Chief Technology Officer at
@XRPLLabs
.
Lead Architect of Hooks, Xahau, and Evernode.
Australian for better or worse.
Opinions my own, not my employer's.
Xahau begins its code audit by our diligent friends at
@goFYEO
today. The code is finished ๐ Many thanks to
@angell_denis
for his tireless effort getting tests across the line, and to the whole
@XRPLLabs
team. Start building on the Xahau Testnet today ๐ค
What if:
#Xahau
let you pay with multiple currencies + NFTs together, at the same time... and automatically pay to create the destination account and/or trustlines if missing, and allow in-line minting of a URIToken receipt... atomically, in the same txn? ttREMIT... coming soon
1/ A short thread ๐งตon our sidechain value transfer mechanism.
Some of you may remember a year ago we demoed a technology called XPOP at Apex in Tallinn.
Repeat after me: The XRPL is not a UTXO chain. The XRPL cannot support ordinals or their inscriptions. Projects that *mint* ordinals on the XRPL are nonsensical spam.
๐ Xahaud version 2023.12.29+689 was released today and introduces a number of small but important fixes and quality of life improvements.
โผ๏ธ If you are running a Xahau node please upgrade now to avoid becoming amendment blocked.
Unpopular opinion: XRP is a gas token and its value is a function of its utility. Stable coins are much more useful and important for payments and value transfer.
๐Xahaud 2024.4.21-release+858 has been released!
โ ZeroB2M - disables XRP->XAH burn to mint.
โ fixNSDelete - fixes namespace edge cases.
โผ๏ธ Xahaud has a five-day voting period for amendments.
โ ๏ธPlease update your nodes to avoid being amendment blocked.
Xahau XRP is a gas token, explicitly and by design. We think mainnet XRP is too, but other people disagree (which is fine.) If mainnet supports reverse Burn2Mint for Issued currencies then any form of wrapped XRP can be moved in both directions. Wrapped XRP could also beโฆ
7/ Disparate XRPL protocol chains can support and transfer each otherโs assets while keeping the total supply the same and without a custodian, third parties, witnesses, or a money services business being involved.
๐ Xahaud 2024.3.12 Released.
โจ New Amendment: XLS-55 Remit.
โผ๏ธ All Xahau nodes must update to avoid becoming amendment blocked.
๐ง This includes all the new Xahau submission nodes used by Evernode hosts!
Hmm... I really want to send this user 1000 TST tokens but his account doesn't exist yet and there's no trustline. Oh, not to worry, I'll use REMIT. Xls-55 is now live on Xahau Testnet.
Idea of the day: Evernode secure instant messenger, like Signal/telegram except decentralised and spy proof. Connect to a node in the contractโs cluster and record in the shared canonical state that you are online and which node/s you are connected to. Anyone who wants to talk toโฆ
Xahau and XRPL are not an "either-or " thing. It's perfectly possible to have a presence on both chains (including using the same r-address) and benefit from the different features where they are. Interoperability & multichain assets are the future.
Maybe a not so popular opinion, but all the recent Drama around the AMM, Validators, general governance of the XRPL makes me pretty excited for
@XahauNetwork
, just saying.
6/ This could be used for infinite horizontal scaling. In a sense this is an even more decentralized version of a blockchain. Like the Internet: the Interchain.
Remit coming in hot. Almost half way through the amendment process. What a game changer this will be usecase-wise. Do you have a customer you need to give some sort of digital asset, loyalty points, receipt, warranty or ticket? ... but they've never used blockchain before? Createโฆ
3/ Burn2Mint (B2M) is our XPOP-driven value transfer mechanism, in which a cryptographic proof shows that an asset is burned on one XRPL protocol chain and allows it to then be minted on another XRPL protocol chain.
Whatโs the developer acquisition cost for the XRPL ecosystem? That is: how much on average must be spent on conferences, hackathons, education, outreach etc. to acquire one new long term developer to the space?
@ShortTheFOMO
For a large number of retail use-cases you just want to give something (e.g. coupon, receipt, payment, digital goods, or combination thereof) to someone with no fuss, no exceptions, "no X went through but Y didn't", no missing account or missing trustline. What you see is whatโฆ
Unpopular opinion: XRP is a gas token and its value is a function of its utility. Stable coins are much more useful and important for payments and value transfer.
๐ฅBurn2Mint of an XLS20 NFToken, reminted as a URIToken on the Hooks testnet:
๐The re-Minting is done by a Hook on the Issuer account. It emits here:
๐คAnd the Hook source:
โ Also possible with IOUs
UNLReport determines which UNL validators who also participate in the Xahau Governance Game are reliable enough to receive validator rewards. The UNLReport roughly mirrors the long standing NegativeUNL feature of the XRPL (i.e. "PositiveUNL") and is built from similar code.
