Tuesday, May 21, 2013

Did Open Transactions Just Become a Legitimate Challenger to Ripple?

Last week, OpenCoin Inc. chief cryptographer David Schwartz was interviewed on the "Let's Talk Bitcoin" show. If you listen from 17:44, you'll hear his opinion on Open Transactions:



"In Open Transactions, nodes have to actively perform transactions, so you can't as easily have a public state of the network. So because the state of the [Ripple] network is public, if I want to make a payment to you, I can look at the exchange offers, I can look at the available liquidity in the network, and I can very easily find the cheapest path to make a payment to you.

In Open Transactions, I would have to go around to different servers and get quotes, and then the transactions can't really be atomic, they're working on it but they're not quite there yet, so if part of the transaction succeeds, and the second half fails, I can wind up with something that I was going to trade to pay you, but now I can't trade it, so I wind up with some asset that may be completely valueless... payments are atomic in Ripple, meaning the entire payment either succeeds or fails."

Today, Open Transactions developer FellowTraveler claims to have found "the Holy Grail," which is to use Bitmessage to allow for discovery across federated servers, server-to-server wiring of funds, escrow based conversion of currencies across federated OT servers, and the ability to send any currency p2p, all of this done without the issuance of credit or using a "pre-mined" currency.

Well, I am not a developer, so, the question is, have they done it? Is it now just a matter of who brings their product to market first?

12 comments:

  1. OT will take bitcoin to the next step. It will replace all financial systems.

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  2. OT has legit bitcoin spirit. Ripple is just a parasite.

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  3. I think it is an advantage for Ripple to have a paid development team with the ability to hard fork the clients without causing an issue, but now that fellowtraveler has figured this out, Ripple will be marketing an inferior product.

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    Replies
    1. So OT/Monetas has to bootstrap using an out of band solution (bitmessage) for messaging, and suddenly now OT/Monetas is a viable product? I guess I'm going to wait and see if Google Ventures and Andreesen Horowitz makes an investment in Monetas before I cast my vote on this one, Seth.. :P

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  4. Combine this with Bitmessage and you have an amazing system https://bitcointalk.org/index.php?topic=212490.0

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  5. Vapourware. Google it.

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    Replies
    1. Maybe you should? https://github.com/FellowTraveler/Open-Transactions

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  6. These guys are coming out with a similar type product.
    http://www.bitbillions.com?refid=1JLb2hrECqSMfNhM32cskCqCUvkufK1bp5

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  8. Open Transactions will eventually have a much higer acceptance among the Bitcoin community. At least thats my prediction. Chris Odon and Team are making great progress. OT allows for much more then Ripple. With SmartContracting so many nice things can be done. It is absolutley awesome.

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