Ripple Stable Coin

Mint a trillion Ripple stable coins for retail payments, interoperable with Ripple CBDCs, XRP and any other crypto currencies. This will be demonstrated in the hackathon

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Inspiration

The costs of Fintech amount to at least 5% of global GDP. Cross border payment are slow and expensive with multiple intermediaries. Decentralised computing with Peer to Peer (P2P) value transfers is a great objective. Market leading blockchain systems, Bitcoin and Ethereum, have drawbacks such as:

  • Taking minutes to reach finality
  • Not scaling without complex Layer-2 solutions
  • High energy, transaction and storage costs.
  • Risky interoperability bridges that are the major vector for cybersecurity attacks

In summary, they are unsuitable retail scale P2P payment systems in large volumes.

The inspiration was to create, open source, Layer-1, decentralised ledger technology (DLT) for solving those problems.

What it does

The Convex global DLT provides

  • Sub-second finality
  • High transaction throughput
  • Negligible transaction costs
  • Overall energy efficiency
  • Permissionless Peers that use low cost hardware or cloud computing
  • Multiple use cases
  • Automatic market maker for swapping crypto currencies
  • Hybrid operations with other financial systems

How we built it

Several years of development with world class mathematical, computer science and programming skills. It is open source, written by a community of like minded developers. Clojure was the foundation programming language. It is a functional language that operated with immutable data types.

Challenges we ran into

  • Optimising the CPU time
  • Minimising on-chain memory
  • De-bugging network problems
  • Minimising data storage
  • Large scale testing

Accomplishments that we're proud of

Performance

  • Real-time finality - always sub-second
  • Scalability - thousands of TPS
  • Low energy - microwatts per transaction
  • Low costs - fractions of a cent

Open Access

  • Community update
  • Self-sovereign identities
  • Fully decentralised
  • Open source
  • Convex coin and tokenomics

Ability to transform global economic systems

  • Programmable financial transactions
  • Fair access
  • Network neutrality

Technology

  • Convergent Proof of Stake Protocol
  • Lattice Technology - not a blockchain
  • Convex Virtual Machine (CVM) equivalent to EVM
  • Convex Lisp (C-Lisp), a Clojure dialect, equivalent to Solidity
  • Fast on-chain compilation
  • Compact Etch data base
  • Torus Automatic Market Maker equivalent to Uniswap

What we learned

  • Transformational development cannot be rushed

What's next for Ripple Stable Coin

  • Create a partnership between Convex and Ripple
  • Develop a growth strategy
  • Obtain funding to scale up team
  • Create POC for performance testing

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