Xahau Testnet (formerly known as Hooks V3 testnet) has been updated today, and one of the new features live is the "UNL Report", where UNL nodes report sane operation of other UNL nodes.
Verifiable historic UNL logs, on ledger.
Lots to do, but this is coming together :)
(Andโฆ
I propose that it should be a human right to not be subject to layered or double taxation. If youโve already paid tax on that dollar why would you have to pay taxes again? That means if a country has an income tax it can have no other taxes. If governments canโt figure out how toโฆ
Hot take: Visa/Mastercard already won payments. The future of crypto is a more generalised version of the stock market. Containerising, managing and dealing in rights / property, peer to peer, 24/7, on a global scale. And for that you need smart contracts.
"You're going to see us placing other bets..."
"...we haven't gotten the traction we wanted just from payments...
Because
#XRP
Ecosystem doesn't have industry-standard smart contracts, the next BIG BET is Multichain Ecosystem, starting with the EVM-compatible chain.
more:โฆ
The fixXahauV2 amendment is now live. This amendment is an incremental update, part of our commitment to continuing to improve the health and stability of the ledger. Details here:
4/ Mutual burn2mint is a situation where users of two chains can freely exchange assets forward and backward by burning (where the asset is) and minting (where it isnโt.)
2/ Blockchains are a fantastic technology but they all suffer from the same essential problem: scalability. No matter how efficient, there is a practical cap to the number of transactions per block/ledger.
Two-way Burn to Mint for Issued currencies could be added to mainnet. This would make issued assets on the XRPL multi-chain capable. Users could move their issued assets to whichever chain they are most useful on, at any given time. The feature would be opt-in for Issuers.
5/ Consider, instead of a group of computers working together to form a blockchain, you have a group of blockchains working together via mutual B2M: An Interchain.
The only thing you can do with solidity that you can't do with Hooks (that I can think of) is flash loans. Virtually everything else is possible. You just need to be creative and think asynchronously.
@SwiftBovine
We initially tried to get the Hooks Amendment merged into the rippled codebase (for adoption on mainnet) however this was (for whatever reason) not making forward progress. After a year of waiting we decided Hooks would launch on a sidechain instead.
Idea of the day: An Evernode contract as a payments aggregator/broker. A self-owning contract controlled by a DAO which has accounts on multiple blockchains and other payment systems and allows members of the DAO to receive into and send out of the brokerโs accounts on theirโฆ
@ZachRector7
@Vet_X0
@daniel_wwf
The XRPL AMM was developed by Ripple and audited by an external firm. Myself and
@nbougalis
did a responsible disclosure of bugs discovered after the audit. These were then fixed... but it is reasonable for responsible validators to ask: how safe is it, what will be the impact?
Idea of the day: Evernode decentralized encyclopedia (Everpedia). A curated and indexed set of encyclopedia articles maintained by an Evernode cluster. The UNL of the cluster forms a DAO (managed by a Hook) which provides for selection of moderators, dispute resolution andโฆ
Changes we're currently making to Evernode: 25gib storage minimum per instance. Two general purpose TCP and UDP ports per instance. Higher minimum memory per instance (yet to be decided). Custom docker images (already in place but not documented). Better documentation. 1/2
@Santiag78758327
It enables all sorts of break through retail use-cases. Like loyalty points, vouchers, event specific tokens, and more. Anything where your customer probably doesn't have an existing account or blockchain experience. Make a keypair then send them without fuss. Give them a cardโฆ
Idea of the day: Evernode decentralized monitoring and notification service. Users submit monitoring scripts (js) to a cluster that can monitor almost anything that's publicly accessible: a url, a server, an account on a blockchain, an orderbook, etc. They pay a monitoring feeโฆ
@DarkhorseDNME4
@linqtoinc
The future of blockchain is horizontal scaling with seamless asset and data interoperability. It is not feasible or advisable to put all traffic and all features on a single chain. Donโt be a monochain maximalist.
Idea of the day: Evernode decentralised CDN. Users who want to store data in a no-single-point-of-failure manner can submit their data along with a maintenance fee (held on deposit in a hook) to a CDN contract. Nodes in the contract decide which content to host and provide aโฆ
๐ง Some of CT's esteemed gas token speculators think that they will devise the perfect combination of words that will somehow prevent the launch of the software we spent 3+ years building, Xahau. I promise you that no such sequence of words exists ๐ don't even waste your time ๐
Africa |
@Ripple
net
CBDC + Payments
Diaspora Bank Project
Curious
@JoelKatz
on the 5% "automatically" allocated through a "HOOK,"sounds like a smart contract action. Are they using same hook logic for example in
#XRP
Ledger carbon offset? Or is it a
@XahauNetwork
HOOK? Or?
