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Re: Researching to leverage Hashed-Timelock Agreements (HTLAs) paradigm for establishing atomicity between different DLT networks for asset swaps with full decentralization

From: Nathan Aw <nathan.mk.aw@gmail.com>
Date: Fri, 9 Nov 2018 13:50:23 +0800
Message-ID: <CA+p-ctY3r_Xvgu+cHG6ByP5Fn5fhdBpZaAnUZs+C25=4rw1AOw@mail.gmail.com>
To: Ahmed Khaleel <akhaleel@pixelalpha.io>
Cc: ledger@ietf.org, public-interledger@w3.org
Thanks Ahmed. Really useful materials. Hi Evan, any further thoughts?

Nathan Aw









On Fri, 9 Nov 2018, 10:02 Ahmed Khaleel <akhaleel@pixelalpha.io wrote:

> You are correct Nathan, Im sure Evan can attest to this.
> I have tested many hypothesis.  Evan and his team clearly built elements
> of the protocol to solve for illiquidity and the optimization of liquidity.
>   We have successfully created an exchanger using ILP.  We’re currently
> working on building a full featured decentralized exchange powered by ILP.
> I’m certain as the cryptocurrency/blockchain industry grows, liquidity
> will not be an issue.
> Ripple is doing big things and have a long term goal of not only
> dominating payments and replacing the current Swift protocol.
> I’m new to the community.  I have a goal to implement a bigger project
> around ilp, coil and either Ripple or Stellar. Depending on the progress of
> Codius.
> Many ethereum smart contract implementations were hypothesized by Ripple
> before Ripple put the project on hold.  Unfortunately Stellar has
> implemented a bit more with smart contracts, but I believe Stefan Thomas is
> going to innovate smart contracts in big ways.
> I wish I could get a chance to speak to Xpring to back our team and
> project, but unfortunately I don't have a direct connection with Ripple
> Labs or Xpring. I have a direct connection with Stellar and Jed so that’s
> why we are considering using the Stellar blockchain, because we will likely
> recieve a grant from them.  I suppose that’s the way the cookie crumbles.
> Have you read the the Puglist Ventures Ripple analysis report?   There is
> a reason Ryan Zagone and the IMF are speaking, is the inevitable death of
> the Eurocurrency in the coming years. SDR which is made up of four fiats,
> one of which is the Eurocurrency.  The SDR will need to be completely
> restructured.  I truly believe Legarde is strongly considering XRP as the
> new SDR or the replacement of the Eurocurrency.
> I also encourage you guys to read the UN 2030  report.  One of the
> milestones is a new payments system by 2020, which matches up with the
> Federal Reserves mandate of a new payment system by 2020.  This is clearly
> why the Gates foundation built Mojaloop using ILP and Coil.  The cost of
> remittance will essentially go to zero.
> My guess is a large number of banks will implement R3’s pseudo-blockchain
> with Xrapid.  Many other banks will create their own customized
> blockchains, but I believe Xrapid will be implemented by Swift.  Swift is a
> cooperative which serves over 200 currencies and over 11,000 financial
> institutions.  Over time the speed of transactions on the Ripple network
> will get faster and faster, and we will probably see transactions  in micro
> seconds eventually.  The reduction of transaction speed  essentially
> eliminates the risk of using XRP as an intermediary by financial
> institutions , even if the XRP volatility is higher than fiat.  The central
> banks will likely develop national digital currencies sooner than later,
> which should theoreticaly eliminate the need of gateways.  Ever though
> Ripple has partnered with major credit cards and remittance companies, I
> think ultimately it will become zero sum game with remittance apps such as
> Majaloop.
> On Thu, Nov 8, 2018 at 9:34 AM Nathan Aw <nathan.mk.aw@gmail.com> wrote:
>> Hi Ahmed,
>> Right, if I understood correctly, what you are saying is that liquidity
>> is the key requisite in such a gridlock resolution mechanism.
>> Correct me if I am wrong?
>> Thank you.
>> Regards,
>> Nathan Aw
>> On Thu, Nov 8, 2018 at 12:35 PM Ahmed Khaleel <akhaleel@pixelalpha.io>
>> wrote:
>>> Theoretically it’s sound but the market liquidity isn’t there yet.  I’m
>>> finishing up an ilp exchanger and working on an exchange next.   I did alot
>>> of experimenting and one solution seems to be the best as far as
>>> efficiency.  This will likely change in time
>>> On Fri, Oct 12, 2018 at 11:41 AM Nathan Aw <nathan.mk.aw@gmail.com>
>>> wrote:
>>>> Hi all,
>>>> I am a blockchain engineer based out of Singapore working at a leading
>>>> bank in ASEAN.
>>>> I am looking to leverage the Hashed-Timelock Agreements (HTLAs)
>>>> paradigm for establishing atomicity between different DLT networks for
>>>> asset swaps to achieve cross border payments with partial to full
>>>> decentralization in mind.
>>>> With the goal in mind, I like to understand technically how can this
>>>> paradigm be applied to achieve payment vs payment (pvp) with semi-trusted
>>>> nodes such as clearinghouses, banks and individual players? Applying the
>>>> same concept of a crypto swap between ETH and BTC, the same can be applied
>>>> between SGD and HKD?
>>>> Also, I hope to understand the models around how liquidity can be
>>>> maintained between these nodes?
>>>> Thank you!
>>>> Regards,
>>>> Nathan Aw
>>>> https://sg.linkedin.com/in/awnathan
>>>> https://erc725alliance.org/
Received on Friday, 9 November 2018 05:50:57 UTC

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