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Author Topic: [ANN] DividendRippler.com Anonymous BTC/LTC/TRC/NMC Ripple Gateway  (Read 33305 times)
TTBit
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April 19, 2013, 04:03:11 PM
Last edit: August 19, 2013, 11:51:10 PM by TTBit
 #1

I’m pleased to announce DividendRippler.com (DR), an anonymous ripple gateway. The gateway’s function is to create and destroy ripple IOUs on demand. No logins or passwords. Not described in this post, but DR will also create and maintain custom listed and unlisted assets by users (link)

“Make everything as simple as possible, but not simpler.” – Albert Einstein

The gateway is simple:
•   DR ties one of its own BTC/LTC/TRC addresses to each ripple address. IOUs are created and sent to your ripple account when specie payment comes to these addresses.
•   Similarly, DR ties your BTC/LTC/TRC addresses to a ripple address. When an IOU is sent to DR’s ripple address (using the assigned destination tag), the IOU is destroyed and specie payment is made to your client.

First time setup:
•   Add the contact ‘rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX’ to the ripple wallet,  named “DividendRippler.com”
•   Trust DividendRippler.com for the currencies in the amount you wish to use. (BTC, LTC and TRC).
•   Enter your ripple receiving address (r…) into the search bar on the DividendRippler.com website.
•   Enter BTC/LTC/TRC addresses you wish to have specie payments returned. You don’t have to enter all 3 at this time; they can be added / edited later.
•   Clicking ‘register’ will lock edit functions for 5 minutes. During this time, you must send 1 XRP to rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX?dt=1 from the ripple address requesting changes. If this is not done, the edit will fail.
•   Take note of your account number (destination tag), this is what you will need to get specie payment.

Issuing an IOU:
•   Send specie payment to the address created by DR for the given ripple address. These addresses will not change, so feel free to give it out to others to receive payments.
•   6 confirms required for all chains.
•   Once confirmed, the IOU will be issued in the ripple address.
•   If there was not enough trust for the IOU, the status will change to ‘error’. Give adequate trust and then flag the server to try again by sending 1 XRP to rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX?dt=1. You won’t get your XRP back.

Redeeming an IOU:
•   Send the IOU back to DR’s ripple address (rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX?dt=<account number>) will redeem it.
•   Using the destination tag (?dt=) directs DR on where to return the specie payment.
•   No fees to send the IOU back to DR. Keep this in mind. If the receiver of the IOU is going to convert to specie, it will be cheaper to send the IOU directly to DR.

Notes on trust
•   Only trust DR for the amount you are comfortable with in total balance. Consider the trust line can be exhausted at any time with no action by you.
•   No trust is needed to destroy an IOU. This means you don’t have to trust DR in order to accept specie payment from DR IOUs!

Fees:
Users will pay 3 fees when using DR.
1)   Ripple: While there is no fee to create an IOU and no fee to destroy an IOU issued by DR, fees are charged when IOUs are transferred to another ripple address. DividendRippler.com has set a maximum fee of 0.19%. The fees charged will not increase beyond 0.19% without a 30 day notice on the front page of DividendRippler.com. That said, DividendRippler is launching with a 0.15% fee, and reserves the right to lower or raise this fee without prior notice (up to 0.19%).
2)   When an IOU is redeemed, the end user will pay all chain fees if required. Example, destroying a 5.0000 BTC IOU may only return 4.9995 in the user’s client. This fee is payable to the network, not DR.
3)   The XRPs needed to communicate with the DR servers for setup and retries.

2013-05-20 Update: Chain fees are now fixed, which is the minimum fee requirement. DividendRippler.com will pick up any additional fees. BTC 0.0005, LTC 0.1000, TRC 0.0000, NMC 0.005.


Security:
•   Without giving details, we have created a redundant system. The web front end is separated from the server.
•   Please keep valid redemption address at all times. We may (or may have already) implemented a security feature which returns IOUs in an emergency.
•   The redemption addresses should only be pointed to addresses you control. If pointed to other address and coins are redeemed to your ripple account, specie coins will not come to your client.

Issues:
•   Transaction fees are paid by receiver as required. You can’t send an exact specie amount, because fees will be paid according to network requirements.
•   We have plans to implement a hard cap on the maximum fee, but currently not supported. If you need to move large amounts and don’t want to pay the fee, you will need to redeem the IOU and take specie payment. Remember you can also redeem the IOU with receiver’s destination tag to avoid fees.
•   While possible, it is not suggested to use DR to send specie payments to a merchant using your own ripple address. It is cumbersome, insecure, and exact fees cannot be calculated beforehand. However, please ask them to support ripple and DR IOUs!
•   DO NOT USE DividendRippler to play satoshidice or similar games where you need to control the sending address. It will not work.

