Dev Meeting Transcript (July 30, 2021)
[4:10 PM] Tron: Channel is open
[4:14 PM] kinkajou: hello!
[4:16 PM] Wilson. CEO ฿: Hi
[4:16 PM] parole895: :100:
[4:17 PM] Sevvy (bootlicker): Hello
[4:17 PM] Sevvy (bootlicker): So, what's new?
[4:21 PM] kinkajou: I saw Hans_Schmidt managed a successful HTLC cross-chain atomic swap from BTC to RVN asset on the testnet – do we have any update on P2SH? I think we were waiting on another quote/review from ISE?
[4:22 PM] kralverde: Noice
[4:23 PM] Tron: Yes. Still waiting on a bid for a security audit on entire change (critical parts)
[4:24 PM] Tron: Awesome work from Hans_Schmidt
[4:25 PM] Hans_Schmidt: Thanks- the P2SH code worked great for the HTLC
[4:31 PM] kinkajou: Very exciting stuff. I know a lot of people on Reddit have been asking about the possibility of cross-chain swaps to RVN assets so pretty big deal having someone successfully complete one to prove it can be done.
I'd like to bring up the stably stablecoin again. I know initially there was not much interest in a stablecoin on RVN (and I was among those uninterested) but I think with Ben's work on Raventrader and atomic swaps it might be worth revisiting.
[4:33 PM] kinkajou: Is there any other community/developer interest in a stablecoin for Ravencoin? I think it would be nice for on-chain DeFi and there's a lot of negative headlines about tether lately
[4:33 PM] Ben: hey all, great to hear about the HTLC (would love to see the code hans)
sorry i haven't been around much, been working on a bit of an under wraps project for a while
[4:34 PM] Tron: I would like a stable coin too. It opens up possibilities.
[4:34 PM] Tron: The general fund is insufficient right now for the amount they were asking.
[4:35 PM] Tron: The general fund could contribute to a stable coin fund. That would also help gauge interest.
[4:35 PM] Kent Bull: What is HTLC?
[4:36 PM] kinkajou: I would be open to donating toward a stablecoin on RVN. What's the best way to go about setting up a project-specific fund for this?
[4:37 PM] kinkajou: Hash Time Locked Contracts https://en.bitcoin.it/wiki/Hash_Time_Locked_Contracts
[4:40 PM] Kent Bull: Earlier this year OpenDAO and pNetwork were interested in setting up a $RVN0 stablecoin. The https://omnicomp.ocp.finance/ DApp originally supported staking pRVN for the USD0 stablecoin.
[4:40 PM] Kent Bull: I believe I frustrated them by asking so many questions about exactly how the bridge worked. I should have done more research to figure it out on my own.
[4:41 PM] Kent Bull: What it came down to is they were asking $500K from the RVN community to support a pRVN bridge to a RVN-backed stablecoin $RVN0
[4:41 PM] Kent Bull: When we didn't gather enough backers then we ended up calling it a miss, which I take some responsibility for.
[4:43 PM] Kent Bull: V1 of their DApp shows pRVN as an option: https://v1omnicomp.ocp.finance/
[4:44 PM] kinkajou: $500k is an awful lot of money – I thought Stably only wanted a bit over $100k?
Personally I had a bit of trouble understanding pRVN and the staking as well – but I don't necessarily think we need a liquidity pool/staking option right away. Simply having a stablecoin on-chain would open up a lot of possibilities alone.
[4:44 PM] Tron: It was $120K.
[4:45 PM] Kent Bull: Thanks for the correction. I must have remembered wrong.
[4:45 PM] Tron: They subsequently came up with a plan that wasn’t cheaper, but contributed all their code as open source.
[4:46 PM] kinkajou: Open source is a must IMO.
[4:47 PM] Tron: Their big value-add is their ability to mint/burn and use a custodian for the USD.
[4:48 PM] Tron: I’ll open the conversation with them.
[4:49 PM] Hans_Schmidt: Ben, I hope the details I published about the Raven_asset/BTC HTLC Swap will be enough for people to understand how it works and write the code they need. If you have not see it, it's at:
I did this HTLC swap by extensively modifying a python library and writing a Jupyter notebook around it. It's a bit hacky for publication, but I can certainly share more details with you when you are ready if the description on my website is insufficient.
Also, I have been giving a lot of thought to your Issue raising questions about support for 2-step swaps in core, and I hope to make a proposal soon which addresses your questions and makes Ravencoin better suited as a defi major player.
[4:50 PM] Final Boss: I check for traps
[4:51 PM] Ben: all sounds great, will give it a read. and yea, i wanna make sure the core implementation is well defined before getting started on it
[4:54 PM] Kent Bull: Hans_Schmidt If you'd like someone to replicate the HTLC cross-chain atomic swap let me know. I'd love to replicate the work you did, just to add numbers to the story.
[4:55 PM] Kent Bull: I'd like to see what it means and how it works.
[4:56 PM] Hans_Schmidt: Great. Give that doc a read and I'll be happy to answer any questions you have.
[4:56 PM] Kent Bull: I'll start there.
[5:01 PM] Kent Bull: An on-chain stablecoin would be cool. Would we implement that as an Asset?
[5:02 PM] Kent Bull: With a smart contract on another chain to control supply or something like that?
[5:03 PM] kinkajou: Hmm that might've been an assumption on my part come to think of it. I'm not sure if I ever remember reading about it being "on-chain". Hopefully Tron can provide us more details when he gets in touch.
[5:03 PM] kinkajou: edit: Tron mentions a stablecoin "on platform" at the dev meeting on April 9: https://discord.com/channels/429127343165145089/482289959261175838/830185035683594260
So that would be RVN yes?
[5:07 PM] Ben: there would be an on-chain asset yes, but an off-chain contract to support it and maintain the value
[5:08 PM] Hans_Schmidt: From "pRVN bridge to a RVN-backed stablecoin $RVN0", I got the impression that this scheme locked RVN so that pRVN could be traded on Ethereum markets. We need the opposite- we need a bridge which allows us to lock value on Ethereum and other chains into Ravencoin assets so that we can trade those assets on Ravencoin.
[5:09 PM] Kent Bull: That's why I was so confused. I thought we needed the opposite as well.
[5:10 PM] Kent Bull: Then again, maybe I still have it backwards.
[5:10 PM] Tron: Agree. The token is on-chain. The backing is custodial USD. Backed 1:1
[5:13 PM] Tron: pRVN is just RVN collateral. This way USD can be borrowed into existence with over-collateralization
[5:13 PM] Tron: This protects the lender.
[5:13 PM] Tron: And loans are not taxed. Selling is taxed.
[7:52 PM] Blockchain John: I still have my pRVN sitting there. So since it didn't get the funding of 500k does that mean it will not move forward? So at this point do I just withdraw my pRVN back to my wallet? We've been patiently waiting for an answer and good thing you brought it up. Now we know. Thanks
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