Now that I’m well over a year away from my work experience at Ripple, I feel more comfortable talking about my experience there. All good things of course. Ripple is probably the only company in the world with the focus, resources, and momentum to truly disrupt global payments.
Paying with XRP is not the same as paying with Amazon stock.
The first is possible and the second isn't.
The first is a digital currency, the second is a security.
The price API glitch we saw from CoinMarketCap and Coinbase is a pretty clear indicator that we need decentralized price APIs like
@FlareNetworks
time series oracles.
Most of the XRPL community is blind to the developments before them.
1. Native AMM
2. EVM Sidechain
3. EVM dApps
4. Bridge Protocol
5. Ripple Stablecoin
6. DID
7. Atomic Batch Transactions
8. Tier-1 custody providers
We are entering the growth to maturity arc real soon.
Internal testing with
#Phi
is starting soon over at
@TrustlineInc
! Soon we'll be rolling out the new beta enrollment for (very limited) real value testing with Phi stablecoins on the
#Songbird
network and
#XRPL
mainnet.
Flare Network might just be the key to seeing a proliferation of issued currencies. Especially *trustless* issued currencies—and combined with pathfinding features of the XRP Ledger, there’s so much potential.
Flare has really awesome tech. They are building a robust attestation consensus network that Trustline is going to utilize for the final piece of Solaris. It’s going to be the first trustless bridge implementation for tokens on Flare and the XRP Ledger.
@FlareNetworks
has a pretty neat way of allowing the flow of assets across different blockchains using Spark at its core. This has good network effects for Spark and also brings great potential for XRP. I foresee greater liquidity and utility...
One of the major design flaws in the EVM is that you can't decide which tokens to hold. Anyone can send you a token, even if it's an illegal asset 😳
The XRP Ledger does not have this problem.
**Introducing Aurei Transfers**
Directly transfer Aurei to the Trustline app from ProbityDAO using your PayString. Spendable money in your pocket, without the middlemen.
Sound on 🔊
If you’re not an accredited investor, you’re not completely left out from private investing. You can take the Series 65 exam to prove your knowledge about investments. I am personally utilizing this option to access private markets.
@FlareNetworks
Launching a canary network is a forward thinking step to keep the value of the mainnet secure when it launches.
I’d rather have a well-tested, secure network to use, than a shaky one. Flare team is making hard decisions showing they’re dedicated to a stable platform
$80M bridge hack today. Bridging is arguably one of the hardest engineering tasks in crypto. Flare intends to build a better, safer bridging system but this demonstrates why we released Songbird first.
The white paper for
@ProbityDAO
is almost complete. This paper is no brochure; it’s a straightforward technical tell-all for Aurei,
#inflationResistant
Phi, and USD 2020.
#Phi
is engineered currency. My plan is to add an inflation-resistance feature to it. Holding
#Phi
will be like holding a 2020 US dollar frozen in time.
Lots of talk about wrapped-XRP, but I still think that FXRP-collateralized Probity vaults + the symbiosis with the non-custodial Solaris bridge will be the killer app, because it will be easy and cheap enough for the average Joe to do themselves.
🧵1/9: What is
#WXRP
? A Thread for Beginners 🚀
The XLS-38d proposal is an initiative to bring an EVM sidechain to the XRPL. If you've heard of Ether, you've probably heard of Wrapped Ether (WETH). But what exactly is WETH and WXRP, and why should you care? Let's dive in.👇
Cool idea, sounds familiar. It would be better if this app wasn’t custodial…and used a stablecoin…and worked with DeFi…
And used RippleNet ODL, the most robust bridge currency infrastructure in the world, for cross-border payments.
"If we're all on the same standard, in the same way we're all on the same internet - interoperability & connectivity becomes seamless, instant & free."
Talking global payments with
@ln_strike
CEO
@jackmallers
and where transaction costs are headed!
"Race to the bottom, baby!"
#BTC
can be added via governance. If it was added, transacting FBTC on Flare or issued trustlessly from Flare to the XRP ledger could be a useful and trustless alternative to lightning.
