Interledger. Project Overview and Update. Adrian Hope-Bailie

Transcription

1 Interledger Project Overview and Update Adrian Hope-Bailie

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3 Ledgers Track Accounts and Balances Sender Ledger Recipient 3

4 Central Ledger Model

5 Distributed Ledger Model

6 The World Will Never Agree On One Ledger

7 Diversity Is A Good Thing SEPA Blockchain M-PESA Visa 7

8 But Why Is Everything Disconnected? SEPA Blockchain M-PESA Visa 8

9 Learning From History

10 Internet: Network of Networks

11 Internet Architecture FIREFOX THUNDERBIRD WHATSAPP... HTTP SMTP NTP RTP DNS... TCP UDP IP PPP ETHERNET WIFI COPPER BLUETOOTH SAT

12 Internet: Network of Networks IP Address

13 The internet protocol implements two basic functions: addressing and fragmentation. RFC 791

14 Interledger The protocol for connecting ledgers.

15 Interledger Architecture APPLICATIONS OTP UTP ATP ILP ACH SEPA BITCOIN PAYPAL

16 Interledger In One Slide ledger account address: "us.wf/bob" amount: "123.2" Hierarchical identifier Decimal amount

17 Ledgers Track Accounts and Balances Sender Ledger Recipient 17

18 But Not Everyone Is on the Same Ledger 18

19 We Know That There Must Be Local Transfers Alice??? 1??? 1 Bob

20 Connectors Relay Money Connector Alice 1 1 Bob

21 What If the Connector Drops It? 21

22 Money Would Be Lost? Alice 1 1 Bob 11 22

23 Holds Provide Security 23

24 Holds Provide Security Alice 1 11 Bob 24

25 Funds Are Committed From Left to Right COMMITMENT Alice 1 11 Bob 25

26 Sender Puts Funds address: amount: condition: us.wf/bob 11. CA address: amount: 1 Alice Bob 26

27 Connectors Is Notified of Funds address: amount: condition: us.wf/bob 11. CA address: amount: 1 Alice 1 11 Bob 27

28 Connector Puts Funds Alice address: amount: condition: us.wf/bob 11. CA address: amount: Bob Bob 11 28

29 Receiver is Notified of Funds Alice 1 address: amount: condition: us.wf/bob 11. CA address: amount: Bob 11 Bob 11 29

30 Transfers Are Executed Right to Left EXECUTION Alice 1 Bob 11 3

31 Recipient Signs Receipt fulfillment: F(CA) Alice 1 Bob 11 31

32 Receipt Releases Funds from Hold fulfillment: F(CA) Alice 1 Bob

33 How Does the Connector Get Reimbursed?? Alice 1 Bob 11 33

34 Connector is Notified that funds have been released fulfillment: F(CA) Alice 1 Bob 11 34

35 Connector Passes on the Receipt fulfillment: F(CA) Alice 1 Bob 11 35

36 Receipt Releases Funds from Hold fulfillment: F(CA) Alice 1 1 Bob 11 36

37 Sender has Non-Repudiable Proof of Payment fulfillment: F(CA) Alice 1 Bob 11 37

38 Transfers Are Committed L2R, Executed R2L COMMITMENT EXECUTION 38

39 Paths Can Be Short 39

40 Or Long 4

41 Or Even Longer 41

42 The Interledger

43 A Standard for Real-Time Payments Across Networks SEPA Blockchain M-PESA Visa 43

44 Interledger.org

45 Setting up an Interledger payment requires a few things: Discovery Resolve and discover receiving ledger services from receiver s account identifier Query Query receiving ledger to get currency, precision etc Quote Get a quote from the network Setup Prepare the ILP packet (get condition etc)

46 The Simple Payment Setup Protocol Discovery Use WebFinger to resolve identifiers Query Standard Web APIs for getting receiver info Quote Get a quote from the network Setup Standards Web API for getting a condition from the receiver

47 The Simple Payment Setup Protocol - Discovery Webfinger (RFC 733) to look up an identifier (e.g. bob@red.ilpdemo.org) GET /.well-known/webfinger?resource=acct%3abob%4red.ilpdemo.org HTTP/1.1 Host: red.ilpdemo.org Accept: application/json HTTP/1.1 2 OK Content-Type: application/json { "subject": "acct:bob@red.ilpdemo.org", "links": [ { "rel": " "href": " } ] }

48 The Simple Payment Setup Protocol - Query Two receiver types: Payee Payee information consists of basic account details. Amounts are chosen by the sender. Invoice Invoice information includes an exact amount as well as the status of the invoice. (Invoices can only be paid once.)

49 The Simple Payment Setup Protocol - Quote Quoting can be done using a quoting protocol Getting a quote is done by asking next connector Could be multiple quoting protocols based on both dynamic queries or static data

50 The Simple Payment Setup Protocol - Setup POST /api/receiver/bob/payments HTTP/1.1 Host: red.ilpdemo.org Accept: application/json { "amount": "1.4", "source_identifier": "alice@blue.ilpdemo.org", "memo": "Hey Bob!" } HTTP/ Created Content-Type: application/json { "receipt_condition": "cc:1:1:47deqpj8hbsa-_timw-5jceuqerkm5nmpjwzg3hsufu:1" }

51 Project Activity Update Working implementations from variety of contributors 19 community group participants 5+ attendees at first workshop in San Francisco 15+ registered for workshop in London on 6 July IETF BoF scheduled for 21 July Collab with Christopher Allen and Peter Todd on Smart Signatures/Dex/Crypto-conditions Plans to collab with Lightning community on payment channels and integrating crypto-ledgers into the Interledger

52 What s next for the W3C? Implementations will drive standardization BigchainDB/Ascribe.io SkuChain Financial Inclusion projects Multiple Wallets Crypto-ledger plugins Formalization of payment setup protocols will likely be done in a W3C WG A payment setup protocol will likely also be spec d as a payment method by the WG

53 Q&A