If the markets are deep enough, here are some ripple tricks to try:
•   Try depositing BTC into Bitstamp without trusting Bitstamp.
•   Try depositing USD or BTC into Bitstamp with LTC. (Requires LTC markets – anyone?)
•   Send a BTC tip to my client, with whatever currency you happen to have at the time: rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX?dt=100000304
•   Get yourself a physical silver dime by sending me a DYM (PM me first is best).

>>>Finally, DividendRippler.com is in beta. We have done our best to keep everything safe and secure. We will try to make everything right in case of an error, but there are no warranties.

edited 2013-08-19 Added NMC

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TTBit
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April 19, 2013, 04:31:11 PM
 #2


I want to stress that it is important to name rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX as "DividendRippler.com". This is due to the fact that XRP sent from your ripple address changes our servers. A 3rd party may convince you to send 1 XRP to "his" address, when really he is changing your account information.

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April 20, 2013, 07:13:12 PM
 #3

Either I did something wrong, or it didn't work for me.... First it told me to try again later (something was offline, I don't remember the exact error message)...  I pressed back and tried again... Now it says "Registration is pending confirmation" and asks for 1 xrp  (though I am pretty sure I've sent it).

It also shows some Issue Addresses and says that Redemption Addresses are "none" (though I specified them).

Btw, what is Issue Addresses?

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April 20, 2013, 07:29:52 PM
 #4

Either I did something wrong, or it didn't work for me.... First it told me to try again later (something was offline, I don't remember the exact error message)...  I pressed back and tried again... Now it says "Registration is pending confirmation" and asks for 1 xrp  (though I am pretty sure I've sent it).

It also shows some Issue Addresses and says that Redemption Addresses are "none" (though I specified them).

Btw, what is Issue Addresses?


Thanks for testing it out. The "try again later" message was probably just a warning that all processing was a few seconds old. I'm trying to understand the workflow, you entered your ripple address in the search bar. From there, you had the option to enter a BTC/LTC/TRC address (not necessary if you don't want to redeem IOUs in DR). Hitting 'register' should prompt you to send 1 XRP to the dividend rippler address with ?dt=1.

You may be all set up. If you see issue addresses, then you definitely are set up! An issue address is how you create a DR IOU in your ripple address. Sending to that address gives you ripple credits. Sending from ripple to DR's ripple address destroys the IOU and you will receive funds at the redemption addresses.

Feel free to PM/post your ripple address and I'll check to see.

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April 20, 2013, 07:50:31 PM
 #5

Either I did something wrong, or it didn't work for me.... First it told me to try again later (something was offline, I don't remember the exact error message)...  I pressed back and tried again... Now it says "Registration is pending confirmation" and asks for 1 xrp  (though I am pretty sure I've sent it).

It also shows some Issue Addresses and says that Redemption Addresses are "none" (though I specified them).

Btw, what is Issue Addresses?


Thanks for testing it out. The "try again later" message was probably just a warning that all processing was a few seconds old. I'm trying to understand the workflow, you entered your ripple address in the search bar. From there, you had the option to enter a BTC/LTC/TRC address (not necessary if you don't want to redeem IOUs in DR). Hitting 'register' should prompt you to send 1 XRP to the dividend rippler address with ?dt=1.

You may be all set up. If you see issue addresses, then you definitely are set up! An issue address is how you create a DR IOU in your ripple address. Sending to that address gives you ripple credits. Sending from ripple to DR's ripple address destroys the IOU and you will receive funds at the redemption addresses.

Feel free to PM/post your ripple address and I'll check to see.


Thanks for the quick reply! Now I understand a bit better what a ripple gateway is, thanks )

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April 21, 2013, 07:14:18 PM
 #6

hmmm.. Ok so I missed the detail to keep note of the DT for redemption.

What to do in this case?

All you need to do is search for your ripple address in the site (search box at top right) and all the account details on DR will be shown.
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April 22, 2013, 03:09:50 AM
 #7

Id really like to take part in this beta -- but I don't have any ripples (XRP) yet and I know I can't buy them yet.

