Welcome to the 2nd Interledger Workshop - ILP...Interledger Workshop Welcome to the 2nd July 6, 2016...
Transcript of Welcome to the 2nd Interledger Workshop - ILP...Interledger Workshop Welcome to the 2nd July 6, 2016...
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Interledger WorkshopWelcome to the 2nd
July 6, 2016 @ Level39
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Interledger
Adrian Hope-Bailie
Intro to the Project
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Live Stream: https://bluejeans.com/795795755
IRC: irc.w3.org #interledger(to get on the queue to ask a question type q+)
Wifi: L39-Visitor
Tweet @interledger or use the hashtag #interledger
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09:15 - 09:30 Intro to the Interledger project
09:30 - 10:00 An Interledger Overview
10:00 - 10:45 ILP Packet, Addressing and Routing
10:45 - 11:00 Coffee/Tea break
11:00 - 11:45 Building with ILP: The Stack, Ledger Plug-Ins and “Trustlines”
11:45 - 12:00 Application/Setup Protocols and the W3C Web Payments activity
12:00 - 13:00 Lunch
13:00 - 13:30 Weaving the ILP fabric into BigchainDB
13:30 - 14:00 Demonstrating Real-Money Payments using ILP
14:00 - 17:30 Interledger Hackathon (Coffee/Tea/Snacks available throughout)
Agenda For Today
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Interledger Project (interledger.org)
● Community-developed protocol(s) for connecting payment networks
● A vision for the Internet of Value
W3C Community Group (w3.org/community/interledger)
● Co-chaired by:
○ Adrian Hope-Bailie (Ripple) and
○ Dimitri De Jonghe (Ascribe/BigChainDB)
● Mailing list, IRC, Blog, Member Management
What Is the Interledger project?
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October 2015 Published the Interledger White Paper
November 2015 Launched Interledger Community Group at W3C (190+ participants)
February 2016 First workshop in San Francisco (50+ attendees)
February 2016 First draft of Crypto-conditions RFC
March 2016 First draft of Architecture Overview (ILP - RFC 1)
June 2016 Re-launch of interledger.org website
July 2016 Second workshop in London (150+ attendees)
July 2016 IETF Berlin - BoF session - Thursday 21 July at 16:20
A Little History
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Interledger
Stefan Thomas
An Overview
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The State of Payments Is Sad.
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Today’s Infrastructure
Low-Volume High-Value Slow Batch Payments
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Designed for High Value or Batch Payments
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A System From a Different Time
Photo by NASA
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Where Is The Competition?
Photo: CountryStyle Photography
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Accepted Payment MethodsPrineta.com
Plenty of Innovation
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But: Global Reach Is Prohibitively Expensive
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Nostro account costs: liquidity, regulations, operations, risk and compliance
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BACK TOBASICS
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Ledgers Track Accounts and Balances
Sender RecipientLedger
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Central Ledger Model
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Distributed Ledger Model
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The World Will Never AgreeOn One Ledger
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Diversity Is A Good Thing
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BlockchainACH Mobile Money Card Networks
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But Why Is Everything Disconnected?
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BlockchainACH Mobile Money Card Networks
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How Is Money Transferred Across Ledgers?
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We Know That There Must Be Local Transfers
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Alice 100
??? 0
??? 110
Bob 0100 110
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Connectors Link Two Ledgers
Connector
Alice 100
Chloe 0
Chloe 100
Bob 0100 100
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Bilateral Connections Don't Scale
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Bilateral Connections Don't Scale
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O(n2)
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Bilateral Connections Don't Scale
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O(n2)
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Networks Do Scale
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O(n)
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Networks Do Scale
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O(n)
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Sending With No Direct Connection
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O(n)
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We Need Multiple Hops
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O(n)
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BUT HOW?
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TO THEWORKSHOP!
TO THEWORKSHOP!
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Learning From History
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Internet: Network of Networks
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The internet protocol implements two basic functions:addressing and fragmentation.
