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

Re: decentralized wallets and payment processors

From: Melvin Carvalho <melvincarvalho@gmail.com>
Date: Fri, 1 May 2015 19:19:05 +0200
Message-ID: <CAKaEYhKh6sHto6aLcYzAjN8PEmaKGmMzJ25kXSf6fTkOSMkEQA@mail.gmail.com>
To: David Nicol <davidnicol@gmail.com>
Cc: Joseph Potvin <jpotvin@opman.ca>, Web Payments <public-webpayments@w3.org>
On 1 May 2015 at 19:04, Melvin Carvalho <melvincarvalho@gmail.com> wrote:

>
>
> On 1 May 2015 at 18:42, David Nicol <davidnicol@gmail.com> wrote:
>
>> Conversely, is a digital wallet (or does a digital wallet imply) a bank
>> account?
>>
>
> Banks tend to perform a number of mandatory services, of which a wallet
> function is just one.  For example, withdrawal counters, direct debit,
> standing orders, phone banking, reversing fraudulent payments, investments,
> and many more.  The downside is that customers pay for these services in
> the form of interest (either lower interest for savers, or higher interest
> for borrowers), occasional defaults and bail outs.
>
> So I would say, a wallet is a small tool in banking services, it's not the
> same as a bank account, imho.  But using the web as an existing
> infrastructure can hopefully spur new innovation, and make existing systems
> more efficient
>
>>
>>
>> The matter will only be resolved by consensus on definition of terms,
>> after a discussion in which the overlap is recognized and explored,
>> and there is at least one clarifying
>>
>> https://en.wikipedia.org/wiki/Venn_diagram
>>
>
> Yes, exactly.  Every term will have overlaps with others, and they could
> be debated for a long time.  Our primary goal is to get the definitions
> good enough, and quickly enough, so that software systems can be built.
>
> Although interesting, and it's great to hear from legal experts, this is
> not primarily a legal forum.
>

Just wanted to clarify this a bit more.

David says there's a venn diagram for overlapping terms.  So, spec
designers will mean one thing by one term, legal experts will mean another
thing, and general every day use of language will mean yet another.

The process we come to consensus in software standards (at least at the
w3c) is through ontologies, and learning through building software.  While
it's really interesting to hear a cross section of views in the venn
diagram, my hope in starting this thread was to focus on the software and
ontology part.


>
>
>>
>> is produced.
>>
>>
>>
>> >> Is a bank account a type of digital wallet?
>> >
>> >
>> > A bank account is not a digital wallet
>>
>> --
>> Case law is made by litigants questioning Judges' decisions.
>>
>
>
Received on Friday, 1 May 2015 17:19:33 UTC

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