Author Topic: [Worker Proposal] Ripple Gateway  (Read 4712 times)

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Offline R

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I've voted for this worker proposal, as xeroc says - it'd be great to get bitCNY:RippleCNY (bitUSD:RippleUSD) gateways.

OP - might be worth appearing on a future BeyondBitcoin episode to rally support if you're still interested in this idea.

Offline xeroc

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If we were to do this, it really should be part of a larger plan to create liquidity on a number of key trading pairs, mostly (but not only) on the DEX.  We have businesses that really need this now more than ever.  Yet no one is really pushing for any serious action, including those businesses that need it the most (i.e. OpenLedger and Bitshares-Munich).  One would think these businesses would be working closely with the committee and the community to come up with a serious, coordinated plan.  But that doesn't seem to be happening.  I don't get it.
Me neither .. but I know that FreedomLedger is pushing hard

Offline tbone

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Thanks for the detailed explanation @liangran2012.

I would like to support this, however I don't see the direct benefit from "another exchange" where you can trade BTS.
If there was a bitCNY:RippleCNY (bitUSD:RippleUSD) gateway, THAT would change things significantly and I am willing to approve a worker to support initial liquidity!
I would even go as far and asking the committee to provide you with actual bitCNY (committee going short) - but this needs to be discussed with the committee in detail when we get there.

If we were to do this, it really should be part of a larger plan to create liquidity on a number of key trading pairs, mostly (but not only) on the DEX.  We have businesses that really need this now more than ever.  Yet no one is really pushing for any serious action, including those businesses that need it the most (i.e. OpenLedger and Bitshares-Munich).  One would think these businesses would be working closely with the committee and the community to come up with a serious, coordinated plan.  But that doesn't seem to be happening.  I don't get it.

Offline tehdos

Thanks for the detailed explanation @liangran2012.

I would like to support this, however I don't see the direct benefit from "another exchange" where you can trade BTS.
If there was a bitCNY:RippleCNY (bitUSD:RippleUSD) gateway, THAT would change things significantly and I am willing to approve a worker to support initial liquidity!
I would even go as far and asking the committee to provide you with actual bitCNY (committee going short) - but this needs to be discussed with the committee in detail when we get there.
Kind of a newb here, but the idea of partnering to join fiat pegs like you mention seems like a mutually beneficially plan.

ie: bitUSD:RippleUSD
bitCNY:RippleCNY

Offline ripplexiaoshan

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TL;DR
Basically I think this Ripple gateway is an exchange running on Ripple, just like OpenLedger running on BitShares. Usually we don't pay exchanges to list BitShares.

Support this!
BTS committee member:jademont

Offline xeroc

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Thanks for the detailed explanation @liangran2012.

I would like to support this, however I don't see the direct benefit from "another exchange" where you can trade BTS.
If there was a bitCNY:RippleCNY (bitUSD:RippleUSD) gateway, THAT would change things significantly and I am willing to approve a worker to support initial liquidity!
I would even go as far and asking the committee to provide you with actual bitCNY (committee going short) - but this needs to be discussed with the committee in detail when we get there.

Offline Akado

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TL;DR
Basically I think this Ripple gateway is an exchange running on Ripple, just like OpenLedger running on BitShares. Usually we don't pay exchanges to list BitShares.

While I agree with is, it would be nice to have some kind of relationship with Ripple. Both BitShares and Ripple are similar in many ways. But given their size, BitShares would only win from this.

The way I see it, there could be bitCNY:rippleCNY markets for arbitrage and to allow easier transfer of fund (even though I honestly don't know who would want to move their cny from ripple to bts), but form what I heard there was a bitstampUSD and RippleUSD market but it got closed due to low volume. It started strong but with time it faded away. That could be an issue.
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Offline abit

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TL;DR
Basically I think this Ripple gateway is an exchange running on Ripple, just like OpenLedger running on BitShares. Usually we don't pay exchanges to list BitShares.
BitShares committee member: abit
BitShares witness: in.abit

Offline liangran2012

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This is great. Was waiting for such a service for quite some time. Good job!!

Regarding the worker proposal, I'd like to know what the benefits for BTS shareholders are?

* Is the gateway code open source?
* Since you are asking for a fee to cover your costs, will you pay back some of your profits to the BitShares shareholders?
* Are you merely asking for more liquidity? If so, why not proof that this is profitable and a) borrow the money or b) run a crowdfund for a fraction of your profits?
* Why have you started with BTS? wouldn't it make more sense to have a gateway for bitCNY and other bitAssets?

