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 EinsteinThe 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