When I was working on a stablecoin, I got a legal opinion from renowned law firm Wilson Sonsini. They said that issuance of the stablecoin by a trust company, (e.g. Ripple’s Standard Custody subsidiary), would make it least likely to be a security.
LOL is the SEC speaking about the Ripple Stablecoin and calls it an unregistered security before anything is even issued or details disclosed ? 🤦♂️
Stablecoins are not a security.
I am supportive of the new direction for
@FlareFinance
after listening to the AMA today. I think what transpired is a positive change and hope it leads to a better overall outcome for the community and ecosystem.
New teams that grew too fast in the bull market are falling apart and can't sustain their growth in the bear market.
@TrustlineInc
has purposefully kept our team size at a sustainable level and we're geared to build throughout this bear market and ship an incredible product.
As a community we need to be more selective in the projects that we support. There are real economic costs associated with supporting every single
#XRPL
project as we are now seeing. This feels like a phase that we will outgrow once spammy projects fail to deliver value.
The public XRP Ledger nodes by
@Ripple
@RippleXDev
, "s1" and "s2" (full history) are out of sync. with the XRP Ledger for over 5 hours now.
This results in apps using these services (like our own
@XummWallet
xApps (if is too busy) not functioning well.
As it stands, Probity only supports SGB. I've been working on Trustline's banking system integration lately to enable USD tokens in our AUR issuance, lending, and bridge protocols. I don't want anyone to lose money. Using a USD token is vital to ensure no one takes a hit.
Proud to announce that I've joined the
@LinqtoInc
team as VP of Ledger where I'll be building a new alternative trading system (ATS) for shares in private companies. (Thanks for the shout-out,
@Ray_Fuentes1111
- love the shirt!) First, a small 🧵to share more details.
Happy Friday! HUGE NEWS!
@UpholdInc
has been restocked, Linqto hired former
@Ripple
developers for our next phase of our roadmap, and Linqto will be hosting a Twitter Space tonight from 5-6 PM PDT:
INVEST HERE 👉 💎
Now you can send Aurei from the XRP Ledger to Flare on the StablePay app.
Some features I’m exploring next:
- Purchase XRP with bank account
- Buy and sell AUR/XRP on the DEX
- Send AUR to your bank account (convert to USD)
With TerraUSD de-pegging, it’s a good time to mention that I don’t think a truly decentralized stablecoin is truly possible—yet. Came to this conclusion with Aurei a bit over halfway through its development. A thread 🧵:
I am no longer working full-time on
@TrustlineInc
and I’m now seeking a steadier job. Not sure what’s happening to Trustline but we’re having a board meeting tomorrow to decide. The NFT airdrop is my parting gift. I appreciate everyone’s support through this wild ride! 🚀
@JoelKatz
@MonicaLongSF
Hi David—it’s great to hear an AMM might be coming. FYI at
@linqtoinc
we’re building on top of the DEX. Pending FINRA approval, Linqto’s network of accredited investors will be able to access greater liquidity for their investments in private companies through the P2P exchange.
When I was at Ripple, I authored a program that read, parsed, and validated ISO 20022 payment objects, to help customers verify their RippleNet integration.
Today, I started authoring a program to read, parse, and validate equity token transactions on blockchain.
The same tune.
Ripple has digital asset custodians, but still needs a banking partner for cash reserves used for redemptions. I don’t know who they are going to use, but if I were to guess I’d say BNY Mellon.
USDC and USDT are live on the XRPL via
@GateHub
! The two largest ERC-20 stablecoins are available on the XRPL DEX for the first time - opens up a world of possibilities with payments and more 👀 🤯
One year ago today, the
@SECgov
filed a lawsuit against
@Ripple
,
@chrislarsenSF
and me, alleging that XRP – a public crypto that has been trading on the open market since 2013 – should have been registered as a security. 1/10
In the spirit of
#BuildingInPublic
, I'd like to introduce my vision for
@XenonLedger
, an EVM-compatible PoA-consensus XRPL sidechain for real-world assets and capital markets. 🧵
Excited for the XChainBridge amendment!
