Lamine Ok, I think I was wrong in part. In the press release Ripple Labs wrote:
"ILP enables transactions across any number of different ledgers and exchanges using cryptographic escrow and a specialized two-phase commit protocol." https://ripple.com/insights/implementing-the-interledger-protocol/ So, thinking about this more... in ILP there is a concept of cryptographic escrow, which I believe is more about the transport layer of the payment than the API calls. That is, ILP allows for multi-hop transactions and the cryptographic escrow concept is implemented down in that layer - in that funds are "locked" in the source system and the "locked funds" concept is embedded in the ILP so that the final receiving system knows that the funds are good. For a single hop, which is what a single Mojaloop "switch" would entail, the escrow concept is rather less important, although I suppose related to the latency between the two edge systems. If you daisy chained multiple mojaloop central ledgers with the DFSPs, then you would need the cryptographic escrow fully. In a message based transaction system, the funds are determined to be there, then the system pulls or pushes those funds and the receiving institution takes a small risk that funds are not actually there a few seconds later. That's the status quo in ATM and Card based systems. In a classic SWIFT/sending a wire case, the funds actually leave the system before the receiving institution gets them. This is closer to what mojaloop has implemented functionally. Finally, Settlement of course is separate and I already mentioned is outside of mojaloop, with the exception of calculating the settlement positions. Thanks for asking! James On Thu, Mar 8, 2018 at 11:57 AM James Dailey <[email protected]> wrote: > Lamine > > Yes. See also https://interledger.org/rfcs/0003-interledger-protocol/ > (latest is version 9 of draft ILP-RFC-00003) The scope is intentionally > limited, does not include escrow in the protocol, and to quote: > "The Interledger Protocol provides for *routing* payments across > different digital asset ledgers while isolating senders and receivers from > the risk of intermediary failures. Secure multi-hop payments and automatic > routing enables a global network of networks for different types of value > that can connect any sender with any receiver." > > While XRP has required escrow... I don't think that ILP requires an escrow > setup. Settlement can occur via trusted net mechanisms (i.e. within a > range of exposures and timing of settlement relates to that). > > Mojaloop includes a central ledger and "settlement mechanism"- see this > diagram > https://github.com/mojaloop/docs/blob/master/CentralLedger/central_ledger_block_diagram.png > (let > me know if it is not visible, I've noticed some issues in the past). > Settlement is actually done outside of the system - it is assumed that this > system informs that settlement participants of the net positions for this > payment scheme. > > Please let me know if you think I'm off-base, and I'll also put this on > list with my notes from today. > > James > > On Thu, Mar 8, 2018 at 11:42 AM Lamine Sano-Ouattara < > [email protected]> wrote: > >> Hi James, >> >> I was on the call earlier, and I wanted to get a clarification pertaining >> to the API flow we went over together. >> From my understanding of ILP, which is a Ripple developed protocol, it >> requires the involved ledgers to have some basic escrow semantics in order >> to work and eliminate the counterparty risk in a transaction. If the >> escrow functionality does not exist natively, it has to be implemented at >> the local ledger level for ILP to work. >> >> Furthermore, ILP has recently been joined the Hyperledger umbrella of >> blockchain projects under codename Quilt. The ILP standard is defined in >> RFC 791 - https://tools.ietf.org/html/rfc791. >> >> Where