a payments network based on trust channels
Read these first to get the full context:
Explanation about the name
Since we’re copying the fundamental Ripple idea from Ryan Fugger and since the name “Ripple” is now associated with a scam coin called XRP, and since Ryan Fugger has changed the name of his old website “Ripplepay” to “Rumplepay”, we will follow his lead here. If “Ripplepay” was the name of a centralized prototype to the open peer-to-peer network “Ripple”, now that the centralized version is called “Rumplepay” the peer-to-peer version must be called “Rumple”.
Now the idea
Basically we copy the Lightning Network, but without HTLCs or channels being opened and closed with funds committed to them on multisig Bitcoin transactions published to the blockchain. Instead we use pure trust relationships like the original Ripple concept.
And we use the blockchain commit method, but instead of spending an absurd amount of money to use the actual Bitcoin blockchain instead we use a blindly merge-mined parallel chain made possible by OP_CHECKTEMPLATEVERIFY (hoping it will activated on the Bitcoin protocol).
We use the protocol for the creation of parallel BMM chains invented by Ruben Somsen to create a parallel chain that serves the single purpose of broadcasting hashes that perform atomic commits for the trust network that floats above it, and the miners are paid through the same network (therefore no scammy one-way pegs are necessary like in Ruben’s write-up).
[explanation to be expanded]