W3C home > Mailing lists > Public > public-interledger@w3.org > July 2016

Re: PoC

From: Andrew Bransford Brown <andrewbb@gmail.com>
Date: Tue, 12 Jul 2016 09:55:38 -0500
Message-ID: <CAPS+YFLqLT5OFBgKqb9RD-f_nifLCeh-FzPCDvsy35k4ai9dqg@mail.gmail.com>
To: "Romero, Javier (ISBANUK)" <Javier.RomeroColomo@isbanuk.com>
Cc: Evan Schwartz <evan@ripple.com>, "public-interledger@w3.org" <public-interledger@w3.org>, Gregor Gololicic <gregor@gatehub.net>, "bob.boothby@gmail.com" <bob.boothby@gmail.com>
I'm reiterating my suggestion of an overall protocol based on contract
law.  It makes the Computer a legal entity.

Payments don't describe what was purchased and only reflects the
delivery/settlement phase of the contract.

This is a non-trivial example of a 3-party contract:


Andrew has Dollars and wants Yen.
Matthew has British Pounds and wants Dollars.
Since we have non-matching value, we advertise on Bank of England's
settlement book and also market it on Forex.
Bank of Japan sees the opportunity and translates the value.

*Contract script:*

CommerceID     EventType       Description
Andrew         Offer           2,000 USD
Andrew         Terms           200,000 JPY
Computer       Notice          "This is a legal offer from Andrew."

Matthew        Offer           1,500 GBP
Matthew        Terms           2,000 USD
Computer       Notice          "This is a legal offer from Matthew."

Andrew         Terms           210,000 JPY
Andrew         Counter
Computer       Notice          "Terms-value change from Andrew."

Matthew        Terms-Advertise Bank of England
Matthew        Counter
Computer       Notice          "Terms-Advertise change from Matthew."

Andrew         Terms-Advertise Forex
Andrew         Terms-Advertise Bank of England
Andrew         Counter
Computer       Notice          "Terms-Advertise change from Andrew."

Bank of Japan  Offer           210,000 JPY
Bank of Japan  Terms           1,500 GBP
Computer       Notice          "This is a 3-party equilateral contract
between Andrew, Matthew, and Bank of Japan."

Andrew         Deliver         2,000 USD
Matthew        Deliver         1,500 GBP
Bank of Japan  Deliver         210,000 JPY
Computer       Notice          "Contract complete"

Andrew         Complete
Matthew        Complete
Bank of Japan  Complete

Computer is performing as the lawyer above. This introduces the idea of
Computer as a legal entity. If one creates a contract creating a currency
as above, the Computer enters into a contract with a Human with specific
Terms, such as the Human must keep the computer running and the Computer
must keep the ledger.

Andrew B. Brown
10723 River Plantation Drive
Austin, Texas  78747
(512) 947-8282

On Tue, Jul 12, 2016 at 5:21 AM, Romero, Javier (ISBANUK) <
Javier.RomeroColomo@isbanuk.com> wrote:

> Thanks Evan.
> I will have a look at #1 (and looking forward for #2!)
> Will try to implement the PoC over the next weeks to mirror what we have
> done in the live project (Elavon + Santander + Ripple + Earthport).
> Btw, do you see anything wrong with my membership/submission to the list?
> From: Evan Schwartz <evan@ripple.com>
> Date: Tuesday, 12 July 2016 at 10:57
> To: Javier Romero <javier.romerocolomo@isbanuk.com>
> Cc: "public-interledger@w3.org" <public-interledger@w3.org>, Gregor
> Gololicic <gregor@gatehub.net>, "bob.boothby@gmail.com" <
> bob.boothby@gmail.com>
> Subject: Re: PoC
> There are two ways you could go to make this work.
> 1) Write a ledger plugin
> <https://github.com/interledger/rfcs/blob/master/0004-ledger-plugin-interface/0004-ledger-plugin-interface.md> that
> issues the relevant commands for your legacy ledger.
> 2) Gregor Gololicic, Robert Boothby and others have suggested developing a
> ledger adaptor that implements the crypto conditions, holds, and
> notifications needed by clients and connectors. This could implement a
> standard ledger API that would (greatly) reduce the number of plugins
> clients need to support.
> I really like #2, but since this is a relatively new idea it'll take a
> little bit of time to get it set up.
> On Tue, Jul 12, 2016 at 11:49 AM, Romero, Javier (ISBANUK) <
> Javier.RomeroColomo@isbanuk.com> wrote:
>> Hi guys,
>> I am trying to do an internal PoC with ILP with one of our existing
>> processes and had a quick question:
>> In the case of "legacy" ledgers, do I need to build an ilp ledger on top
>> or could a connector be sufficient?
>> This was my understanding: http://i.imgur.com/eQG7xUG.png
>> But I am not sure now?
>> BTW, is this the correct forum to ask this type of questions? Apologies
>> if it's not!
>> Thanks
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> --
> Evan Schwartz | Software Architect | Ripple
> [image: ripple.com] <http://ripple.com>
Received on Tuesday, 12 July 2016 14:56:07 UTC

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