* We use node.js and call the rpc provided by the cli_wallet. We could make the bitshares part open source.
* The pay could not cover the whole cost. We did not make the develop plan based on the worker. Actually, we plan to use most of the pay injecting to the market. I believe this is benefit to all the BitShares shareholders. There will be more user hold BTS (some of them hold in Ripple wallet). All ripple users around the world would know BTS and they could have BTS. After they know BTS, they may try BitShares by themselves.
* Yes. We wish to have more liquidity. We would also use some of them to do giveaway for new BTS users. To be honest, I do not think the BTS market maker fund could be profitable. It could be profitable, but it also have great risk. We have over two years' experience running FMM fund in Ripple. Let me share more first. FMM is a market maker fund in Ripple, and we pay all shareolders XRP using the profit.
  1. FMM is based on CNY, not XRP.
  2. FMM trade in lots of markets, USD, JPY, CNY, EUR, BTC. Most of them are fiat currencies.
  3. The transfer fee in Ripple is very low, 0.000012 XRP. So we can distribute the dividend on working days, even the dividend is a small amount.
BTS does not have so many markets nor the liquidity. If the price drop a lot, the market making fund would lose money. That is why we do not set a fund to do this. We may consider to include BTS in FMM fund, but not now.
* My team just studied BitShares since April. Your suggestion make sense. I think we will consider it. I think BTS is just the first step.

RippleFox want to build a bitshares market in Ripple to make more people know BitShares and hold BTS (in their BitShares wallet or Ripple wallet). We would introduce BitShares in Ripple community. We do not expect the BTS market could be profitable in a short time (we charge no trade fee in Ripple). We do it because it is the right way to attract more people to know both BitShares and Ripple. This is the first step we use bitshares. In future, we wish we could also be a gateway in BitShares.
 

Offline xeroc

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This is great. Was waiting for such a service for quite some time. Good job!!

Regarding the worker proposal, I'd like to know what the benefits for BTS shareholders are?

* Is the gateway code open source?
* Since you are asking for a fee to cover your costs, will you pay back some of your profits to the BitShares shareholders?
* Are you merely asking for more liquidity? If so, why not proof that this is profitable and a) borrow the money or b) run a crowdfund for a fraction of your profits?
* Why have you started with BTS? wouldn't it make more sense to have a gateway for bitCNY and other bitAssets?

Offline liangran2012

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This looks interesting.

Can you tell us more about how the fees work in Ripple and the gateway you wish to get a Worker for?

What is the specific use case for this and it's benefits?

Sure. Ripple has just reduced the fee from 0.012 XRP to 0.000012 XRP. The fee is dynamic adjusted according the network. You can consider it is almost free. When people create a transaction, buy/sell etc, they would pay it. The gateway could also set a trade fee. To encourage people trade these asset including BTS, we decide not charge this. We only charge the withdraw fee 0.2%.

From our experience, to create a gateway service is not the hardest part. As we have experience to write these gateway codes and do customer support. The most difficulties are how to attractive people to use the asset and be a market maker. To make the market have enough liquidity, we need a lot of BTS. In current stage, we only put about 200k BTS to the market, we wish more. Actually, we would put most of the pay as the market maker fund, over 70% if the worker got paid.

We wish to connect Ripple and BitShares together. So ripple user could know bitshares and bitshares could use there fund to buy JPY or other currencies in ripple.

If the BTS gateway could be success, we will also consider to be a BitShares gateway. We could issue CNY, XRP, XLM in BitShares. For now, we need to focus on Ripple first. To gain enough experience of operating a BTS gateway.

BTW, you could check http://coinmarketcap.com/currencies/bitshares/#markets, you will find our gateway.
 


Offline BunkerChainLabs-DataSecurityNode

This looks interesting.

Can you tell us more about how the fees work in Ripple and the gateway you wish to get a Worker for?

What is the specific use case for this and it's benefits?
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Offline liangran2012

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RippleFox is one of the largest gateway in Ripple and the largest gateway in China. We decide to have BTS on Ripple so that people could also buy/trade BTS in their ripple wallet. You may already find some BTS trade volumes on Ripple. That is what we are testing.

BitShares can issue/trade assets which is similar like Ripple. So the ripple user could understand BitShares easily. If they are interested to BitShares, they could have BTS in Ripple and send BTS to their own BitShares wallet.

What we will do:
  • Ripple Gateway Service, pages to guide the new users, have people answer their questions.
  • Deposit/Withdraw BTS features
  • Market Maker in Ripple. Actually we would put most of the worker pay to do it.

https://ripplefox.com/bts/worker
Your support is much appreciated.