W3C home > Mailing lists > Public > public-webpayments@w3.org > April 2015

Re: decentralized wallets and payment processors

From: Adrian Hope-Bailie <adrian@hopebailie.com>
Date: Tue, 7 Apr 2015 11:12:44 -0700
Message-ID: <CA+eFz_KJwwy8XbrRBsxnLFjezRhYWu7tEV3C6wq_29WJfFGSSQ@mail.gmail.com>
To: Melvin Carvalho <melvincarvalho@gmail.com>
Cc: Anders Rundgren <anders.rundgren.net@gmail.com>, Web Payments <public-webpayments@w3.org>
I'm interested to hear how you think linked data solves this problem.
For me it is the single biggest issue plaguing the work of this group and
the Credentials CG.

Any discovery protocol has to start with an identifier (URI, email address,
URN, whatever) and end with the URL of a resource that is the start of a
linked-data graph describing the entity that holds/owns/is represented by
the identifier.

Today, all identity systems except the one proposed by the W3C Credentials
CG use DNS in some way to do discovery.

What is missing is a decentralised data store that can serve as the
registry for these identities. The Credentials CG has proposed Telehash as
this data-store.
The challenge is that one then has to be explicit in defining the discovery
protocol as to which decentralised data store to use.

If someone proposed the namecoin block-chain as an alternative how do we
decide which to use?
Who will the stewards of this decentralised data store?
Is there an architecture for this data store that would be rubber-stamped
by the W3C as a cornerstone for dependent recommendations?
(Here I am trying to think of an architecture that incentivises
participants to maintain the network assuming that financial incentives
aren't practical)

On 7 April 2015 at 03:44, Melvin Carvalho <melvincarvalho@gmail.com> wrote:

> On 7 April 2015 at 11:46, Anders Rundgren <anders.rundgren.net@gmail.com>
> wrote:
>> On 2015-04-07 02:40, Melvin Carvalho wrote:
>>> I've been sketching out an implementation of a payment processor and
>>> wallet system lately
>>> Turns out decentralized wallets are a really hard problem to solve
>>> Some thoughts I had:
>>> 1. A multi user wallet, seems to be roughly the same thing as a payment
>>> processor, when in a decentralized environment
>>> 2. A decentralized payment wallet / payment processor should be able to
>>> largely live in the browser
>>> Note: I'm looking at this from the perspective of crypto currencies to
>>> start with.  Fiat may require more thought / work.
>>> Some questions:
>>> Would these two goals be desirable to the group, because it's what I'm
>>> trying to create?
>>> Are there any technical barriers why this would be impossible using web
>>> technology?
>>> Or is it out of scope for this version?
>> IMO, the #1 problem with decentralization is service discovery.
>> The rest shouldn't be harder than for example PayPal.
> I agree this is a major problem.  Fortunately linked data was designed
> exactly to solve this problem, so I think this group has an advantage in
> that respect.
> My current thoughts are to allow the user to have have a wallet / payment
> provider linked from their identity and the software will be able to follow
> those links to get further information.  Specifically we've talked about
> adding the comm : paymentProcessor predicate to the commerce ontology.
>> Anders
Received on Tuesday, 7 April 2015 18:13:13 UTC

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