Quote from: alexykot on July 09, 2013, 06:56:41 PM

Quote from: Peter Lambert on July 08, 2013, 04:22:35 PM

It sounds like me you are trying to recreate Ripple?

Not really. Somebody actually pointed me about the similarity, but I don't see where this analogy is coming from. Ripple is a network of exchange gateways and an internal currency called "ripples". My thing is mainly about creating a trust network of actual and potential borrowers based on their personal relationships and offline agreements.
I don't really see much similarity, can you explain your point please?

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Yes, I know about IOUs exchanged between the gateways and users, but that has nothing to do with microlending, it's just a mean of payments and exchanges. My thing is about exactly microlending, so it's a different application, and the only similarity as for me as that both are money-related services.

Gateways let you move money into and out of the Ripple system, but there is more to it than that. For this discussion you can just ignore the XRPs altogether.

The way ripple is like your system is that people form a trust network and the IOU's are traded between users, not just between the user and the gateway.

Example: I am friends with Al and Bob, Al trusts me and I trust Bob. Al has a bitcoin, Bob needs a bitcoin. He talks to Al, who agrees to lend him the bitcoin if he sends the ripple payment with 5% interest. So in ripple Bob sends 1.05 BTC to Al, then Al sends 1 BTC to Bob's bitcoin address. Al ends up with 1.05 BTC/me and I have 1.05 BTC/Bob. My overall balance remains unchanged (I owe the same amount to Al as Bob owes to me), but they were able to leverage the existing trust relationships to make the loan.