@xMoonkie
@Vet_X0
Well the XRPL almost *did* have smart contracts 12 years ago, four years before Ethereum. But instead of doing that they did almost everything else ๐คทโโ๏ธ
@ShortTheFOMO
I have to say I wasn't particularly worried about the ledger during this whole thing. But lots of other people were. TxQ and fee escalation code work properly now, and were fixed correctly since last time. I think this proves that.
@pumplekin
@UK_Daniel_Card
The whole thread is just dunning Kruger. โWriting a website in C/++ who would do that?โ What do they think web servers are written inโฆ
@KhaledElawadi
Yes, lets transfer what little governance XRPL has to some passive large holders, instead of listening to the legitimate concerns of the technically minded people who spend their own time and money maintaining the network. That will definitely improve the situation.
If you run an older version Linux in your production environment then Ripple's builds might not work for you. In that scenario XRPLF's portable builds probably will work as a drop-in replacement. This should not be used as an excuse for running insecure operating systems though!โฆ
For those interested in Clawback on Xahau: I'll be proposing a different implementation that allows Issuers with the asfAllowTrustLineClawback flag (at the time the trustlines were created) to unilaterally make a negative payment against holders of their Issued currency. Theseโฆ
@Vet_X0
I hope people don't find this to be anticlimactic when enabled. I really hope people don't put their funds into AMMs with a misunderstanding of how they operator or what is at risk.
8/ If the Import amendment (and in this case Hooks) is ever accepted onto mainnet it would also be possible to burn the asset on the sidechain and re-mint it on the mainnet.
3/ Migrating value between layer-1 chains is hard, both legally and technically. Legally the transfering parties must be prevented from becoming a custodian of funds (or a money services business) and technically must avoid creating a (potentially hackable) honey pot.
๐กMany blockchains (including the XRPL) suffer from over-focus ๐งon fine details. Enter the Train Ticket Test ๐ 1. Could an ordinary person use this tech to buy a train ticket? ๐ธ2. Would they care about feature/detail F? If not, F is much less important than you think it is๐ค
2/ XPOP stands for XRPL Proof Of Payment, but it is more than just a proof of payment, it is a general proof that a transaction on the XRPL happened. XPOP uses the validators' own signatures as attestation instead of requiring seperate witnesses as in other models.
Has anyone built a synthetic stable coin pegged to a basket of currencies like SDR? If not why not? Such a coin would allow safe storage of funds for longer terms without unnecessarily high exposure to specific fiat currency printing. Call it the Big Mac coin
@XRPNeverMined
Absolutely nothing. Send URITokens and Issued Currencies (together in the same txn if you want.) Destination doesn't need to exist, trustlines don't need to exist, URITokens don't need buy offers. Sender covers reserves.
Idea of the day: Evernode crypto-friendly decentralized chain-agnostic DNS. There are various competing crypto domain extensions like .eth, .bit, .xrp, and so on, that currently exist on separate chains and are accessed via separate servers and software. An Evernode cluster couldโฆ
5/ In the case of XRP, the sidechain according to protocol can mint the same XRP, to the same account that burned it. However while building this we realised it is also possible for other asset types to be burned and then reminted, depending on those projects' migration planning.
6/ The Import transaction only validates the XPOP and mints the burned mainnet Fee. But by adding an optional Issuer field, the Import transaction can also trigger a Hook on a target sidechain account.
๐จ SEC prepares to sue
@Uniswap
. This is a major escalation in Gensler's campaign against crypto.
Case will be critical to the future of DeFi. Hard to predict outcome but Uniswap has some good law on its side
I'm genuinely curious whether there are XRPL developers who want to develop on EVM? I always figured these were mutually exclusive categories. Either you're interested in one or the other. Please put your hand up if you fall into this category!
7/ That Hook on that account might, according to that project's migration pathway, decide the XPOP is valid proof of a burn of their asset, and re-mint that same asset on the sidechain (by emitting a transaction, or by setting Hook state).
4/ We realised using XPOP to prove that an asset has been migrated. This "proof of burn" can then be passed to the sidechain using a new transaction Import, to allow the sidechain protocol to validate the XPOP. This works even if the target account doesn't exist on the sidechain.
@TheNaturalCube
@offledger
The software we've been building for 3 years is Hooks. Xahau is just how it ended up being launched because mainnet politics would not allow for breaking changes to fee code, among other things.
@daniel_wwf
In case anyone is wondering /s is a special marker for time travelling cryptocurrencists to point out which posts will become true in the future.
@jungleincX
@ZachRector7
@Vet_X0
@daniel_wwf
@nbougalis
Personally I favour evolving the ecosystem into a cluster of XRPL Protocol chains inter-connected by a non-custodial value exchange protocol (such as B2M.) This allows exciting new features to be production tested in a fast-lane rather than in the conservative lane (i.e. mainnet)