Proposal: SetFreezeTransferRate

Proposal: SetFreezeTransferRate

Postby twarden » Tue Nov 13, 2018 6:22 pm

I propose that the next amendment for the RCL be an upgrade to rippled that allows Ripple Gateway Operator(s) to send an AccountSet transaction which will freeze the ability of the Gateway to change its TransferRate. This would allow Ripple Users to know if the Ripple Gateway intends to choose to have the choice of changing their fee structure for trades and payments sent over the Ripple Consensus Ledger in which an issuance is used within one of the aforementioned transactions. This would allow Gateways to choose to guarantee to their clients that if they choose to perform their business under such a fee structure that it cannot change from that issuing address ever.

If such an account setting was implemented, then for a Gateway to reasonable change their fee structure when/if it becomes either too expensive for Ripple Users to consider using the Gateway's IOUs due to the set TransferRate or if the Gateway notices that the revenue stream is no longer feasible with this issuer then they may choose to allow their Ripple Users to transfer their balances to a new issuing account with a new issuing address. I am not proposing that the rippled team of developers at this time consider creating a method that allows their Ripple Users to transfer their IOUs to a new issuer as this may have complications in some legal jurisdictions.

Therefore, I propose that if a Gateway were to choose to change their TransferRate fee schedule, then they would require their Ripple Users to KYC themselves, transfer the balances to the 'old' issuer, and then have the operator send the same asset class redeemed to the client over the new issuing account. It is noteworthy that some Ripple Users may wish to keep their issuances on the 'original Gateway' and perhaps attempt to build paths to the new issuing account's/accounts' issuances.

Please tell me that this is not a viable proposal...I want to hear someone tell me one good reason why to not implement this feature within the next major release. Discuss.

Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
BCT Thread

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