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![A payment API built into the browser
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const methodData = [{
supportedMethods: ["basic-card"],
data: {
supportedNetworks: ["visa", "mastercard"]
}
}, {
supportedMethods: ["interledger"],
data: {
spspEndpoint: "http://example.com/spsp/?invoice=1234"
}
}];
const payment = new PaymentRequest(methodData, details, options);
let paymentResponse;
paymentResponse = await payment.show();
validateResponse(paymentResponse);
paymentResponse.complete("success");](https://image.slidesharecdn.com/1bifp08aqwescpqhesot-signature-0f4f335283125048f7b01418e378ae8e71a886513e555f356770c64924127895-poli-170615164755/85/8-June-2017-interledger-at-tu-delft-115-320.jpg)
8 June 2017 - interledger at tu delft
- 1. Interledger Delft - 8June 2017
- 2. Interledger Project KEY FACTS OpenProtocol Community Group @ W3C 220+ Contributors Banks Central banks Payments companies Tech giants Consulting companies Blockchain companies
- 3. October 2015 Publishedthe Interledger White Paper November 2015 Launched Interledger Community Group at W3C February 2016 First workshop in San Francisco (50+ attendees) February 2016 First draft of Crypto-conditions RFC March 2016 First draft of Architecture Overview (ILP - RFC 1) June 2016 Re-launch of interledger.org website July 2016 Second workshop in London (70+ attendees) July 2016 IETF Berlin - BoF session September 2017 W3C TPAC Lisbon - ILP Community Group meeting October 2017 InterledgerJS launched at the JS Foundation November 2017 ILP Kit v1 released March 2017 ILP Address and Packet specs released May 2017 ILP Kit v2 released June 2017 Third workshop in Berlin A Little History
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- 7. Payment Methods AcceptedBy Prineta.com Accepting Payments OnlineAccepting Payments Online
- 8. Blockchain will not solvethe problem.
- 9. Payment Networks AreDisconnected BlockchainBanks Mobile Money Online Wallets
- 10. We Need theInternet of Money Payments Value Blockchains Coins
- 11. Can We ConnectEverything to One Blockchain? ? ? ? ?
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- 13. The World WillNever Agree On One Ledger
- 14. We Need theInternet of Money Payments Value Blockchains Coins
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- 16. in·ter·net·work·ing Connecting networks throughgateways that route data packets between the networks noun
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- 18. BlockchainBanks Mobile MoneyOnline Wallets Internetworking For Payment Networks
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- 20. OUR INSPIRATION The History& Architecture of the Internet
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- 22. Internet Architecture IP WIFI BLUETOOTHETHERNET Internetwork Network Transport TCP UDP Application HTTP SMTP NNTP NTP RTP
- 23. Interledger Architecture ILP BLOCKCHAINS BANKS MOBILEMONEY Interledger Ledger Transport IPR PSK PSK-ECDH Application SPSP HTTP-ILP PAYTORRENT
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- 26. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
- 27. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
- 28. BlockchainBanks Mobile MoneyOnline Wallets Need a Way to Interact with Every Kind of Ledger
- 29. All Ledgers AreTreated Equally
- 30. IP Works OverEvery Type of Network
- 31. Stay Tuned forMore on Ledger Plugins: 1. Demo Today @ 2pm 2. Plugin-athon Tomorrow
- 32. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
- 33. Payments Within OneNetwork Are Trivial Sender ReceiverLedger
- 34. Payments Across Ledgers SenderReceiverLedger Ledger ?
- 35. Connectors Link TwoLedgers Connector EUR USD
- 36. Connectors Exchange Currencies Alice100 Chloe 0 Chloe 107 Bob 0 EUR USD
- 37. Connectors Generate Revenuefrom Spreads Alice 100 Chloe 0 Chloe 107 Bob 0 EUR USD
- 38. Payments Across Connectors? EURUSD ? BTC
- 39. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
- 40. Multi-hop is trickierwith money than with data
- 41. Correspondent Banking: OptimisticExecution EXECUTE
- 42. Correspondent Banking: OptimisticExecution FAIL
- 43. 1. PREPARE Interledger: Two-PhaseExecution Secures Multi-Hop Transfers REFERENCES J. Poon and T. Drya, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, 2015 S. Thomas and E. Schwartz, A Protocol for Interledger Payments, 2015
- 44. 1. PREPARE 2. EXECUTE Interledger:Two-Phase Execution Secures Multi-Hop Transfers REFERENCES J. Poon and T. Drya, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, 2015 S. Thomas and E. Schwartz, A Protocol for Interledger Payments, 2015
- 45. Conditional payments enable trustlessconnectors
- 46. 1. PREPARE 2. EXECUTE Senderis Guaranteed Fulfillment or Money Back REFERENCES J. Poon and T. Drya, The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments, 2015 S. Thomas and E. Schwartz, A Protocol for Interledger Payments, 2015
- 47. Interledger works evenover simple payment channels
- 48. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
- 49. { account: "g.us.usd.chase.bob.car", amount: "10", data:"SGVsbG8gV29ybGQhCg..." } Interledger In One Slide
- 50. { account: "g.crypto.bitcoin.1BvBMSEY...", amount: "10", data:"SGVsbG8gV29ybGQhCg..." } Interledger Addresses Work for Any Ledger
- 51. Core of IPis the Address and Packet Formats
- 52. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
- 53. Addressing is SeparateFrom Routing Please deliver to g.crypto.bitcoin.1x... Right away!
