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Re: Roll call / intro - expand the scope of Interledger Protocol to beyond payment

From: Ryan Fugger <arv@ryanfugger.com>
Date: Thu, 3 Dec 2015 11:28:26 -0800
Message-ID: <CAD83BY3n34QUwcxUppeRRytBNGZ+2tw7J=mEExVvAii7qRE3Sg@mail.gmail.com>
To: Bob Way <bob@ripple.com>
Cc: Nitin Gaur <ngaur@us.ibm.com>, Interledger Community Group <public-interledger@w3.org>
Good example, Bob.  That definitely shows how flexible ILP should be.  Can
we think of examples that actually do change things from an ILP
perspective?  *Those* are the ones I think we really need to discuss how to
handle, or at least make an informed decision not to handle at this time...

What about payment reversibility?  Maybe that's something we should talk
about, at least to make sure that whatever arrangements ledgers and/or
connectors want to make for reversibility at a level above ILP's settlement
layer are possible.

We might also talk about scenarios where it might be useful to have the
transaction notaries trigger release of escrowed funds only once the other
half of the transaction (ie, delivery of goods or services) has been
successfully completed, and whether that would have any impact on the ILP
design.  I guess that's a generalization of Bob's example where the goods
to be delivered are tokenized into an ILP ledger, but it could expand to be
much broader, with notaries connected to shipping companies, as one example.

What else?

On Thu, Dec 3, 2015 at 10:31 AM, Bob Way <bob@ripple.com> wrote:

> I’d like to give a big +1 to discussing this.
>
> Payments don’t really happen in a vacuum. If Alice send money to Bob, then
> she did so for a reason.
> Bob clearly benefited from receiving the payment. Alice clearly incurred
> cost by sending the payment.
> What generally goes unmentioned is that Alice likely received a benefit
> out-of-band from the traditional payment system.
> Likewise, Bob likely incurred some cost/expense (maybe it was goods sold)
> out-of-band as well.
>
> In many types of transactions, it is possible to include these formerly
> out-of-band transactions into a single ILP “circular” payment. Stock
> transfer and digital goods sales spring immediately to mind.
>
> So as example, Alice has USD and wants to own a share of AAPL stock. A
> clever bit of pathfinding could create a circular ILP payment that 1)
> debited Alice’s USD on her bank’s ledger, and as part of the same
> transaction, 2) credited Alice’s account on the AAPL stock custodian’s
> ledger. To make this possible some third party (Bob) is essentially
> swapping with Alice. Bob’s bank account gets credited, and his stock
> accounted debited.
>
> Nothing really changes from an ILP perspective. Both the core banking
> systems and stock custodian’s systems are ILP “ledgers”. Both Alice and Bob
> in effect serve as ILP “connectors”.
>
> Bob Way
>
> Software Engineer | Ripple
> bob@ripple.com <ben@ripple.com> | ripple.com
>
>
>
>
>
>
> On Dec 2, 2015, at 8:27 PM, Nitin Gaur <ngaur@us.ibm.com> wrote:
>
> Hello Folks
>  My name is Nitin Gaur, I serve as a Director of Blockchain Labs  @IBM.
>
> I wanted to float an idea prior to our first cal, where we expand the
> scope of Interledger Protocol to beyond payments.  The idea is to ensure
> that we are aware and linking payment activity to other business
> functions.  Such as Mortgage initialization, Mortgage securitzation, Car
> loan payment etc. The idea being to explore how blockchain  can be employed
> in conjunction with other business activity in  Financial services sector.
>
> This will also broader the horizon and applicability..linking payment to
> broader blockchain ecosystem.
>
> Thoughts?
>
> N
>
> :)
> Nitin Gaur
> IBM Blockchain Labs
> 512-789-5300
>
> -----Forwarded by Nitin Gaur/Austin/IBM on 12/02/2015 10:21PM -----
>
> From: Bob Way <bob@ripple.com>
> Date: 29 October 2015 at 20:52
> Subject: Re: Roll call / intro
> To: "public-interledger@w3.org" <public-interledger@w3.org>
>
>
> Hi all. I’m Bob Way. I work with Stefan, Evan and Adrian on the
> interledger team at Ripple.
>
> I ran across Bitcoin pretty early and became a fanboy of the
> cryptocurrency concept. A couple years later I discovered OpenCoin’s Ripple
> announcement and became intrigued with the possibilities of transacting in
> fiat currencies within the framework of a cryptocurrency system.
>
> It was during my pre-employment research into OpenCoin’s Ripple system
> that I discovered Ryan Fugger’s “classic" Ripple Pay system. In fact, I
> credit my grasp of the “rippling” concept to some patient tutoring from
> members of Ryan’s community. (Great to meet you Ryan!)
>
> Now after two and a half years at Ripple, I’m ecstatic about establishing
> ILP as a global open standard supporting all types of transactions. I
> believe ILP can optimize the benefits of social credit, cryptocurrency, and
> traditional finance by connecting them all into an interoperable web of
> value.
>
> Bob Way
>
> Software Engineer | Ripple
> bob@ripple.com <ben@ripple.com> | ripple.com
>
>
>
>
>
Received on Thursday, 3 December 2015 19:29:15 UTC

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