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Re: [Ledger] Bootstrapping Interledger

From: Daniel Bateman <7daniel77@gmail.com>
Date: Tue, 8 Nov 2016 11:47:51 -0700
Message-ID: <CAB1OcyGs53ME8K1Q8838T8iYH6SQta0TpiOdM-CNpirxdmOuFQ@mail.gmail.com>
To: Ryan Fugger <arv@ryanfugger.com>, Adrian Hope-Bailie <adrian@hopebailie.com>
Cc: Interledger Mailing List - IETF <ledger@ietf.org>, Interledger Community Group <public-interledger@w3.org>
Excellent, thank you Adrian.

And thank you Ryan for your original vision for Ripple.

Perhaps what is needed now is a step-by-step guide? "How to run an
Interledger connector"

On Nov 8, 2016 11:32 AM, "Ryan Fugger" <arv@ryanfugger.com> wrote:

> 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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>> https://www.ietf.org/mailman/listinfo/ledger
Received on Tuesday, 8 November 2016 18:48:25 UTC

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