ILP Webinar 10/2015
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Transcript of ILP Webinar 10/2015
![Page 1: ILP Webinar 10/2015](https://reader033.fdocuments.co/reader033/viewer/2022051502/58ecf3e21a28abc0278b4569/html5/thumbnails/1.jpg)
Introductory Webinar
Interledger
Oct 20th • Evan Schwartz & Stefan Thomas
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Payments Work Great!
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Payments Work Great!** Within Each Payment System
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So Let's Use One System for Everything?
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But Different People Have Different Needs...
Micropayments Bank-to-bank settlement
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But Different People Have Different Needs...
Maximum Decentralization
MinimumLatency
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But Different People Have Different Needs...
Zero Inflation Zero Interest
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…Served by Different Assets and Ledgers
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How Do You Pay Across Ledgers?
???
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There Are Lots of Ways
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But No Standard
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Why isn't it like the Internet?
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Internet standards are aboutrelaying information
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Can we relay money?
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Ledgers Track Accounts and Balances
Sender RecipientLedger
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But: Not Everyone Is on the Same Ledger
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Connectors Relay Money
Connector
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Connectors Relay Money
Connector
Alice 100
Chloe 0
Chloe 100
Bob 0100 100
Payment vs. Payment
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What if the connector drops it?
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Money Would Be Lost
Alice 100
Chloe 0
Chloe 100
Bob 0
?
100
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We need Atomicity
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Either Both Transactions Execute...
Alice 100
Chloe 0
Chloe 100
Bob 0100 100
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...Or Neither of Them Do
Alice 100
Chloe 0
Chloe 100
Bob 0
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We use escrow and notaries to provide atomicity
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Atomic Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Ledger-Provided Escrow Protects Participants from Risk
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Atomic Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Notaries Coordinate Transfers on Different Ledgers
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In the Preparation Phase, the sender and connectors escrow funds
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Atomic Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Preparation Phase
100
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Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 100
Escrow 0
Bob 0
Preparation Phase
100
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Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Preparation Phase
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In the Execution Phase,a receipt from the recipient unlocks escrowed funds
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Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Recipient Signs Receipt Before a Timeout
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Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Notaries Pass Receipt to Ledgers
100100
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Atomic Payments
Alice 0
Escrow 0
Chloe 100
Chloe 0
Escrow 0
Bob 100
Payment is Completed
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And without Notaries?
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In the Universal mode, transfer ordering ensures payment is executed fully
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Universal Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Same Setup
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Funds Are Escrowed By Sender and Connectors
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Recipient Signs Receipt
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Recipient Receives Money
100
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
How Does Chloe Get Reimbursed?
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
Chloe Gets Receipt
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
Chloe Passes the Receipt On
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Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
Chloe Gets Paid
100
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Universal Payments
Alice 0
Escrow 0
Chloe 100
Chloe 0
Escrow 0
Bob 100
Payment Is Complete
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This enables money to be securely relayed
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Chained PaymentsFrom Any Sender to Any Recipient
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Risk-Free for Sender and Recipient
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Limitlessly ScalableConnectors and Ledgers Can Be Added to Handle More Payments
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Connecting Disparate SystemsMinimal Standard to Link Banks, Cryptocurrencies, etc
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Let’s Build the Internet of Value
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Join the Interledger Community Group
Interledger.org
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