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

Re: holding of funds

From: Javier Romero <elmurci@gmail.com>
Date: Sun, 24 Jul 2016 21:22:38 +0100
Message-ID: <CAHmaGMv9bUjiKREmR98qfyNdDAbk8S8Huoez8r4GpmGJA10_XQ@mail.gmail.com>
To: Andrew Bransford Brown <andrewbb@gmail.com>
Cc: "public-interledger@w3.org" <public-interledger@w3.org>
Thanks for your responses Andrew!

My question was more if rather than just failing the transaction other
alternatives had been explored when a legacy ledger doesn't have the
capability of *holding/authorise temporarily* funds and just admits
confirmed transactions...

I guess a plugin sitting on top of the ledger could decide depending on the
situation:

- If less than a certain value, accept the transaction even if it leaves a
negative balance
- Use a 3rd party escrow for high values
- Just fail the transaction if needed if conditions are not met.
- Write a debit movement on the way out and then a credit movement if the
payment fails on the way back.
- ...



On 24 July 2016 at 15:30, Andrew Bransford Brown <andrewbb@gmail.com> wrote:

> 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
> http://linkedin.com/in/keihatsu
>
>
> 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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>>>
>>
>
Received on Sunday, 24 July 2016 20:23:39 UTC

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