W3C home > Mailing lists > Public > public-webpayments@w3.org > July 2014

Re: Stellar launches - Ripple-like decentralized ledger

From: Joseph Potvin <jpotvin@opman.ca>
Date: Thu, 31 Jul 2014 15:39:55 -0400
Message-ID: <CAKcXiSr3SrZ2vPsY1_Bnvwt-K62ATYEZ1Mea0K9uDU__Qj+=nw@mail.gmail.com>
To: Manu Sporny <msporny@digitalbazaar.com>
Cc: Web Payments CG <public-webpayments@w3.org>
RE: "The currency will have value (as determined by the market);
however, its primary function is providing a conversion path between
other currencies."


Same deep architectural flaw as the others: a purely speculative fiat
token instead of a tangible benchmark. The simply reproduces the
deepest flaw of post-1971 nation-state units of account.

The team behind the Uro derivative of bitcoin understands the issue:
http://uro.io/   I've not yet looked into the auditability of the data
source for their anchor, so don't yet have a view on it. But at least
"the global capacity to produce food" matters to the value of their
unit. Even in the digital world...
http://www.thecomingdepression.net/wp-content/uploads/2010/02/unemployed-phd-will-code-for-food.jpg

Joseph



On Thu, Jul 31, 2014 at 3:05 PM, Manu Sporny <msporny@digitalbazaar.com> wrote:
> Looks like a fork of rippled, but that's purely conjecture at this
> point... haven't looked into the details:
>
> "Stellar is a decentralized protocol for sending and receiving money in
> any pair of currencies. This means users can, for example, send a
> transaction from their Yen balance and have it arrive in Euros, Yen, or
> even bitcoin. We’re expecting to support the usual categories of
> transactions: payments to a merchant, remittances back home, or rent
> splits with a roommate.
>
> You can hold a balance with a gateway, which is any network participant
> you trust to accept a deposit in exchange for credit on the network.
> Stellar also comes with a built-in digital currency, referred to as the
> stellar, which we’re giving away for free. The currency will have value
> (as determined by the market); however, its primary function is
> providing a conversion path between other currencies.
>
> We hope that people will build applications on top of Stellar to help
> bridge the gap between digital and traditional currencies."
>
> https://www.stellar.org/blog/introducing-stellar/
>
> -- manu
>
> --
> Manu Sporny (skype: msporny, twitter: manusporny, G+: +Manu Sporny)
> Founder/CEO - Digital Bazaar, Inc.
> blog: High-Stakes Credentials and Web Login
> http://manu.sporny.org/2014/identity-credentials/
>



-- 
Joseph Potvin
Operations Manager | Gestionnaire des opérations
The Opman Company | La compagnie Opman
jpotvin@opman.ca
Mobile: 819-593-5983
Received on Thursday, 31 July 2014 19:40:45 UTC

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