ILP's asset transfer process description

Content

1 Alice obtains a "shared password" provided by Bob through instant messaging software or other communication means. The communication must be encrypted so that after the communication, only Alice and Bob know this "shared password"; at the same time, Bob will tell Alice his unique address in the ILP network, such as g.ripple.rHCvhtqhXuBvWt5g79gyXfpG8VcrvUm9E9.

2 Alice went to Cot to inquire and inquired that she wanted to send 29230 Ripple coins, which requires more than BTC. At this time, Cot will calculate the need for 1 Bitcoin according to the real-time BTC and Ripple market. At the same time, Cot will charge 0.00001 BTC as a handling fee. , The final inquiry result obtained by Alice is: 1.00001 BTC needs to be paid to Cot.

3 Alice generates the required ILP package according to the message format specified by ILP. The ILP package specifies the target address as Cot, and generates a "conditional preimage" based on the private content of the ILP package and the "shared password". Hashing is performed to obtain a "condition" for a "custodial" transaction.

4 Alice initiates a "custodial" creation operation on the Bitcoin ledger system, sets the "custodial" conditions in step 3 and a timeout period, and sets the ILP package at the same time.

5 Cot has detected a "custodial" creation operation involving itself on Bitcoin.

6 Cot analyzes the ILP packet, calculates that he should transfer 29230 ripple coins to Bob, and modifies the target address in the ILP to Bob.

7 Cot initiates a "custodial" creation operation on the Ripple ledger system, sets the "custodial" condition in step 3 and a timeout period, which is less than the timeout period in step 4, and sets the ILP package at the same time.

8 Bob has detected a "hosted" creation operation involving himself on Ripple.

9 Bob parses the ILP package and uses his own "shared password" and the private content in the ILP package to generate a "pre-image of the condition" and the corresponding "condition". By comparing whether the "conditions" carried in the "custodial" creation transaction are the same as those generated by yourself, and verifying whether the number of assets specified in the "custodial" transaction is 29230, to confirm the "custodial" transaction: acceptance or rejection. We assume reception here.

10 Bob initiates a "custodial" confirmation operation on the ripple ledger system, sets the "pre-image of conditions", the "custodial" transaction on the ripple ledger is completed, and Bob receives 29230 of ripple coins

11 Cot has detected an "escrow" confirmation operation involving itself on Ripple.

12 Cot analyzes the content of the "custodial" confirmation operation, and obtains the "conditional image".

13 Cot initiates a "custodial" confirmation operation on the bitcoin ledger system, sets the "pre-image of conditions", the "custodial" transaction on the bitcoin ledger is completed, and Cot receives 1.00001 BTC.

14 Cot has detected a "custodial" confirmation operation involving itself on bitcoin.