issuing a finite amount of currency

[Melvin Carvalho]

I have the following scenario in ripple (using ripple.com)

I want to issue a million units of currency from an account.

But then I want to lock that account down so that it will never issue any more.

Something the equivalent of destroying the password or private key.

This allows me to easily create a new kind of genesis block within ripple. 

For example I could use this to create a new currency among a group of friends or office.

Question: is it at all possible to destroy my private key, thereby issuing a finite supply?

[Ryan Fugger]

Yeah, that could actually be a cool use case. With the current client, you would either choose a long random password for your cloud-stored wallet and then forget it, or choose to only store your wallet locally and delete it once you're finished issuing. The users of your currency would have to trust that you've destroyed the key, but they can always verify the total outstanding IOUs, since they are published in the network -- the public ledger helps in this case...

Ryan

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[Melvin Carvalho]

On 6 May 2013 15:31, Ryan Fugger <a...@ryanfugger.com> wrote:

Yeah, that could actually be a cool use case. With the current client, you would either choose a long random password for your cloud-stored wallet and then forget it, or choose to only store your wallet locally and delete it once you're finished issuing. The users of your currency would have to trust that you've destroyed the key, but they can always verify the total outstanding IOUs, since they are published in the network -- the public ledger helps in this case...

Ah ha!  Got it!

So we can just say in the currency description (which will have it's own secure web page), that new currency issued after a certain time is invalid.

And yes I'll destroy the key but this way you can be sure ...

[Ryan Fugger]

On Mon, May 6, 2013 at 6:45 AM, Melvin Carvalho <melvinc...@gmail.com> wrote:

So we can just say in the currency description (which will have it's own secure web page), that new currency issued after a certain time is invalid.

You could say it was invalid, but I'm not sure in the protocol if you'd always be able to distinguish between valid and invalid IOUs, if any more ever got issued somehow.  I'd just think it would cause people to dump your currency, if their trust in it was at all based in its limited issuance...

[Melvin Carvalho]

Sure that makes sense.  It's almost a service you'd like to pay for e.g. if someone like verisign could do it for you ...

[Dan Miller]

On Mon, May 6, 2013 at 9:45 AM, Melvin Carvalho
<melvinc...@gmail.com> wrote:

> So we can just say in the currency description (which will have it's own
> secure web page), that new currency issued after a certain time is invalid.

It looks like the ability to enforce this sort of thing will be
implemented: https://ripple.com/wiki/Contracts

[Alex Kotov]

Hi, all.

Have a questions to clarify how this centralized IOU could work.

If "Central account" makes 1000 IOU to "Alex", and Central frizzed. 1000 IOU will be binded Central(-1000)-(+1000)Alex , and if Alex spends the same currency it will not effect Central IOUs. e.g. Central(-1000)-(+1000)Alex(-10)-(+10)Bob

May be the idea is to look on total amount of IOUs of the same currency? - But somebody could make the same - issue IOUs to his account from fake one - so IOUs will be mixed in totals.

[Jeffrey Cliff]

Totals are a (in this case misleading) abstraction,  no?  The important info is just not displayed.  We just need a better way to see it.

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