You fired first! I was answering your previous email. It makes much more sense to me now. I was pretty sure about the crypto escrow requirement of ILP.
Thanks for the clarification. On Thu, 8 Mar 2018 at 8:15 PM James Dailey <[email protected]> wrote: > 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> >>>> >>> >>> -- Health is the greatest gift, contentment the greatest wealth, faithfulness the best relationship. —Buddha
