W3C home > Mailing lists > Public > public-interledger@w3.org > November 2016

Re: [Ledger] Bootstrapping Interledger

From: Adrian Hope-Bailie <adrian@hopebailie.com>
Date: Wed, 9 Nov 2016 23:04:43 +0200
Message-ID: <CA+eFz_KcrCRSYu0o9em8rwfLdxyCqs+HgOan3VW6OmVxmGocSw@mail.gmail.com>
To: Paul Frazee <pfrazee@gmail.com>
Cc: Andrew Bransford Brown <andrewbb@gmail.com>, Tom Haas <tjhaas@gmail.com>, Interledger Community Group <public-interledger@w3.org>, Interledger Mailing List - IETF <ledger@ietf.org>
If there is interest in running a parallel test net of purely fake
currencies then I'd be keen to make that happen.

As I said in a previous mail we do want to get a main net up and running
moving real value, even if that is limited to crypto for the most part, so
that we can generate an incentive for developers to build ILP into their

On 9 November 2016 at 21:47, Paul Frazee <pfrazee@gmail.com> wrote:

> 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
> > wrote:
>> 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
> _______________________________________________
> Ledger mailing list
> Ledger@ietf.org
> https://www.ietf.org/mailman/listinfo/ledger
Received on Wednesday, 9 November 2016 21:05:17 UTC

This archive was generated by hypermail 2.3.1 : Wednesday, 9 November 2016 21:05:18 UTC