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Re: [Ledger] Bootstrapping Interledger

From: Paul Frazee <pfrazee@gmail.com>
Date: Wed, 9 Nov 2016 13:47:17 -0600
Message-ID: <CAD4FMeiTjNqQpz4=qepviKhObUst7we_suaQUWVGNN+O+GsJ8A@mail.gmail.com>
To: Andrew Bransford Brown <andrewbb@gmail.com>
Cc: Tom Haas <tjhaas@gmail.com>, Interledger Mailing List - IETF <ledger@ietf.org>, Interledger Community Group <public-interledger@w3.org>
What about test nodes that exchange fake currencies only? Would that A)
relax the regulatory requirements, B) be useful to ILP rollout?

On Wed, Nov 9, 2016 at 1:42 PM, Andrew Bransford Brown <andrewbb@gmail.com>

> I'd suggest a State exchange to avoid SEC regulations while building the
> market.  Once you cross state lines, then pass the SEC regs.  The Texas
> Stock Market in San Antonio, for example.  Some groundwork has been
> completed.
> A simple protocol is required that will handle the contracts with
> sufficient granularity.  See the attached for what I term a "transaction
> stack".  It breaks the Offer and Terms, so Bid/Ask are contractually
> identical.  Faster and works for anything.
> Andrew B. Brown
> (512) 947-8282
> http://KidsCourtyard.com
> On Wed, Nov 9, 2016 at 12:50 PM, Tom Haas <tjhaas@gmail.com> wrote:
>> This is great and I'm excited to see Interledger get off the ground.
>> Congrats to Adrian and all of the ILP developers involved!
>> Perhaps this is better as a separate thread, but what sort of regulations
>> should those who run virtual ledgers be thinking about? At the moment,
>> we're talking about small p2p networks. But if I want to run a Bitcoin
>> exchange or Ripple gateway in the United States, there are a number of
>> KYC/AML regulations, possibly bitlicenses, and other things I have to worry
>> about (including banking, which is not trivial for those doing business in
>> the cryptocurrency ecosystem). What of this applies to running a virtual
>> ledger in a p2p network?
>> As an individual without many resources, how do I deal with the potential
>> legal and financial pitfalls of running a virtual ledger? Just want to get
>> the conversation started.
>> Best,
>> Tom
>> On Tue, Nov 8, 2016 at 10:47 AM, Daniel Bateman <7daniel77@gmail.com>
>> wrote:
>>> 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"
>>> Daniel
>>> On Nov 8, 2016 11:32 AM, "Ryan Fugger" <arv@ryanfugger..com
>>> <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/@ahopebaili
>>>>> e/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
>>>>> _______________________________________________
>>>>> Ledger mailing list
>>>>> Ledger@ietf.org
>>>>> https://www.ietf.org/mailman/listinfo/ledger
Received on Wednesday, 9 November 2016 19:48:30 UTC

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