Author: Petr Praus 2013-02-14 21:02:25
Published on: 2013-02-14T21:02:25+00:00
The email thread revolves around a discussion of implementing trading across chains in a P2P manner. Petr Praus, the sender of the initial email, seeks useful ideas and comments from the community on this topic. Jorge Timón responds by suggesting two related projects, Colored Coins and Ripple, which could be of interest to Petr. The former uses satoshis to represent smart property, shares, IOUs of another currency, and can be atomically traded for bitcoin. The latter is a concept by which people that trust each other on a network are able to pay with IOUs transitively. Ripple has a new p2p implementation which is still under development and Bitcoin IOUs can be traded there. Jorge mentions that if it's even possible to trade across "chains" with Ripple (and he doesn't know of any reason why it shouldn't be), Petr will have to wait for the release of the full node (validator) code since only a javascript web client is open sourced for now. However, Jorge points out that they at least have plans for contracts judging from the wiki: https://ripple.com/wiki/Contracts. In response, Petr mentions that he tried Ripple but as far as he can tell, it doesn't have any contract enforcement (by technical means) built-in.Petr clarifies that he intends to implement trading across chains as an alternative chain development, and not merge it back into the main client. He does not have any concrete plans for merging it back into the main client because he thinks it wouldn't be accepted. Petr also mentions Open Transactions, which can do "multicurrency trading," but its objectives are quite ambitious and he is looking at making relatively small changes in the mainline Bitcoin client rather than diving into something entirely new. Petr further explains that he is doing this as part of research towards his Master's thesis, which should be about multicurrency (alternative chains) in Bitcoin.Overall, the email thread provides a useful discussion of various related projects and their potential applications in implementing trading across chains in a P2P manner.
Updated on: 2023-06-06T09:51:16.128161+00:00