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Re: holding of funds

From: Andrew Bransford Brown <andrewbb@gmail.com>
Date: Sun, 24 Jul 2016 09:30:08 -0500
Message-ID: <CAPS+YFKXvEohT8UUVEm9n3DQru4c7ZgHBxOTUib2PqzazechpQ@mail.gmail.com>
To: Javier Romero <elmurci@gmail.com>
Cc: "Romero, Javier (ISBANUK)" <Javier.RomeroColomo@isbanuk.com>, "public-interledger@w3.org" <public-interledger@w3.org>
The "Deliver" event would not occur, of course.  You could write an event
to the "transaction stack":
CommerceID     EventType         Description
Andrew         Deliver-Failure   "Insufficient funds"

The API could include a GetContractStatus(transactionID) that would return
""Undelivered", "Open", or "Partial delivery", or similar.  It would be up
to the application to determine who ships/delivers first.

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

On Sun, Jul 24, 2016 at 5:51 AM, Javier Romero <elmurci@gmail.com> wrote:

> Thanks Andrew,
> But you would still need some kind of funds holding?
> What would happen if, in your example, Andrew doesn't have enough balance
> of funds at the time the transaction is executed?
> On 24 July 2016 at 02:02, Andrew Bransford Brown <andrewbb@gmail.com>
> wrote:
>> Javier, good questions.
>> I think the following can be useful for separating implementation from
>> protocol.  This conforms to contract law.  Your questions pertain to the
>> "Deliver" event:
>> *CommerceID EventType Description*
>> Andrew     Offer     $20
>> Andrew     Terms     Lasagna
>> Computer   Notice    "This is an open legal binding offer."
>> Christine  Terms     $25
>> Andrew     Accept
>> Computer   Notice    "This is a binding legal contract."
>> Christine  Deliver   Lasagna
>> Andrew     Deliver   $20
>> Computer   Notice    "Contract complete."
>> The above forms what I call a "transaction stack" of events.  So, it
>> functions as a data structure, a protocol, and potentially a Contract
>> Scripting Language (CSL).  Each event would have a "snippet" to form a
>> smart contract.  It will handle any transaction in any currency (or
>> barter).  I think this can get ALL ledgers to talk the same language (easy
>> to roll this into debits/credits).
>> FYI, I have 20+ years of IT executive and design experience, a degree in
>> Accounting, and a stock trading background.  Comments would be appreciated.
>> Andrew B. Brown
>> 10723 River Plantation Drive
>> Austin, Texas  78747
>> (512) 947-8282
>> http://linkedin.com/in/keihatsu
>> On Sat, Jul 23, 2016 at 9:51 AM, Romero, Javier (ISBANUK) <
>> Javier.RomeroColomo@isbanuk.com> wrote:
>>> When the legacy ledger does not have the capability of holding funds,
>>> what would be the proposed solution?
>>>    - Assume the risk in the same way as an offline card transaction
>>>    (depending on amount etc...)?
>>>    - Get the balance at the moment of sending the instruction and then,
>>>    on the way back where all the crypto conditions have been met apply the
>>>    transfer if there are funds or fail it in case there aren't?
>>>    - 3rd party escrow?
>>> I guess each case needs assessment but wanted to see if you guys have a
>>> clear view in this.
>>> Thanks
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>>> Ref:[PDB#015]
Received on Sunday, 24 July 2016 14:30:38 UTC

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