I am getting confused concerning Mojaloop implementation of ILP is >> that I did not perceive the escrow mechanism in the API calls, or was it >> assumed to happen in the background? Or is Mojaloop implementing its own >> ledger facility to clear and settle transactions beween DFSP? >> >> >> Thanks. >> >> >> Kind Regards, >> >> --Lamine Sano-Ouattara >> >> An army of sheep led by a lion would defeat an army of lions led by a >> sheep. >> >> On Wed, Mar 7, 2018 at 7:17 PM, Ed Cable <[email protected]> wrote: >> >>> By the way, >>> >>> Matt Bohan from Gates Foundation shared v1 of API documentation we were >>> awaiting. >>> >>> It can be downloaded from here: >>> >>> https://drive.google.com/open?id=0ByeK44WJrHIvOGs0UkZUUHFzdnBCenRLX0dzcHZUUGlaSlV3 >>> >>> Ed >>> >>> On Wed, Mar 7, 2018 at 11:14 AM, Ed Cable <[email protected]> wrote: >>> >>> > Steve, Isaac, and others that would like to join. >>> > >>> > Would this Thursday at 1700GMT (900PST) work for this meeting? >>> > >>> > If so, please register at https://attendee.gototraining.com/r/ >>> > 4087378790399458305 >>> > >>> > Otherwise, we'll find a more suitable time. >>> > >>> > >>> > On Thu, Mar 1, 2018 at 2:24 AM, Isaac Kamga <[email protected]> >>> wrote: >>> > >>> >> Welcome aboard Steve. >>> >> >>> >> On Wed, Feb 28, 2018 at 10:39 PM, Steve Conrad <[email protected]> >>> >> wrote: >>> >> >>> >> > I'd like to be involved in this project and am happy to begin work >>> on in >>> >> > integration proof of concept. >>> >> > Steve >>> >> > >>> >> > >>> >> > On Wed, Feb 28, 2018 at 1:08 PM, Ed Cable <[email protected]> >>> wrote: >>> >> > >>> >> >> So as not to lose the momentum from the webinar that was held last >>> >> month - >>> >> >> http://mifos.org/blog/intro-to-mojaloop/. >>> >> >> >>> >> >> I want to start a thread discussing Fineract/Mifos integration with >>> >> >> Mojaloop and to schedule a call to bring together any of the >>> interested >>> >> >> parties from the community - this can be both those interested in >>> >> adoption >>> >> >> of Mojaloop but primarily around technical contributors or >>> partners who >>> >> >> want to assist with the integration between Fineract and Mojaloop. >>> >> >> >>> >> >> One objective of this integration is to help provide a lab >>> environment >>> >> and >>> >> >> proof of concept integration to demonstrate what can be done >>> between >>> >> >> Fineract and Mojaloop. >>> >> >> >>> >> >> Isaac has begun condensing down some of the Mojaloop docs into the >>> >> salient >>> >> >> points for our integration at https://goo.gl/1sR2dq >>> >> >> >>> >> >> I'd like to target a call for mid next week midday GMT. >>> >> >> >>> >> >> I aim to equip an individual contributor to begin working on this >>> >> straight >>> >> >> away but if not, scope out the integration to sufficient detail as >>> a >>> >> >> project for a GSOC intern. >>> >> >> >>> >> >> >>> >> >> *Ed Cable* >>> >> >> President/CEO, Mifos Initiative >>> >> >> [email protected] | Skype: edcable | Mobile: +1.484.477.8649 >>> >> >> <(484)%20477-8649> >>> >> >> >>> >> >> *Collectively Creating a World of 3 Billion Maries | * >>> http://mifos.org >>> >> >> <http://facebook.com/mifos> <http://www.twitter.com/mifos> >>> >> >> >>> >> > >>> >> > >>> >> >>> > >>> > >>> > >>> > -- >>> > *Ed Cable* >>> > President/CEO, Mifos Initiative >>> > [email protected] | Skype: edcable | Mobile: +1.484.477.8649 >>> > <(484)%20477-8649> >>> > >>> > *Collectively Creating a World of 3 Billion Maries | *http://mifos.org >>> > <http://facebook.com/mifos> <http://www.twitter.com/mifos> >>> > >>> > >>> >>> >>> -- >>> *Ed Cable* >>> President/CEO, Mifos Initiative >>> [email protected] | Skype: edcable | Mobile: +1.484.477.8649 >>> >>> *Collectively Creating a World of 3 Billion Maries | *http://mifos.org >>> <http://facebook.com/mifos> <http://www.twitter.com/mifos> >>> >> >>