- 54. Interested in Routing? Joinour W3C community!
- 55. Internetworking Ingredients: 1. LedgerAbstraction 2. Routers 3. Multi-Hop 4. Address + Packet 5. Routing
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- 58. Micropayments Stefan Thomas @justmoon Small PaymentsMake a Big Difference
- 59. The Internet Economyis Incomplete 10010110 ??? DOWNLOADER UPLOADER Today: Protocols Suffer from the Barter Problem
- 60. Coincidence of Wants Theremay be many people wanting, and many possessing those things wanted; but to allow of an act of barter, there must be a double coincidence, which will rarely happen. - William S. Jevons, 1875 “
- 61. So We UseHacks to Get Around the Problem 10010110 DOWNLOADER UPLOADER Hacks: Aggregation, Bartering, Bundling, ...
- 62. Why Are YouGetting 30% of Everyone's Revenue, Exactly? Aggregation: Explosion of Marketplaces
- 63. Tim Cook, CEOApple When an online service is free, you're not the customer. You're the product.
- 64. Bundling: Annoying andDangerous 64
- 66. Users Are OptingOut Source: PageFair/Adobe Ad Blockers Rising
- 67. Peer to PeerModel
- 68. $$$ 10010110 DOWNLOADER UPLOADER Money: Solvingthe Barter Problem Since 5000 BC Money Solves the Barter Problem
- 69. Everywhere you wantto be. There are some things money can't buy. For everything else, there's MasterCard. TODAY Payment Networks Compete For Reach
- 70. This used tobe true for information networks too
- 71. "… biggest …" "…more members …" "… more services…"
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- 73. America's fastest Internet. Reliable.Safe. Fast. High-speed Internet from AT&T Fast, reliable, unlimited Internet WITH INTERNETWORKING Providers Compete on Speed, Reliability, Ease-of-use
- 77. Sending Payment... $1241.20 remaining;current speed: 13.2 $/s
- 78. Efficient Switching RemovesFixed Costs unviable viable viable fixed cost Transaction size Cost Transaction size Cost pre-internetworking fixed costs price out long-tail use cases post-internetworking new business models become possible
- 80. The Internet EnabledFundamentally New Business Models
- 81. Internet — Costvs Volume SOURCES Cisco DrPeering
- 82. $$$ Large (>10$), Slow(several seconds), Few in Number Today: Humans Pay for Goods and Services 2017
- 83. $$$ Payments in 2021:100x Cheaper, 100x Smaller, but a Billion Times More Volume Future: Humans Pay for Goods and Services $$$ 10010110 2017 2021
- 84. We will movefrom mobile-first to AI- first. Sundar Pichai, CEO Google
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- 86. This Applies toEverything Data is Transforming Every Industry and This Will Transform Data ● Artificial Intelligence ● Virtual Reality ● Drones ● Internet of Things ● Self-Driving Cars ● Mobile ● World Wide Web ● Stocks Get Paid for Submitting Training Data Pay for Premium Content Experience Pay for Recharging Devices Providing Services to Each Other Trade Road Data; Pay for Transit Priority Disrupt App Marketplaces Gain a Sustainable Business Model Settle Trades Across Exchanges
- 87. Advertising and MarketplacesMay Become Outdated Models The Disrupter Becomes the Disruptee 1995-2016 2017- ?
- 88. Ledger Plugins Elements ofInterledger
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- 91. Xe Plugin XRP PublicBlockchains Using Escrow functionality on the XRP Ledger
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- 93. Gh Plugin Gatehub CentralLedger You'll hear more about this in a moment!
- 94. Simple Channels V XpEp Bp
- 95. V Plugin Virtual BasicChannels Simplest possible ledger
- 96. Xp XRP PayChan BasicChannels Only in-flight funds are at risk
- 97. Et XeEthereum (Escrow)XRP (Escrow) Lo' and Behold: Payment History May 16, 2017
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- 100. Fb V Et Five Bells Ethereum(Escrow) Virtual
- 101. Fb V Et Xp Five Bells Ethereum(Escrow) Virtual XRP (PayChan)
- 102. Fb V Et Xp Ch Five Bells Ethereum(Escrow) Virtual XRP (PayChan) Chain
- 103. Fb V Et Xp Ch Five Bells Ethereum(Escrow) Virtual XRP (PayChan) Chain
- 104. V Et Xp Ch Bp Ethereum (Escrow) Virtual XRP(PayChan) Chain Bitcoin (Payment Channels)
- 105. V Et Xp Ch Bp Xe Ethereum (Escrow) Virtual XRP(PayChan) Chain XRP (Escrow) Bitcoin (Payment Channels)
- 106. LET'S WATCH THEREACTION!
