Re: First WEB credits transaction today!

On 5/5/13 5:42 PM, Melvin Carvalho wrote:
> Nathan and I were playing around with the ripple.com 
> <http://ripple.com> interface today and we discovered that you can use 
> it to issue web based currency based on your ripple address.
>
> We succeeded in getting a trust line going got a transaction into the 
> ripple ledger at entry 627613. Since ripple requires a 3 letter ISO we 
> decided to use WEB.  Though through the magic of JSON LD I think this 
> can be converted to a URI.
>
> So what it means is that any URI can issue WEB credits.  Tie the URI 
> to a ripple boostrap via
>
> <> foaf : account <ripple:r38363268...>
>
> Which is generally an IFP.  Note that the ripple bootstrap is just for 
> convenience, you can layer on more trust.
>
> Then use that account to issue a genesis block for how many credits 
> you wish to issue.
>
> Then record transactions out of band and use ripple to process netting 
> as necessary.
>
> You will be the steward of your own credits.  Whether they are worth 
> anything or not, will be up to the market!  Enjoy! :)
Wow!

Talk is no longer cheap :-)

-- 

Regards,

Kingsley Idehen	
Founder & CEO
OpenLink Software
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