ILP Workshop Presentation 2 25
Download as PPTX, PDF3 likes1,487 views
The document outlines the need for an open protocol for interledger payments, emphasizing the challenges of transferring money across different systems. It introduces the concept of escrow to ensure security during transactions between various ledgers, describing the process of handling funds and reimbursement. The potential for universal micropayments is illustrated through a creative example involving multiple artists being compensated fairly for their work.
ILP Workshop Presentation 2 25
- 1. Interledger Overview Stefan Thomas • Evan Schwartz 1st Community Group Workshop
- 2. Why are we here?
- 3. Payments Work Great!Payments Work Great!*
- 4. ...until you need to go across systems
- 5. Payments are easy within one ledger!
- 6. The world will never agree to use one single ledger
- 7. We need an open protocol for interledger payments
- 8. INTERLEDGER Payments across payment networks 8
- 9. Ledgers track accounts and balances Sender RecipientLedger 9
- 10. But not everyone is on the same ledger 10
- 12. Connectors relay money Connector Alice 100 Chloe 0 Chloe 110 Bob 0 100 110 12
- 13. What if the connector drops it? 13
- 14. Money would be lost Alice 100 Chloe 0 Chloe 110 Bob 0 ? 100 14
- 16. Ledger-provided escrow reduces risk Alice 100 Escrow 0 Chloe 0 Chloe 110 Escrow 0 Bob 0 16
- 17. Funds are escrowed from left to right 17 Alice 100 Escrow 0 Chloe 0 Chloe 110 Escrow 0 Bob 0 ESCROW
- 18. Sender puts funds into escrow Alice 100 Escrow 0 Chloe 0 Chloe 110 Escrow 0 Bob 0 100 18
- 19. Connectors put funds into escrow Alice 0 Escrow 100 Chloe 0 Chloe 110 Escrow 0 Bob 0 110 19
- 20. Transfers are executed right to left 20 Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 110 Bob 0 EXECUTION
- 21. Recipient signs receipt Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 110 Bob 0 21
- 22. Receipt releases funds from escrow Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 110 Bob 0 110 22
- 23. How does the connector get reimbursed? Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 0 Bob 110 23 ?
- 24. Connector gets receipt from ledger Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 0 Bob 110 24
- 25. Connector passes on the receipt Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 0 Bob 110 25
- 26. Receipt releases funds from escrow Alice 0 Escrow 100 Chloe 0 Chloe 0 Escrow 0 Bob 110 100 26
- 27. Payment is complete Alice 0 Escrow 0 Chloe 100 Chloe 0 Escrow 0 Bob 110 27
- 28. 28 ESCROW Transfers are escrowed L2R, executed R2L EXECUTION
- 29. Paths can be short 29
- 30. Or long 30
- 32. The Interledger
- 33. Any ledger can join…
- 34. Just by peering
- 36. Everyone has global reach. OPEN
- 37. Fit to be a standard. NEUTRAL
- 38. Anybody, any currency, any country. UNIVERSAL
- 39. Demo Time
- 40. Questions?
- 41. Use Case Example + Demo Content Micropayments
- 42. Let’s say Robert wrote a poem... “Two roads diverged in a yellow wood, And sorry I could not travel both...”
- 43. And Sarah turned that into a song... “Two roads diverged in a yellow wood, And sorry I could not travel both...”
- 44. And Tracy used that song in a movie.... “Two roads diverged in a yellow wood, And sorry I could not travel both...”
- 45. Robert loves other people reading, sharing, and using his poems
- 46. Robert loves other people reading, sharing, and using his poems ...as long as he is paid fairly.
- 47. Sarah loves other people listening to, sharing, and using her songs ...as long as she is paid fairly.
- 48. Tracy loves other people watching, sharing, and using her movies ...as long as she is paid fairly.
- 49. What if we could directly pay Robert, Sarah, and Tracy at the same time?