LETSWallet

The fundamental basis of the project idea is the Ripplepay protocol developed by Ryan Fugger in 2004 to operate the Vancouver branch of the Local Exchange Trading System (LETS). His idea was to allow individuals and communities to create their own money that could be exchanged to help overcome economic crises (central bank regulation of the money supply, deliberate creation of money scarcity)

Based on blockchain technology, Jed McCaleb took the idea to a new technological level by developing the Ripple Transaction Protocol (RTXP).

It's time for the next technological step. The LETSWallet project is the first attempt to rethink and implement the original idea based on smart contracts. The use of smart contracts will make it possible to manage tokenized debts without being limited by the narrow framework of a specialized protocol, such as RTXP, and also opens up the possibility of unlimited decentralization through cross-chain bridges.

A simplified representation of the idea in the context of smart contracts:

If Alice trusts Bob, then the scope and conditions of trust can be described by a smart contract (TrustlineAB). Similarly: if Bob trusts Carlos, Carlos trusts Dave, Dave trusts Eve, Eva trusts Walter, Walter trusts Alice.

Considering the existing relationship, there are 2 ways to transfer 10 tokens from Alice to Dave.

1. Alice borrows 10 Walter tokens and transfers them to Dave via the fungible token exchange chain: Walter-Eva-Dave. In this case, Walter, Eva, Dave issue their tokens, and tokenized debt appears.
2. If Bob, Carlos, Dave already have tokenized debts, then Alice can transfer tokens along the chain: Bob-Carlos-Dave. In this case, the tokens will be “burnt”.

LET'S try.

Нello, TON society Moscow.