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Status update:
Implemented parallel blockchain download. For now, only headers are downloaded. Download time ~4 min, CPU-bounded (need to investigate exact cause). Works fine, but not resistant to malicious nodes.
Implemented some EC cryptography in pure Erlang. Slow, but easy to understand/verify.
Switched from OpenVZ to XEN hosting on development node (still 256 MB Ram, but now with swap). Memory usage <30 MB resident, 100 MB virtual.
Plans: download whole blocks and do actual validation. Maintain UTxO set, with rollback capability.
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https://bitcointalk.org/index.php?topic=148278.0Vinnie: ...What's the OpenCoin business model?
Jed: ...we hold xrp and hopefully they gain value
Heh, and OpenCoin hold all XPR and plan to give avay 50%, and keep other 50% to itself. Imagine Satoshi putting 10 500 000 BTC in coinbase transaction of genesis block.
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Wiki does not help much either.
P.S. Last week I see many newbies that defend/promote Ripple. Does it have something to do with OpenCoin getting funded?
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JoelKatz, can you give us estimate when ripple server will be opensourced?
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But you should buy at least some, isn't it? So I effectively pay for using system (creating ripples did not cost anything).
How amazing ripple we will see when it goes opensource and at least dozen merchaints start using it.
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The thing is there is no while-paper with detailed descriptions of algorithms and no open-source reference implementation. To say it's better system than bitcoin is a joke!
We know democracy does not always work. In internet (especially in pseudonymous setting) it barely works at all.
Economic incentive (bitcoin), as we see, works just fine.
Another thing I hold against ripple: ripples (XRP, ripple coins) are issued at the start of the system and developers own them all. Is it democratic (or at least fair)?
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But it uses ledger (analog of blockchain as a whole) and tx sets to negotiate consensus.
Btw, it's not simulatenous - now consensus is established every 20 seconds.
I do not buy ripple thing - now it's closed source and not distributed at all.
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Others may see this as a waste of network resources perhaps. Why? It's the same total amount, isn't it? Btw, even is sequential download I select peer to send getheaders randomly - this way I create more even load on peers. After I got headers, I can get blocks using getdata or getblocks with much better control. |
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TierNolan, Zeilap - thanks. Now I understand better.
It seems the only option to implement parallel download is to provide multiple checkpoints - if I want N parallel requests, I must hardcode N somewhat evenly-spaced checkpoints.
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I have trouble implementing parallel blockchain download (headers only). I read wiki back and forth, but do not understand:
1) What exactly is block locator object.
2) How to download headers before certain block (towards genesis block)
Now I can start from genesis and work up blockchain (using 0 as hash_stop). Is it possible to move in opposite direction (from newest blocks to genesis)?
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If we use colored coins and atomic coin swapping to clear transactions on-blockchain, there are no need for brokers. We still need trust, not for brokers, but for gateways which will take fiat and give IOUs in form of colored coins. We trust them that they will convert IOUs back to fiat on demand. So actually we will trade not USD/BTC but MtGox USD/BTC, BTC-e EUR/BTC, etc. Even MtGox USD/MegaExchange USD. If you placed order, you should not be able to not fulfill it (until you cancel it). Maybe we can devise coloring scheme that can be used to achieve that with help of contracts in trust-less way. Voluntary rating of the brokers from the clients could be used to indicate the trustworthiness of each broker. Doubt it will work - too much possibilities for manipulation. |
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biganth, what exactly are your concerns?
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Come on people, what's wrong? Little correction and you run scared? Bought at 266, sold at 55 and crying "we are manipulated"? You are, by your greed and greed of the likes of you.
It's free market. Lag and trading stop are not good, but we will learn from this, new exchanges will pop up and people will diversify their actives. I see era of P2P trading coming.
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How are transactions processed without mining?
Well, majority of trusted nodes vote "right" transactions. Quite clever, isn't it? Well, not. What is clever - Ripples (coins of Ripple system) are issued in genesis ledger, and guess who controls them? Yes, makers of the system. |
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It’s all open-source, too: OpenCoin has no privileged access to the way in which people pay each other. It's a blatant lie. Server part is closed-source, there is no clear description of algorithms, no peer-review, no audit. That’s because all the Ripples in existence — 100 billion of them — have already been created, and, to a first approximation, they’re all owned by OpenCoin, which is essentially the central bank of the Ripple economy. Ok, there is the thing we need - the stinking Fed. 1. Enter ripple, bitcoin 2.0 2. Issue ripples, keep most to yourself, give some for free. 3. Trade ripples for BTC, fiat, etc. 4.  5. Profit |
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]Why would you worry about that? Has anything like that ever happened before?
There is first time for everything. |
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Screw ripple.
I think our best bet is colored coins and blockchain transactions. Current exchanges will become gateways, will take fiat and issue fiat-denominated colored coins. So there will be "MtGox USD", "btc-e USD" etc. which you can atomically trade for BTC.
Order matching is another thing and IMO must be handled by separate network of scalable servers for small fee (may be, fixed per-order fee).
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I don't think we are. We've been quite clear about what's open now and what are future plans are.
Please quote you being clear on ripple's website. There's no conflict. For example, Bitcoin doesn't require you to trust any central authority, but most people either use online wallets (where they trust the wallet operator) or download client software (where they trust the software provider). The important thing is that Bitcoin doesn't *require* them to trust people in this way. They just do so because it's convenient -- making a considered judgment to balance risk and convenience.
Bitcoin is open-source and anyone can audit algorithms and the code. Trusted nodes list can't be audited in the same way as it's more opinion-based. All XRP were created when the genesis ledger was created. No further XRP can ever be created. Other currencies are created when a pathway is created with a non-zero limit and then funds are pushed along that patway.
And who's the owner of XRP in genesis ledger? We've simulated precisely that condition. How fast it converges under those conditions depends upon the latency between the nodes. Under most realistic conditions, it can converge within 4 seconds, even with 1,000 nodes.
Did you miss "malicious nodes" part? And "hard proof" part? Simulation can be good if all nodes are honest, but fail in case of specific attack. not unlike the hard fork Bitcoin had recently
This is quite different thing. bitcoin nodes did not agree on what's legitimate block. I'm talking about severing network connectivity for a while. |
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The client is. The server will be as soon as it's stable enough. Do you know you are misleading people? Particularly when you use word "open" and Open Source Initiative logo describing your sistem? Again, we sign every new ledger, about every 20 seconds. A new ledger is closed approximately every 5 seconds. Which one is true? We designed the system so that people would have good reasons to trust it without needing a central authority to trust. In practice, most people will use the default UNL supplied by their client. Seems a little conflicting to me. I don't know what you mean. I mean, how new coins of ripple currency are issued? By consensus. Do you have hard proof that 1000 nodes would converge to consensus in N iterations in presence of 10 malicious nodes? Do you believe they can execute this N iterations in 5 (20) seconds? "Technical Description" of consensus on wiki doesn't seem very technical to me. What about network split? Will it be permanent and not-repairable? |
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Bitcoin has proven track record. Does ripple?
Is there whitepaper about mechanisms ripple use?
Is it opensource?
How emission is managed?
How it's protected from double-spends?
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