ILP webinar oct 20th
52
Introductory Webinar Interledger Oct 20th • Evan Schwartz & Stefan Thomas 1
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Transcript of ILP webinar oct 20th
Introductory Webinar
Interledger
Oct 20th • Evan Schwartz & Stefan Thomas
1
Payments Work Great!
2
Payments Work Great!** Within Each Payment System
3
So Let's Use One System for Everything?
4
But Different People Have Different Needs...
Micropayments Bank-to-bank settlement
5
But Different People Have Different Needs...
Maximum Decentralization
MinimumLatency
6
But Different People Have Different Needs...
Zero Inflation Zero Interest
7
…Served by Different Assets and Ledgers
8
How Do You Pay Across Ledgers?
???
9
There Are Lots of Ways
10
But No Standard
11
Why isn't it like the Internet?
12
Internet standards are aboutrelaying information
13
Can we relay money?
14
Ledgers Track Accounts and Balances
Sender RecipientLedger
15
But: Not Everyone Is on the Same Ledger
16
Connectors Relay Money
Connector
17
Connectors Relay Money
Connector
Alice 100
Chloe 0
Chloe 100
Bob 0100 100
Payment vs. Payment
18
What if the connector drops it?
19
Money Would Be Lost
Alice 100
Chloe 0
Chloe 100
Bob 0
?
100
20
We need Atomicity
21
Either Both Transactions Execute...
Alice 100
Chloe 0
Chloe 100
Bob 0100 100
22
...Or Neither of Them Do
Alice 100
Chloe 0
Chloe 100
Bob 0
23
We use escrow and notaries to provide atomicity
24
Atomic Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Ledger-Provided Escrow Protects Participants from Risk
25
Atomic Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Notaries Coordinate Transfers on Different Ledgers
26
In the Preparation Phase, the sender and connectors escrow funds
27
Atomic Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Preparation Phase
100
28
Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 100
Escrow 0
Bob 0
Preparation Phase
100
29
Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Preparation Phase
30
In the Execution Phase,a receipt from the recipient unlocks escrowed funds
31
Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Recipient Signs Receipt Before a Timeout
32
Atomic Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Notaries Pass Receipt to Ledgers
100100
33
Atomic Payments
Alice 0
Escrow 0
Chloe 100
Chloe 0
Escrow 0
Bob 100
Payment is Completed
34
And without Notaries?
35
In the Universal mode, transfer ordering ensures payment is executed fully
36
Universal Payments
Alice 100
Escrow 0
Chloe 0
Chloe 100
Escrow 0
Bob 0
Same Setup
37
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Funds Are Escrowed By Sender and Connectors
38
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Recipient Signs Receipt
39
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 100
Bob 0
Recipient Receives Money
100
40
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
How Does Chloe Get Reimbursed?
41
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
Chloe Gets Receipt
42
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
Chloe Passes the Receipt On
43
Universal Payments
Alice 0
Escrow 100
Chloe 0
Chloe 0
Escrow 0
Bob 100
Chloe Gets Paid
100
44
Universal Payments
Alice 0
Escrow 0
Chloe 100
Chloe 0
Escrow 0
Bob 100
Payment Is Complete
45
This enables money to be securely relayed
46
Chained PaymentsFrom Any Sender to Any Recipient
47
Risk-Free for Sender and Recipient
48
Limitlessly ScalableConnectors and Ledgers Can Be Added to Handle More Payments
49
Connecting Disparate SystemsMinimal Standard to Link Banks, Cryptocurrencies, etc
50
Let’s Build the Internet of Value
51
Join the Interledger Community Group
Interledger.org
52
