... | ... | @@ -60,7 +60,7 @@ For a brief introduction, please read [A ValueFlows Story about Pie](http://miko |
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### Interledger
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Interledger is a protocol suite for routing and clearing payments through a distributed financial architecture, while simultaneously increasing liquidity and distributing the risk of clearing and settling those payments. It also has ability to automatically settle those payments through many possible underlying systems, which may may not include various blockchains. It is akin to the Automated Clearing House (ACH) in the USA, the EBA Clearing network in the Single European Payment Area (SEPA), AusPayNet in Australia, VisaNet, and SWIFT for international transfers. It is more flexible in its design the the above, and can actually be seen as an upgrade to ISO8583 (financial card spec with a hierarchical addressing scheme, like a credit card).
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Interledger is a protocol suite for routing and clearing financial messages. Think of it as a distributed clearing house for sending money and exchanging currencies. It can help facilitate the transfer of value across various different ledgers, provided there's enough liquidity in the network of connectors to do so.
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Within a network of DisCOs, the Interledger protocol can facilitate the accounting for transfer of each ValueFlow resource specification between DisCOs. However, this requires the DisCO CAT to facilitate creating resource specifications and corresponding Interledger accounts with asset codes mapping to those resource specifications. When economic events happen between two entities that do not recognize the asset code, a conversion rate is applied from the asset code to the asset code of the local currency. This same sort of resource specification mapping would need to happen in a wallet. This could allow a bakery owner to tip a slice of cake over Web Monetization within a cluster of connected DisCOs. If the recipients wallet didn't understand that currency, perhaps a peer would exchange the cake IOU for the current price and get a buyer for the cake later (or enjoy it at a loss of reserve currency). However, it also would require mirroring the resource accounting within Interledger accounts. So in some ways, it might be best to use Interledger at the financial interfaces to the outside world when federation of ValueFlows is unsupported or across currency boundaries.
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