DATACOIN (DTC) GATEWAY ON RIPPLE

[extro24]

DATACOIN (DTC) GATEWAY ON RIPPLE

@nikb @karlos @Hodor@TiffanyHayden

Datacoin is a cryptocurrency that was created in 2013.  Info:

Code= DTC
Name= Datacoin
Github= https://github.com/foo1inge/datacoin-hp
Debian build= https://github.com/Mightinside/datacoin-hp
Windows wallet= https://sourceforge.net/projects/datacoin/files/
Bitcointalk= https://bitcointalk.org/index.php?topic=325735.0
Webpage= datacoin.info
Explorer= www.bytestamp.net/blocks/index
Example address=any of these: www.bytestamp.net/blocks/lunsp
Already listed on CMC - www.coinmarketcap.com/currencies/datacoin
Reddit= www.reddit.com/r/Datacoin

Most up-to-date client is Graham Higgins at https://github.com/gjhiggins/datacoin

We understand a Ripple Gateway is like an exchange, and we need NO PERMISSION, but does need some IT skills which should be available in the Datacoin community.  We believe we can set up trading pairs for XRP/DTC, DTC/BTC, DTC/ETH etc.

Ripple seems to help you.  They have something like a support centre for gateways.

I think this should be doable.  Dash recently did the same thing: https://www.dash.org/forum/threads/pre-proposal-create-the-first-dash-gateway-on-ripple.14721/

It was very easy to create a GateHub wallet.  I have a fixed IP address (154.66.207.206).  I understand I have to set up a rippled server. 

 

Anybody here can give us advice with this?

[Mercury]

Hello and welcome to the forum @extro24. Visit the links and resources section for guides and tutorials and our picks to get started.

I am not sure what your asking? How to set up your own Gateway?

[extro24]

Hi Mercury

Thank you for responding.

I am using https://www.theworldexchange.net which uses the Ripple protocol.

 I have set up trading Datacoin (DTC) for XRP here https://www.theworldexchange.net/?action=sell&symbol1=DTC.rngnE9TXY5FguLPrtKncZx4jYRRhaR1Zhd&qty1=1000&symbol2=XRP&price=0#

The system has also set up trading DTC for BTC here:  https://www.theworldexchange.net/?action=sell&symbol1=DTC.rngnE9TXY5FguLPrtKncZx4jYRRhaR1Zhd&qty1=1000&symbol2=BTC.rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B&price=0

 

My questions are:  Is all DTC Datacoin or could it be something else?  Is there some other tag we could use to identify DTC as Datacoin?

How do we settle the DTC if people want to trade DTC tokens for the actual coins?  I have listed myself as DatacoinX as the issuer.  How does one trigger a settlement of the tokens?

 

If we could do that then DatacoinX is a gateway, yes?

Thank you.

 

Edited September 13, 2017 by extro24

[Mercury]

9 hours ago, extro24 said:

Hi Mercury

Thank you for responding.

I am using https://www.theworldexchange.net which uses the Ripple protocol.

 I have set up trading Datacoin (DTC) for XRP here https://www.theworldexchange.net/?action=sell&symbol1=DTC.rngnE9TXY5FguLPrtKncZx4jYRRhaR1Zhd&qty1=1000&symbol2=XRP&price=0#

The system has also set up trading DTC for BTC here:  https://www.theworldexchange.net/?action=sell&symbol1=DTC.rngnE9TXY5FguLPrtKncZx4jYRRhaR1Zhd&qty1=1000&symbol2=BTC.rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B&price=0

 

My questions are:  Is all DTC Datacoin or could it be something else?  Is there some other tag we could use to identify DTC as Datacoin?

How do we settle the DTC if people want to trade DTC tokens for the actual coins?  I have listed myself as DatacoinX as the issuer.  How does one trigger a settlement of the tokens?

 

If we could do that then DatacoinX is a gateway, yes?

Thank you.

 

Ah, I see.

OK. There are two way to do this 1) the personal issuance of an IOU- which is what your doing, and 2) setting up a Gateway (capital G). A Gateway is a more in depth integration into the ripple ledger and features some advanced tools such as the ability to freeze assets. More information can be found here:

https://ripple.com/build/gateway-guide/

These integrated gateways usually connect on the backend to in house systems for incoming payments, KYC and possibly bridges to other crypto (DTC in this case).

A personal issuance is just a regular ripple address creating an asset, you can call your IOU anything you like. Getting others to trade said asset can be difficult because trust is hard to gain. Due to this yourname.DTC might trade lower than say a Bitstamp.DTC (if Bitstamp were to issue it).

Ripple is just exchanging the claim to the asset, the final redemption happens off network and will have to be coordinated between yourself and the holders. @Warbler (bithomp) and/or @pftq (the world exchange) might be able to help setup a Gateway as a business (will be professional so expect to pay).

[pftq]

There is nothing more special or more in depth about the token you just created vs what Bitstamp would create.  It's the same Ripple functionality.  You can do everything from freezing to user authorization with the coin you just issued.  The DTC you have is 100% functional and can be bought or sold by anyone.

From here it's mainly setting up the business side and building up enough brand that people would trust you as much as Gatehub or Bitstamp.  You can interact with Ripple through code as well, which is where rippled or rippleapi come in.  You would want to write a script that monitors or manually monitor yourself the transactions to your Ripple wallet that are DTC issuances sent to you;  then send actual Datacoin tokens over to the user's actual Datacoin wallet, which you have to collect or keep track of.  This should be rare, as the market should treat the issuance equal to the real Datacoin if they trust you enough.  For example, USDT (Tether) has real dollars behind the coin but virtually never actually redeems because people have long trusted it enough to treat the issuance like the real dollar. Same with Bitstamp and Gatehub USD.  An easier way is to just put enough dollars yourself into the orderbooks to support the price, so you don't have to collect any user database or monitor any transactions, essentially becoming a market maker for your coin.  This again can be manual or by writing a script that uses rippled or rippleapi.

You have to always share both DTC and your address, as other people can make their own DTC, the same way we have Bitstamp USD and Gatehub USD.  That's why the link includes the long address and not just DTC.

For the name, if you hit Show Chat window on The World Exchange, and click the display name on the top of the window, you can set your display name, and it'll be used on the Backed By line as well. See:

 

Edited September 14, 2017 by pftq