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- 111. Public Blockchains V Xp XbCh Et Xe Ep R H B Bp Li Fb Gh Pp Ap Z
- 112. Periodic Table ofLedgers V Xp Xb Ch Et Xe Ep R H B Bp Li Fb Gh Pp Ap Z
- 113. Help Us FillIn The Blanks! V Xp Xb Ch Et Xe Ep R H B Bp Li Fb Gh Pp Ap Z
- 114. W3C Web Payments Interledgerin the browser
- 115. A payment APIbuilt into the browser 115 const methodData = [{ supportedMethods: ["basic-card"], data: { supportedNetworks: ["visa", "mastercard"] } }, { supportedMethods: ["interledger"], data: { spspEndpoint: "http://example.com/spsp/?invoice=1234" } }]; const payment = new PaymentRequest(methodData, details, options); let paymentResponse; paymentResponse = await payment.show(); validateResponse(paymentResponse); paymentResponse.complete("success");
- 116. What does itlook like 116
- 117. ● Payment Request- https://www.w3.org/TR/payment-request/ ● Payment Method Identifiers - https://w3c.github.io/webpayments-method-identifiers/ ● Payment Handler - https://w3c.github.io/payment-handler/ ● Payment Methods Basic Card - https://w3c.github.io/webpayments-methods-card/ Interledger - https://w3c.github.io/webpayments/proposals/interledger-payment-method.html Tokenized Card - Credit Transfers - https://w3c.github.io/webpayments-methods-credit-transfer-direct-debit/ Specifications
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Editor's Notes
- #3 Banks such as CBA, Credit Agricole, Wells Fargo, BBVA, Capital One Central banks such as Federal Reserve Payments companies such as Alibaba (Alipay), Worldpay Consulting companie such as PwC Fintech companies such as Thompson Reuters Blockchain companies such as Blockstream, Tendermint, BigchainDB, Digital Asset Holdings, Skuchain
- #14 In other words, people aren't going to agree on exactly one way that all ledgers in the world should work.
- #23 This is made possible, because the Internet acts as a sort of abstraction layer.
- #24 This is made possible, because the Internet acts as a sort of abstraction layer.
- #34 Our starting point has to be two disconnected payment networks or ledgers.
- #35 Our starting point has to be two disconnected payment networks or ledgers.
- #36 To connect them, there must be some system which knows about both ledgers and can relay money. That system we call a connector. Of course, that connector could well be operated by the same institution as one of the ledgers. With everything here we assume parties can wear multiple hats. But it's still useful to break out the fundamental roles.
- #37 To connect them, there must be some system which knows about both ledgers and can relay money. That system we call a connector. Of course, that connector could well be operated by the same institution as one of the ledgers. With everything here we assume parties can wear multiple hats. But it's still useful to break out the fundamental roles.
- #38 To connect them, there must be some system which knows about both ledgers and can relay money. That system we call a connector. Of course, that connector could well be operated by the same institution as one of the ledgers. With everything here we assume parties can wear multiple hats. But it's still useful to break out the fundamental roles.
- #39 To connect them, there must be some system which knows about both ledgers and can relay money. That system we call a connector. Of course, that connector could well be operated by the same institution as one of the ledgers. With everything here we assume parties can wear multiple hats. But it's still useful to break out the fundamental roles.
- #50 You probably recognize this - an IP address. But what may surprise you is that the Internet Protocol does not specify much else. It doesn't even specify that routing works.
- #51 You probably recognize this - an IP address. But what may surprise you is that the Internet Protocol does not specify much else. It doesn't even specify that routing works.
- #54 You probably recognize this - an IP address. But what may surprise you is that the Internet Protocol does not specify much else. It doesn't even specify that routing works.
- #63 Today, better value is highly bundled. (Similar to how newspapers used to bundle news because it was too inefficient to communicate them individually. Today we can and therefore we have RSS readers.) Spotify subscription – it’s a solid service in that you don’t need to worry about buying individual songs, but you also don’t get exactly what you want You can’t support the artists you like without also supporting hundreds of artists that you don’t like You can’t opt to purchase unbundled value Artists are kept out of the market when they can’t afford to pay the fees to Spotify – this barrier limits opportunities for innovation and new artists to enter the scene Conclusion: centralized programs are too controlled
- #65 We use bundling, which is another form of barter. I'm bartering some of my attention for some of your news. On this slide, I've highlighted the ads in red and the actual content in green. If you're asking: "I don't see any green?" What, that's because… [next slide]
- #66 … the content doesn't start until way down here.
- #67 Adblocking has been growing rapidly, especially among Millenials, Generation X and Generation Z, the most valuable demographics.
- #70 Let's look at the largest retail payment providers. Today, their messaging revolves around scale and reach.
- #72 Before the Internet(working) revolution, online services providers were just like payment providers today. They were advertising only their reach.
- #74 Let's look at the largest retail payment providers. Today, their messaging revolves around scale and reach.
- #79 We previously talked about the drive to efficiency created by internetworking. This manifests in a drive towards automation, which in turn drives down fixed costs to nearly zero. In doing so, it creates opportunities for new business models.
- #81 Instead, we think of the countless new businesses that the Internet has made possible.