Re: First WEB credits transaction today!

On 6 May 2013 15:26, Kingsley Idehen <kidehen@openlinksw.com> wrote:

>  On 5/5/13 5:42 PM, Melvin Carvalho wrote:
>
>     Nathan and I were playing around with the ripple.com interface today
> and we discovered that you can use it to issue web based currency based on
> your ripple address.
>
>  We succeeded in getting a trust line going got a transaction into the
> ripple ledger at entry 627613.  Since ripple requires a 3 letter ISO we
> decided to use WEB.  Though through the magic of JSON LD I think this can
> be converted to a URI.
>
>  So what it means is that any URI can issue WEB credits.  Tie the URI to a
> ripple boostrap via
>
>  <> foaf : account <ripple:r38363268...>
>
>  Which is generally an IFP.  Note that the ripple bootstrap is just for
> convenience, you can layer on more trust.
>
>  Then use that account to issue a genesis block for how many credits you
> wish to issue.
>
>  Then record transactions out of band and use ripple to process netting as
> necessary.
>
>  You will be the steward of your own credits.  Whether they are worth
> anything or not, will be up to the market!  Enjoy! :)
>
> Wow!
>
> Talk is no longer cheap :-)
>

Thanks :)

The only thing that I havent worked out how to do is to destroy the account
key after issuing a finite and fixed supply.

You could use a notary to do this, I suppose.

But how do you know you can trust the notary?


>
> --
>
> Regards,
>
> Kingsley Idehen	
> Founder & CEO
> OpenLink Software
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>