Design - What it does
We've talked about this a bit in the rippleusers group.
Adam kicked off the design discussion with the first post. Adam's design has the following key features that distinguish it from Ripplepay:
1. IOUs can be accepted ("bought") and redeemed ("sold") at less than face value, depending on how valuable they are to the holder.
2. converting between currencies (e.g. for through transactions) occurs at a price specified by the converter.
3. trust connections do not necessarily have to be reciprocated or even approved.
4. interest rates (and potentially other terms) are specified per IOU "type" instead of per trust connection.
Zecrets/Ben likes Adam's ideas.
Alessio proposed a simpler design, without interest and with all IOUs being treated at face value.
Adam's proposed design supports Alessio's proposed design, but not vice versa. Alessio shares Adam's vision, mostly, but has a different focus.
Giovanni proposed an alternative (as opposed to e.g. traditional compound interest payments) way of implementing interest.
Of possible usefulness for reference:
Adam's design notes which contain almost no explanation.
Is that a fair summary of context? did I miss anything important?