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Nxt Asset Exchange <-> Ripple bridge idea singapore
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Author Topic: Nxt Asset Exchange <-> Ripple bridge idea  (Read 1760 times)

singpolyma

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Nxt Asset Exchange <-> Ripple bridge idea
« on: April 10, 2014, 08:17:10 pm »

So, I'm looking into what would be required to allow bridging certain assets (such as CAD, USD, BTC, XAU, and maybe some others) between Ripple gateways and the Nxt Asset Exchange in a more general way.  Some questions:

  • The wiki says it costs 1000 Nxt to issue an asset?  I guess this is intended for bulk-issues, then.  If my bridge is facilitating moving assets back and forth, that seems like it could be expensive to bridge users.  Maybe I should just issue a large amount and then just have the bridge sent out of that pool?
  • I can allow users to associate a Nxt address with the bridge and then include that info in their transactions so that sending a Ripple payment to the bridge's address will automatically send the asset of that type to their Nxt address.  If I wanted something like the reverse of this do I need to have one Nxt address per user that associates a Ripple address (like with BTC), or can I include this extra metadata in the Nxt payment itself somehow?
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jl777

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Re: Nxt Asset Exchange <-> Ripple bridge idea
« Reply #1 on: April 10, 2014, 08:36:03 pm »

So, I'm looking into what would be required to allow bridging certain assets (such as CAD, USD, BTC, XAU, and maybe some others) between Ripple gateways and the Nxt Asset Exchange in a more general way.  Some questions:

  • The wiki says it costs 1000 Nxt to issue an asset?  I guess this is intended for bulk-issues, then.  If my bridge is facilitating moving assets back and forth, that seems like it could be expensive to bridge users.  Maybe I should just issue a large amount and then just have the bridge sent out of that pool?
  • I can allow users to associate a Nxt address with the bridge and then include that info in their transactions so that sending a Ripple payment to the bridge's address will automatically send the asset of that type to their Nxt address.  If I wanted something like the reverse of this do I need to have one Nxt address per user that associates a Ripple address (like with BTC), or can I include this extra metadata in the Nxt payment itself somehow?
Hello again!
I am doing the multigateway for crypto assets, and my plan was to use ripple for fiat assets.
I was planning on implementing ripple bridges, but if you are working on it, then I wont have to.

On redemption of assets, I asked for and got a comment field added, so it will be perfect to encode the destination ripple address when a user does a redemption by transferring the asset back.

If the 1000NXT cost is a problem, I can cover the cost for you so you dont have to worry about that.

If you have any other questions, just ask.
https://github.com/jl777/NXTprotocol has a bunch of code that might help you with implementation questions

James
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lucky88888

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Re: Nxt Asset Exchange <-> Ripple bridge idea
« Reply #2 on: April 11, 2014, 12:47:17 am »

The wiki says it costs 1000 Nxt to issue an asset?
All i can say is that the 1000 Nxt fee is just a temporary measure to prevent spam/name squating. Once prevention is figured out, the goal was 1nxt per issue of asset or 0.1 nxt or less, basically trying to make nxt fees as cheap as possible while preventing spams to blockchain and stuff.
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celticwarrior72

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Re: Nxt Asset Exchange <-> Ripple bridge idea
« Reply #3 on: June 09, 2014, 05:47:49 am »

Any progress on these Ripple/NXT bridges?
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jl777

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Re: Nxt Asset Exchange <-> Ripple bridge idea
« Reply #4 on: June 09, 2014, 06:00:51 am »

Any progress on these Ripple/NXT bridges?
havent heard from singpolyma...
With ripple self-destructing, probably not worth spending the resources
NXT is about to get quality fiat gateway with NXThaus, and I hear about more all the time, so ripple's window of being useful for NXT is closing. Once NXT gets direct fiat gateways, there isnt any point to go through ripple, especially with all the uncertainity.

My prediction is that RL will have to pay a big chunk of their capital to prevent XRP collapse and that will lead to layoffs due to high burn rate. just doesnt look good at all for RL. Peercover going under removes the one innovative company. Just all so sad :(

James
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lucky331

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Re: Nxt Asset Exchange <-> Ripple bridge idea
« Reply #5 on: June 09, 2014, 08:02:38 am »

The wiki says it costs 1000 Nxt to issue an asset?
All i can say is that the 1000 Nxt fee is just a temporary measure to prevent spam/name squating. Once prevention is figured out, the goal was 1nxt per issue of asset or 0.1 nxt or less, basically trying to make nxt fees as cheap as possible while preventing spams to blockchain and stuff.

any idea when the 1000 nxt fee will be reduced?  anytime soon or longer?
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SwissAlps

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Re: Nxt Asset Exchange <-> Ripple bridge idea
« Reply #6 on: June 09, 2014, 08:42:23 am »

The wiki says it costs 1000 Nxt to issue an asset?
All i can say is that the 1000 Nxt fee is just a temporary measure to prevent spam/name squating. Once prevention is figured out, the goal was 1nxt per issue of asset or 0.1 nxt or less, basically trying to make nxt fees as cheap as possible while preventing spams to blockchain and stuff.

any idea when the 1000 nxt fee will be reduced?  anytime soon or longer?

Any idea WHO takes this decision ?
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