Is there anyone out there who would be willing to send me a ripple, so I can take part in this giveaway?
I will happily send you the equivalent back in BTC -- my ripple address: rphK9fK3pcpcaZWG5sk1Q4tnBG6qYjYbBd

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April 22, 2013, 12:16:12 PM
 #8


can you elaborate abite more on the "Destination tag"?  I am not quite gettin it.
other than that did the rest, just need some ripples!
 Wink

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nelisky
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April 22, 2013, 12:25:57 PM
 #9


can you elaborate abite more on the "Destination tag"?  I am not quite gettin it.
other than that did the rest, just need some ripples!
 Wink

rPkFC2HcSjfjCq4Z5PX4YuMU3qAutRhkx5

You do realize this is not a XRP giveaway, right? There is currently a BTC/LTC/TRC giveaway (in DividendRippler IOUs) going on to have the community help on beta testing, but you need to be able to get yourself a ripple account and fund it with XRP on your own Smiley

The Destination Tag: We have a gateway address to which you can send ripple stuff, like when you want to redeem IOUs you already hold. For us to know which account you want to withdraw to we require you add that information using the destination tag, which is a ?dt=xxx after the gateway address (xxx is a number).

There is one special case, ?dt=1 which is used to trigger actions on DR, like confirming you really want to register your ripple address with us.

How far are you in the process? Do you have any specific problem we can help with (other than lack of XRP)?
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April 22, 2013, 12:44:10 PM
 #10

Update:

We now have a quotes for DR ious taken from ripple.


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bitrainbow
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April 22, 2013, 09:17:18 PM
 #11

When I try to  "Trust DividendRippler.com for the currencies in the amount you wish to use. (BTC, LTC and TRC). "
It only has options to grant trust for UDS and BTC, which I have done.

Please advise - how do we grant trust for LTC and TRC?
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April 23, 2013, 01:56:59 AM
 #12

Just type in LTC there

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April 23, 2013, 12:12:24 PM
 #13

Id really like to take part in this beta -- but I don't have any ripples (XRP) yet and I know I can't buy them yet.

Is there anyone out there who would be willing to send me a ripple, so I can take part in this giveaway?
I will happily send you the equivalent back in BTC -- my ripple address: rphK9fK3pcpcaZWG5sk1Q4tnBG6qYjYbBd



I'll happily sell you some, contact me by email (in my sig) or on IRC.

Otherwise, Btistamp offers XRP for sale on their site.

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April 24, 2013, 05:23:32 PM
 #14


Update: DR will now fetch quotes from ripple on each refresh. Look for bargains in the ripple.



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April 26, 2013, 04:59:33 PM
 #15

whats a tag? And where to find it
nelisky
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April 26, 2013, 05:06:26 PM
 #16

whats a tag? And where to find it

You mean a destination tag? As seen in https://ripple.com/wiki/Require_a_destination_tag_for_inbound_payments that's something you add to the address you are sending to in the form ?dt=<destination tag>

DividendRippler.com supports 3 types of destination tags, two static and one dynamic:
 - ?dt=0 is a 'wishing well', anything you send there is considered a donation. We use this for testing stuff, don't send anything there unless you want to give it to us
 - ?dt=1 is the 'trigger', used to signal you own an address and approve of pending changes or wish to retry a deposit after fixing the trust lines
 - ?dt=1xxxxxxxx is the redeem destination tag, there's a different one for each registered ripple address on the site. You send IOUs to your specific dtag and the appropriate funds are sent to the chain addresses you have registered for BTC, LTC or TRC.

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April 26, 2013, 05:16:25 PM
 #17

whats a tag? And where to find it

You can think of DR's address as the routing number (rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX), and the destination tag as an account number. When you wire funds in the banking system, you send the IOUs to another bank, but you also need the account number at the bank on where they should go, otherwise you are just sending funds to the bank itself.

The dt set for each address can be found by putting in the ripple address in the search bar on the DividendRippler.com site. dts are assigned when registered.

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May 05, 2013, 12:58:27 AM
 #18

]The processing system is currently offline, data may not be up to date! [1046]

Is this system still functional?
Can I sign up when it is offline?
TTBit
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May 05, 2013, 01:38:16 AM
 #19

]The processing system is currently offline, data may not be up to date! [1046]

Is this system still functional?
Can I sign up when it is offline?


It is still functional, and you can sign up when "offline". Its usually offline for a few seconds every now and then, security issue.

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May 05, 2013, 03:14:31 AM
 #20

It is still functional, and you can sign up when "offline". Its usually offline for a few seconds every now and then, security issue.
Thanks! Was hesitant to send XRP when it said offline.
It looks like a cool service.
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