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Re: [Ledger] Bootstrapping Interledger

From: Ryan Fugger <arv@ryanfugger.com>
Date: Tue, 8 Nov 2016 10:30:09 -0800
Message-ID: <CAD83BY3EtWVEXVYOdHjc1EVNvBS-_yNaes+xNZg61vDfrROizw@mail.gmail.com>
To: Adrian Hope-Bailie <adrian@hopebailie.com>
Cc: Interledger Community Group <public-interledger@w3.org>, Interledger Mailing List - IETF <ledger@ietf.org>
This is great Adrian.  My plan was always to evolve Ripplepay.com into a
decentralized system like this.  If you or anyone is interested in
upgrading or otherwise using that creeky old system to help support
bootstrapping Interledger, I'd be happy to help out however I can.

On Tue, Nov 8, 2016 at 12:56 AM, Adrian Hope-Bailie <adrian@hopebailie.com>
wrote:

> When the Internet was first emerging and large university and research
> networks were coming together on the back of the Internet Protocol the
> challenge for everyday users was how they could access this new network of
> networks without special permission or equipment.
>
> We face a similar challenge with ILP in that very few of the ledgers
> accessible to us support the one function that is critical to universal ILP
> payments; real-time conditional transfers. (I wrote a bit about conditional
> transfer here: https://medium.com/@ahopebailie/the-power-of-
> conditional-payments-2d1ea531250a)
>
> So, just like the pioneers of the Internet we're improvising!
>
> "Dial-up" interledger enables us to bootstrap the Interledger using
> "virtual" ledgers between connectors that have established a bounded
> trusted relationship.
>
> In other words, if I run a small connector and I trust my friend Stefan
> who also runs a connector then we can transact without needing an
> ILP-enabled ledger between us.
>
> We establish a credit limit that we are both comfortable with and agree on
> a way to settle our positions as required (via Bitcoin, bank transfer or
> even cash).
>
> Consider what will happen if we build a community of people who are all
> establishing similar peering relationships and then introduce ILP-enabled
> ledgers to bridge any gaps between connectors that don't know one another.
> Very soon we'll have an entirely new payments network where payments flow
> like information does on the Internet today.
>
> We're calling this project the Interledger Bootstrap Project and I've
> started capturing some thoughts on the project wiki:
> https://github.com/interledgerjs/ilp-kit/wiki
>
> In short:
> 1. Get the ilp-kit code and run a node
> 2. Find other nodes to peer with
> 3. Do ILP-enabled transactions
> 4. Win!
>
> The ilp-kit is still pre-release and likely to have some bugs and change a
> lot so if you're keen to be an early adopter and help test and contribute
> back to that project please do so. If you'd rather wait until the code
> stabilizes a bit then keep watching the list and we'll let you know when
> the first Beta is available.
>
> Please feel free to make contributions to the wiki. It would be great if
> this was a community effort!
>
> Adrian
>
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>
Received on Tuesday, 8 November 2016 18:31:02 UTC

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