Our work at
@TrustlineInc
on the XRPL-Flare cross-chain bridge influenced (in a big way) the improvement over the federated sidechain design.
Basically, the witness server acts as Flare’s oracle system did in our design, checking both the
[8/16] — 1⃣ New Amendments — XChainBridge
Originally presented as "federated sidechains,"
@msvadari
's revised version will give a means to bidirectionally connect XRPL assets across XRPL-like ledgers using witness servers.
Examples:
🔸 XahauL
🔸 XRPL
🔸 CBDCL
🔸 EVM-Sidechain
The Kaplan study guide is just over 500 pages. ~60-120 hours to complete. Although not required, it is recommended because it covers all the topics on the 130 question, 3 hour test.
My goal with Trustline is to hit milestone after milestone, creating things that have never been done before in crypto.
Things that haven’t been yet fully imagined, or done yet—things entirely new.
This is just the beginning👇🏻
Upon the Flare mainnet launch, we're aiming for Aurei to be the first decentralized asset to be issued on the XRP Ledger.
We're proud to announce that we've completed a successful proof-of-concept test transfer. This article explains how it works.
We value the Internet highly—the amount of time spent using it reflects that. Crypto is the capture of economic value within the internet. There is no way we’re going anywhere but forward with crypto.
The way for Bitcoin to become carbon neutral is for FBTC to be used on the XRP Ledger. Keep mining from the PoW chain as a sunken cost, but transact on the XRP Ledger to make every Bitcoin transaction faster and more energy efficient.
This is terrifying. But you know what? That's what they want. Fear. 😦
There is a major problem with the institutions in the US, and around the globe. I'm not afraid of the institutions, I'm afraid of the havoc they are wrecking upon society.
We met with SEC recently. We told them we'd do anything to have same legal status as Ethereum.
Pay every dollar back. Burn all cryptocurrency we own. Let everyone go and dissolve company entirely. Anything.
They literally laughed in our faces. Evil, despicable monsters.
Ripple making good use of its NY licenses. Perhaps one reason they acquired Standard Custody from PolySign. This fills a large need for the XRPL and the EVM sidechain. 👏
1/ The stablecoin market is booming – around $150B today, and projected to soar past $2.8T by 2028. There's a clear demand for trust, stability, and utility.
That's why later this year we’re launching a stablecoin pegged 1:1 to the USD on the XRP Ledger and Ethereum.
The reality is that we need a license to issue USD tokens. It will take a few months to get the license we need, and it will only allow us to serve customers in the USA.
I plan to work with partners to expand the geographic reach of Trustline's protocols so everyone has access.
I'm getting sick of the crypto casino projects and hungry for real-world applications.
Since no one else is saying it, I'm gonna say it:
We need to tokenize securities and create more fiat-backed stablecoin real-world use cases. When crypto enables this, that will be valuable.
One thing I think the crypto industry will come to learn is that steady yield with low risk, low probability for loss of principal, & cyber-secure tech, will increase the value of underlying crypto assets more than high-yield protocols can due to the sheer amount of sidelined . .
Because gold is the only international currency that can't be debased, people around the world keep holding on to it as a store of value. This makes gold the most stable currency in the long-term.
The XLS-30d proposal intends to implement a noncustodial automated market maker (AMM) as a native feature to the XRPL.
This could be a huge development that creates more liquidity and new business models.
The XRP Ledger literally has a decentralized exchange on it. If I, as an investor, trade USD IOUs for XRP from counterparties in other countries, who is the SEC going to charge? Do people not see the double standard here?
The inflation data will be reported by STSOs, and DAO members will vote to feed weighted-average inflation rates to Probity for inflation-resistant currency.
Here's the big deal about
#XLS38d
that most people probably don't understand.
Normally, issuing tokens on the XRPL has limitations. You can either blackhole the account after initial issuance or retain admin keys to issue more tokens.
XLS-38d changes this. 💁♂️
When the issuer
To put it all in perspective, 5 years ago in 2017 when I started building in crypto, the space today would’ve exceeded my lofty expectations. We’re on track. Crypto is fundamentally captivating and isn’t going anywhere. We do need better regulatory oversight though.
