[Ripple Dividend] Launching Dividend-Paying-IOUs

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[Ripple Dividend] Launching Dividend-Paying-IOUs

Postby ripplerm » Thu Jul 31, 2014 6:16 pm

I'm please to announce the launch of Ripple Dividend, a new virtual gateway.

Trust Address: rDVdJ62foD1sn7ZpxtXyptdkBSyhsQGviT

Official Webpage: http://blog.rippledividend.com

Image

About

In short, Ripple Dividend is a virtual-gateway that issues dividend-paying IOUs.

History:
Ripple Dividend is a successor of XMM project.
http://ripplexmm.blogspot.com
https://ripple.com/forum/viewtopic.php?t=5864
https://xrptalk.org/topic/1508-xmm-officially-launched/


Objective/Mission:
To provide investment opportunity to rippler community.
To improve liquidity in Ripple ecosystem.


a Market-maker
Ripple Dividend tries to earn profit from market-making activities, then distributes parts of the earnings to its IOU-holders. A portion of the gross-profit will be utilised to cover its operating cost.


a Virtual Gateway
A virtual-gateway operates only within Ripple system. This means you can't redeem its IOU directly with assets outside Ripple. You might only sell its IOUs in exchange for XRP or others' IOUs.

Ripple Dividend commits to full-reserves policy. All the IOUs issued are 100% backed by assets within Ripple-network. Since ledgers in Ripple are open and transparent, anybody could easily verify our asset reserves at anytime.


FAQ:
http://blog.rippledividend.com/p/faqs.html

Policies:
http://blog.rippledividend.com/p/policies.html
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby ripplerm » Thu Jul 31, 2014 6:19 pm

Launching Dividend-paying-IOUs.

Introduction:
Each IOU issued by Ripple Dividend represent a market-making-fund for specific purpose. We will keep a small portion of the gross-profit (30~50%) to cover the operating cost, and distribute the rest (50~70%) as dividend in the form of XRP.

RippleDividend is a virtual gateway, which means its IOUs cannot be redeemed directly for assets outside ripple. However, each of our issues will be pegged to a certain IOU by other gateway, so that the holders could easily exchange our IOU for a real-gateway's asset.


FMM
FMM will be holding a baskets of fiat-IOUs (USD, CNY, JPY, EUR, etc) issued by major gateways including Bitstamp, SnapSwap, RippleChina, RippleCN, Ripple Trade Japan, The Rock Trading... It will be actively making market between fiat-pairs of its holding. FMM will not trade or hold any cryptos-IOU or XRP (except the small amount of XRP that's needed for account-reserve).

Please be aware that holding assets from several gateways also means pooling together the default risk from each of them. Any default that happen on any of these gateway will have a negative impact on net-assets-value and solvency of FMM.

FMM was issued at price of 1FMM = 1CNY.RippleCN, and will be pegged to this after the launch.

Single-currency Funds.
The concept is simple:

  • CNY.RippleDividend will be trading only between CNYs of different gateways.
  • USD.RippleDividend will be trading only between USDs of different gateways.
  • BTC.RippleDividend will be trading only between BTCs of different gateways.

These funds are suitable for those who are uncomfortable with fluctuation of exchange-rates. The funds would be facing lower default risk as compared to FMM because they will be holding assets from less number of gateways. Nevertheless, please bear in mind that lower risk normally associate with lower profit.

The use of standard currencies symbol is because the IOUs are fully backed by assets of the same type. This will give the holders an option to enable rippling between RippleDividend and other issuers.

The hotwallet will have rippling enabled between Ripple Dividend and the issuer that an IOU is pegged to (please refer the policies page). A small quality charge (0.2%) will be imposed for rippling through the hotwallet, to reflect our value in dividend-paying.

Dividend Entitlement:
The first record ledger will be [ledger_index = 8,120,000]. Accounts that are holding our IOU on this ledger will be entitled for our first dividend payment. Subsequent record-ledgers are set at every twenty-thousand of ledger_index, eg. 8140000, 8160000, 8180000, etc.

Actual payment of dividend might be few-days delayed from the time of entitlement. And we may combine several entitlements into single payment. Dividend payment will be triggered at least once a week.


Initial Sale Offer:

  • FMM.RippleDividend: price = 1 CNY (RippleCN), size = 100,000 FMM.
  • CNY.RippleDividend: price = 1 CNY (RippleCN), size = 50,000 CNY.
  • USD.RippleDividend: price = 1 USD (Snapswap), size = 10,000 USD.
  • BTC.RippleDividend: price = 1 BTC (btc2ripple), size = 20 BTC.


