 billion people without getting major ledger bloat. Unless it uses an off ledger system like paychan.

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I think his last comment self answers:

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I expect, most users of XRP will use hosted accounts for their day to day needs: holding small amounts of XRP, placing orders, and making payments. On ledger accounts would likely only be used by gateways, wallet operators, those that require cold wallets, and those that have sufficient operational needs to justify acting on the ledger directly.

Tools in development might be easier ways for providers to call and interact between hosted wallets and the ledger.

I wonder if Ripple will release a whitelable hosted wallet....

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Yes so move individuals away from the ledger itself and into an intermediary like a gateway.

The problem is still that anybody can use the ledger however they like, it's completely open. Also by focusing on "pricing out" smaller fish you also eliminate the other use cases for the ledger. But maybe those use cases are detrimental to the network as a whole.

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2 hours ago, karlos said:

Maybe he is talking about some kind of sub-account system? Obviously now you can't have an active account without paying the reserve, and they have already indicated they want to keep the reserve "high".

I can't think of any mechanism though that would allow you to service 7 billion people without getting major ledger bloat. Unless it uses an off ledger system like paychan.

Computers and hard disk power/capacity probably grow faster....imagine in 20 years what computers will do...

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Posted (edited)
On 6/13/2017 at 6:52 PM, CNFlinch said:

Found this posted on the official forum.  Britto responds to requests for lowering the reserve now that the price has increased.

https://forum.ripple.com/viewtopic.php?f=1&t=2108&start=20

Highlight: 

Discuss. 

 I dont see why the entire world needs an account on the ledger. I believe this comment was made at the very early stages of ripple, long before mojaloop and onepay etc. With these kinds of payment apps, the end user doesnt need to be connected to the ledger. The service providers being connected to ledger should be sufficient. End user doesnt need to know how his money is moving, which ledger and what is xrp etc. 

Edited by Ivandebeers

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22 minutes ago, Ivandebeers said:

 I dont see why the entire world needs an account on the ledger. I believe this comment was made at the very early stages of ripple, long before mojaloop and onepay etc. With these kinds of payment apps, the end user doesnt need to be connected to the ledger. The service providers being connected to ledger should be sufficient. End user doesnt need to know how his money is moving, which ledger and what is xrp etc. 

yes exactly, this was before they pivoted into interledger, a much much better choice ; xrpl just cannot scale to meet global demand nor would it be the ledger everyone would want to use -- let everyone use their own ledgers, that's true decentralization -- then you hook them together with ILP/cryptoassets/whatevever in an open level playing field

that said, the account reserve system is utterly ridiculous and they need to find a solution e.g. codius or something

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52 minutes ago, zerpdigger said:

that said, the account reserve system is utterly ridiculous and they need to find a solution e.g. codius or something

I wouldn't say ridiculous, but improvable. At the end users are "using" resources of validators, so it's correct to have an anti-spam measure. The point is that probably not everybody need an account on the distributed ledger.

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17 minutes ago, tulo said:

I wouldn't say ridiculous, but improvable. At the end users are "using" resources of validators, so it's correct to have an anti-spam measure. The point is that probably not everybody need an account on the distributed ledger.

i'm not saying it's ridiculous only as an anti-spam measure... i'm saying that it's ridiculous while XRPL is promoted as an open source protocol designed for micropayments, financial accessibility, etc in mind, which is what Ripple officially declare... they constantly promote low fees and how fees hurt the poor etc, yet never once mention that an account on XRPL costs more than a poor person could possibly afford in a week of working

ok so i pay fractions of a penny to send XRP... so what, when it costs almost $10 to open an account?! it's ridiculous that this isn't a main focus of their efforts to sort this glaring, massive problem tha reflects badly on the idea of XRPL being open and accessible to everyone

i also find bitcoin's mining ridiculous and wasteful... that doesnt mean it doesnt serve a purpose for the bitcoin network... i just find it BAD DESIGN for what it is (supposedly) meant for (in bitcoin's original paper, as p2p payments)

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On 6/13/2017 at 2:50 PM, karlos said:

Maybe he is talking about some kind of sub-account system? Obviously now you can't have an active account without paying the reserve, and they have already indicated they want to keep the reserve "high".

I can't think of any mechanism though that would allow you to service 7 billion people without getting major ledger bloat. Unless it uses an off ledger system like paychan.

Interledger Protocol and more than one ledger + Payment Channels to connect ledgers.

XRPLedger is only for Settlement, not every payment made by every person in the whole world. Just like not everybody has an account to settle funds through the Central Bank, rather people have an account with banks, who have settlement accounts with the Central Bank.

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