So, I could isolate an instance on the XRPL on my home network, tie a main wallet to the interface to the public XRPL. I could then issue no fee wallets internally that represent various aspects of my budget. (Mortgage, food, medical, clothing, etc)
In the (hopefully) near future when I can seamlessly interchange XRP for XUSD(US Fed XRP based CBDC), I can pay with my XUMM app that is tied to my external wallet with memos that are automatically filed in the correct budget line items as my internal implementation of XRPL is notified of external purchases.
I know, kind of a mundane implementation, but it is a free engine for home budgeting, and who has their budget history on a blockchain?
This could come in handy come tax time.... Itemize medical expenses, child care, etc...
Just need to have something read the memos and file the purchases to the correct internal wallets, or manually sort things that are not clearly defined...
Just spit balling at the moment. This opens a lot of potential. I thought a little more about it, and really, any organization could create an internal currency and maintain records on their own ledger, using a common external wallet for outside transactions.
Correct. Which is pretty much what any centralised exchange (Coinbase, Kraken, etc) do. Just in this case "their own ledger" would be an instance of the XRP Ledger code running privately.
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So, I could isolate an instance on the XRPL on my home network, tie a main wallet to the interface to the public XRPL. I could then issue no fee wallets internally that represent various aspects of my budget. (Mortgage, food, medical, clothing, etc)
In the (hopefully) near future when I can seamlessly interchange XRP for XUSD(US Fed XRP based CBDC), I can pay with my XUMM app that is tied to my external wallet with memos that are automatically filed in the correct budget line items as my internal implementation of XRPL is notified of external purchases.
I know, kind of a mundane implementation, but it is a free engine for home budgeting, and who has their budget history on a blockchain?
This could come in handy come tax time.... Itemize medical expenses, child care, etc...
Just a thought.
Just need to have something read the memos and file the purchases to the correct internal wallets, or manually sort things that are not clearly defined...
It would certainly be possible. Although I'd probably say running your own sidechain might be overkill for just yourself!
Just spit balling at the moment. This opens a lot of potential. I thought a little more about it, and really, any organization could create an internal currency and maintain records on their own ledger, using a common external wallet for outside transactions.
Correct. Which is pretty much what any centralised exchange (Coinbase, Kraken, etc) do. Just in this case "their own ledger" would be an instance of the XRP Ledger code running privately.