The Initial-sale-period will last for three days, or until the size of initial placement is fully sold. After the period, new units will be offered at slight premium.
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby ripplerm » Thu Jul 31, 2014 9:15 pm

A Step-by-step Guide for Purchasing FMM.

Here, 'FMM' was used as an example. Similar steps applied for other IOUs.



Method 1 - Direct Purchase through OrderBook
  • Step 1: Log-in to your wallet through RippleTrade client.
  • Step 2: click 'Exchange' --> 'Trade'.
  • Step 3: in the currencies input-box, enter 'FMM/CNY'.
  • Step 4: click 'change issuer',
    • for FMM, enter 'rDVdJ62foD1sn7ZpxtXyptdkBSyhsQGviT'.
    • for CNY, enter 'rnuF96W4SZoCJmbHYBFoJZpR8eCaxNvekK', or simply '~ripplecn'.
  • Step 5: enter the amount and price of your order as usual.

Image


Active OrderBooks for other IOUs from RippleDividend:
  • BTC.RippleDividend : BTC.btc2ripple (same issuing address as SnapSwap).
  • CNY.RippleDividend : CNY.RippleCN.
  • USD RippleDividend : USD.SnapSwap.


Method 2 - Use the 'Convert' Tool.

  • Step 1: Make sure you have sufficient Trust to Ripple Dividend issuing address.
  • Step 2: Go to 'Exchange' --> 'Convert'.
  • Step 3: Enter therequired amount in 'Receive' box, and 'FMM' in currency box.
  • Step 4: Waiting for the path_finding calculation to resolve.....
    • if you are lucky enough, there will be a response with several options.
    • else, the classic 'Try again later...'

Image
Last edited by ripplerm on Sat Aug 16, 2014 12:24 pm, edited 4 times in total.
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby dchapes » Thu Jul 31, 2014 10:10 pm

ripplerm wrote:I'm please to announce the launch of Ripple Dividend, a new virtual gateway.

That name will invite lots of confusion with DividendRippler :(. (Like naming a service PalPayer).
Also, have you checked with Ripple Labs? I believe, other than pre-existing services (e.g. RippleUnion) they may no longer like/allow services to use "Ripple" in their names; but I'm not sure.
OpenPGP KeyID: france short hawaii
Although I moderate and post a lot on the Ripple forum, I am not associated with RippleLabs; I'm just a Ripple user. I speak only for myself.
I am somewhat associated with RippleFederation and a minor financial supporter of RippleUnion.
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby NickRipple » Thu Jul 31, 2014 10:13 pm

Yeah, I was confused by the name too and wondered if it's the same service.
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby lucky331 » Fri Aug 01, 2014 12:24 am

wait.. this new IOU is called FMM too?
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby yvv » Fri Aug 01, 2014 3:18 am

I find this very cool. Good job!
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby pigeons » Fri Aug 01, 2014 3:35 am

lucky331 wrote:wait.. this new IOU is called FMM too?


Yeah, don't do that, Ripplefox https://ripplefox.com/ has FMM for its different dividend paying asset.
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby celticwarrior72 » Fri Aug 01, 2014 4:07 am

pigeons wrote:
lucky331 wrote:wait.. this new IOU is called FMM too?


Yeah, don't do that, Ripplefox https://ripplefox.com/ has FMM for its different dividend paying asset.



Give it a different ticker at least.
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Re: [Ripple Dividend] Launching Dividend-Paying-IOUs

Postby ripplerm » Fri Aug 01, 2014 6:45 am

lucky331 wrote:wait.. this new IOU is called FMM too?

pigeons wrote:Yeah, don't do that, Ripplefox https://ripplefox.com/ has FMM for its different dividend paying asset.

celticwarrior72 wrote:Give it a different ticker at least.


yup... I'm aware of RippleFox's FMM,.

and I actually name it purposely with the same ticker. Two reason behind this:

1. The fund was intended to trade only between Fiats-IOUs and distribution dividends in XRP, which work similar to RippleFox's FMM. It's better to name similar assets with a same ticker IMO. With this intention in mind I had choosen to pegged FMM directly to CNY as what RippleFox did, else I would prefer pegging to USD.

2. creating IOU in same ticker (their underlying properties must be similar, off course) will induce competition between issuers. More competition not only is good for community, but also to the competitors themselves IMO.

Another advantage is to give holders an option to rippling between similar assets. (though we know that most user will disable rippling).
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