For anyone who needs to hear it:
"Never give in. Never give in. Never, never, never, never―in nothing, great or small, large or petty―never give in, except to convictions of honor and good sense."
― Winston Churchill
A new release of Probity is on the horizon. Here’s what to expect:
• TCN + AUR interest withdrawals
• Session transaction history
• Improved liquidation ratio calculator
• View collateral by stake vs. borrow
• Collateral management merged with staking + lending activities
FYI: The SEC’s logic behind calling stablecoins “unregistered securities” is due to the fact that stablecoins are backed by securities, such as treasury bills or commercial paper.
I agree, i think thats the first time the SEC calls Stablecoins - unregistered crypto assets. Which implies they believe it's a security.
They might have intentionally let us peek into their cards 🃏.
I've been telling people that it's entirely possible that the SEC may charge early Ethereum contributors and insiders with an unregistered securities offering as an unincorporated association. Time will tell...
9/9: The Future is Interoperable 🌐
#WXRP
on the EVM sidechain is a foundational building block to any EVM-based platform. The wrapped version can now be interoperable with any other ERC20 token.
I’m also supportive of people’s right to be skeptical. I want to see action, not talk. The only other thing that is worth mentioning is what you keep hearing: it takes a long time to build a quality product. Quality > speed in this space.
We’ve identified a discrepancy in a few AMM pools, in which transactions are not executing as intended. Our engineering team is working to resolve the issue alongside community participants. Out of an abundance of caution, it’s best not to deposit new funds into AMM pools for
@DarkhorseDNME4
A stablecoin makes holding XRP more attractive because you can do more with your XRP. E.g., swap for stablecoin, leveraged stablecoin borrowing (“vaults”) on XRP, and paying in XRP (but recipient recieves stables). All increasing XRP utility and reasons to hold more!
I would have run an XRPL validator at
@TrustlineInc
if the incentives were better but it made no financial sense. I would have done the same thing at
@LinqtoInc
. There needs to be an incentive for a robust and decentralized network to emerge, period. I don’t buy the argument that
Considering how focused on regulatory compliance the Ripple team is, it’s hard to overstate how big of a deal the Ripple stablecoin is. You get programmatic cash, worldwide, in a stable currency.
Sure beats paying a bank $150k+/year to offer customer FBO accounts.
5/9: How Does It Work? ⚙️
You deposit XRP into a smart contract, which then mints an equal amount of WXRP. This WXRP can then be used in the sidechain ecosystem, just like any other ERC20 token.
3/9: The Role of WXRP 🛠️
#WXRP
acts as a ERC20 token wrapper on the EVM sidechain. It's Native EVM XRP, but "wrapped" to conform to Ethereum's ERC20 standard. This makes it more interoperable within the sidechain network.
The fact that the SEC says stablecoins backed by securities may be securities, and that the US Treasury is openly encouraging a stablecoin business model where reserves are held in cash and treasuries--which are securities--really astounds me. Where's the clarity?
@Crypto_JS27
@TrustlineInc
It would be a bad look if we were a 100+ person company with a PR team and a team dedicated solely to the launch. We’re 2 people. Everyone needs to chill out! Everything is fine.
For this to happen, there needs to be productive use cases. A productive use case is buying goods and services, or paying taxes, but not borrowing money to buy monkey JPEGs.
No one knows when this inflation might end. No one wants to hang onto cash. Maybe there's a better way? Perhaps a cryptocurrency pegged to gold might be the way out of this mess. A coin that you can use to make dollar-denominated payments, but pegged to the value of gold.
2/9: The Problem with Native EVM XRP 💡
Native EVM XRP is great for its intended use cases, but it's not compatible with Ethereum's ERC20 token standard. This means it can't interact seamlessly with the EVM sidechain ecosystem of decentralized apps and smart contracts.
@APompliano
Disagree
@APompliano
, it’s corporations with market power who write laws that are causing the wealth disparity. We need to fix corporate tampering in our elections so the government can serve the people once again. The free-market system isn’t free. It’s rigged/controlled by few.