XRPLORE: Utility Scan
XRP's value lies in its utility as the best asset for payments, not one specific event or rumor”.
These words were just as valid on August 24th 2017 -the date (tweeted them- as they are nowadays. Though, quite a few things have changed since then in the XRP ecosystem, the most significant being XRapid, now known as ODL (On Demand Liquidity) -the solution created by Ripple to unleash XRP's utility became commercially available in Q4 2018. And thanks to the hard work and dedication of a team of XRPL Developers, we now have a sleek looking and pragmatic way to keep the finger in the pulse of XRP's utility by following up on theoretical ODL XRP transactions.
Conceptualized and developed by @mouradski, with the support of co-creators @badrain344 with interface design and @0llac3 as Hunter analyst, Utility-Scan.com (currently in BETA) is listening to transactions that fulfill specific criteria that has been predetermined by the Dev Team.
How does Utility-Scan fetch theoretical ODL Transactions?
Leveraging on data available from Ripple partner exchanges via APIs (and also exchanges of interest like Coinfield and Kraken), and an algorithm (A recursive function to obtain all possible combinations in the previous 30 seconds and find the group of trades where sum equals the XRPL transaction amount) created by the Dev Team, Utility Scan listens to the XRPL and fetches transactions that meet the criteria set by the Dev Team after having carefully monitored the activity:
◽️ XRP initially purchased in local Fiat.
◽️It is proven that the purchased amount of XRP is sent across the XRPL.
◽️The purchased amount of XRP in the origin exchange is then sold for local fiat in the destination exchange. Here the work of @0llac3 hunting for ODL transactions was fundamental as he observed that the XRP can be sold in the destination exchange in more than one trade (several trades adding up to the exact amount sent from the origin exchange).
◽️ Total elapsed time for the process shall be around 60 seconds.
It is worth noting that the method used by Utility Scan pin points transactions that may be triggered by cross-border payments via ODL and are not confirmed as such by Ripple. This is why I refer to them in this post as theoretical ODL transactions. The Dev Team has also made this clear in their interactions in social media.
Going through the Website
As you land into this Coil-enabled sleek looking website -web design by @badrain34- in the lower right corner, expect to be greeted by a “talking” Brad or a “talking” David with an interesting figure that has occurred during the day (in this case a 101,953.191 XRP transaction considered as the latest theoretical ODL XRPL movement that had been spotted since I visited the site).
USD Day Volume and Summary
In the upper left hand side of the main page, the USD Day Volume chart shows the US Dollar value of all the different corridors where ODL activity as according to the predefined criteria has been picked up for the last ten days.
And just below the USD Day Volume graph, the summary section of the Utility Scan is shown pinpointing quite a few really interesting details:
The first figure shown is the All Time Volume, which is the value in USD of all the ODL activity picked up since the launch of Utility Scan since October 26th 2019 at 11:07 p.m. UTC. The summary also shows the Daily Volume ATH accounting for the busiest day in the XRPL in terms of ODL transactions since the project started listening to the ledger.
The last three bits of info include when was the last ODL transaction spotted, what was its value in USD and on which corridor (e.g. from US Dollars to Philippine Peso as shown in the screenshot).
USD 24H Volume Per Corridor
Leveraging on exchange APIs and created algorithms, the latest activity on different corridors (last 24 hours in USD value) according to the predefined criteria is picked up and displayed in the USD 24H Volume Per Corridor section. Unsurprisingly, the “usual suspects” that appear in the screen are some of the most common corridors in terms of international remittances between Ripple's network of partner exchanges.
The corridors that appear in the graph may change from day to day depending on the activity in the previous 24 hours. If you hove over each of the bars in the graph, you can see the exact volume picked up in the last 24 hours in USD values:
Based on the exchanges under the radar of Utility Scan some of the currencies that can appear in the corridor are the Euro (EUR), Emirati Dirham (AED), and Australian Dollar (AUD).
Last XRPL transactions spotted as ODL
On the below the Summary and USD 24H Volume per Corridor sections we can find the detailed list of latest XRPL transactions that have been picked up as theoretically ODL relevant. Here we can see further details about the transaction that was pointed to us by our friend Talking Brad, just as we landed on the website: A transaction initiated with an XRP purchase in Bitstamp and sent over via the XRPL to CoinPH in the USD-PHP corridor.
Also, in the info section of the transactions list, further details are shown. As there is no API available to connect to CoinPH, let's have a look at a transaction between Bitstamp and Bitso leveraging on the USD corridor:
All dates in Utility Scan are UTC. The info section of each transaction shows the date it occurred as per its timestamp in the XRPL, the exchanges involved along with the groups of trades in each exchange that were involved in the XRP purchases/sales and the destination tag involved in the XRPL transaction.
The full details of the transaction can be conveniently validated by clicking in the Transaction Hash at the bottom of the info section, which also shows additional info on the XRPL side of the transaction like Ledger impacted, fee amount, etc.
Asking @0llac3 about what has been the biggest challenge so far in setting up the criteria for theoretical ODL transactions, he has also shared a bit of what is in the pipeline on fine-tuning the ODL transactions criteria and filtering.
“We are currently working on separating 2 types of ODL transactions:
1- The ODL transactions in which Ripple is involved (we can establish the criteria of volumes, frequency, exchange used and look at the destination tag),
2- The one-offs, which meet the four criteria but where the volumes, frequencies, exchange used and destination tags do not suggest Ripple's involvement.
To conclude and answer on what is the most difficult in the selection criteria, I will say that it is to overall establish the framework of an ODL transaction: A transaction that uses the XRP to pass from one FIAT to another, respecting the important criterion of speed. Also, is do we consider it an ODL transaction even if Ripple is not involved?
In our view yes, because this is using of the liquidity of the XRP on-demand, but it is a point of view, so the answer may vary from one individual to another.”
*That is not all! A sneak peek into other cool features that are in the pipeline can be found in the Coil Subscriber section at the bottom of the article.
The project is fully-open source. As @mouradski pointed out to me, there is no secret sauce as everything is visible on Utility Scan's Github. This reflects the significant added value that Utility Scan Developer Team is bringing to the XRP Ecosystem, through an insightful and creative way of highlighting the value and utility of XRP.
NOTE: ***As indicated in their website, Utility-Scan.com is intended to display its contents for informational purposes only, and not to be considered as advice (financial, investment, tax, legal or any other).
Utility-Scan.com is independent of Ripple and has not been authorized, endorsed, sponsored or otherwise approved by Ripple or its affiliates. Moreover, transactions displayed in Utility Utility Scan are not confirmed ODL transactions.
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