— RFC 791
“
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Internet: Network of Networks
204.28.124.148IP Address
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Internet Architecture
IP
WIFI BLUETOOTH ETHERNET
Internetwork
Network
Transport TCP UDP
Application HTTP SMTP NNTP NTP RTP
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InterledgerThe protocol for connecting ledgers.
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Interledger Architecture
ILP
ISO 20022BITCOIN ETHEREUM
Interledger
Network
Application SPSP PPSP ...
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Where?How much?
Interledger In One Slide (Really)
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address: "us.wf.bob"How much?
Interledger In One Slide (Really)
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address: "us.wf.bob"amount: "1023.20"
Interledger In One Slide (Really)
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address: "us.wf.bob"amount: "1023.20"When?Why?
Interledger In One Slide (Really)
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address: "us.wf.bob"amount: "1023.20"expiry: "2016-07-06T09:00:10Z"Why?
Interledger In One Slide (Really)
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address: "us.wf.bob"amount: "1023.20"expiry: "2016-07-06T09:00:10Z"condition: "cc:0:3:4a7DEpj8f9..."
Interledger In One Slide (Really)
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Now We Can Support Longer Chains
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The Interledger
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BlockchainACH Mobile Money Card Networks
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A Standard for Real-Time Payments Across Networks
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Show us!
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How It Works
Evan Schwartz & Stefan Thomas
ILP Packet, Addressing, Routing
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Ledgers Track Accounts and Balances
Sender RecipientLedger
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But Not Everyone Is on the Same Ledger
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Connectors Relay Money
Connector
Alice 100
Chloe 0
Chloe 110
Bob 0100 110
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Connectors Convert Currencies
Connector
Alice 100
Chloe 0
Chloe 110
Bob 0100 110
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How do we ask a connectorto pass on a payment?
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We Need a Way to Send Instructions to Connectors
Alice 100
Chloe 0
Chloe 110
Bob 0
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Um, excuse me? ...hello there…? ZZZZZZ
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address: "us.wf.bob"
Interledger In One Slide
Hierarchical identifier
Decimal amountamount: "1023.20"
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us.wf.bob1023.20
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Sender Attaches Packet to Local Transfer
Alice 100
Chloe 0
Chloe 110
Bob 0100
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us.wf.bob1023.20
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Connector Forwards the Packet via Another Transfer
Alice 0
Chloe 100
Chloe 110
Bob 0
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us.wf.bob1023.20
110
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Paths Can Be Short
62
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Or Long
63
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Uh oh...
64
�
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Can we trust connectors?
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If Connectors Fail, Would We Lose Money?
Alice 100
Chloe 0
Chloe 110
Bob 0
?
100
66
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Holds Provide Security
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Ledgers Provide Hold Functionality
Alice 100
On Hold 0
Chloe 0
Chloe 110
On Hold 0
Bob 0
68
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Holds Are Dependent on Conditions + Expiries
69
EXECUTEROLLBACK
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Condition Fulfillment Executes Transfer
70
EXECUTEROLLBACK
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Timeouts Cause Funds to Be Returned
71
EXECUTEROLLBACK
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address: "us.wf.bob"amount: "1023.20"expiry: "2016-07-06T09:00:10Z"condition: "cc:0:3:4a7DEpj8f9..."
Interledger In One Slide (Really)
Timestamp (ISO 8601)
Crypto Condition
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Funds Are Committed From Left to Right
73
Alice 100
On Hold 0
Chloe 0
Chloe 110
On Hold 0
Bob 0
COMMITMENT
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Sender Puts Funds On Hold
Alice 100
On Hold 0
Chloe 0
Chloe 110
On Hold 0
Bob 0
100
74
us.wf.bob1023.20cc:0:3:4a...2016-07...
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Connector Gets Notification of Funds on Hold
Alice 0
On Hold 100
Chloe 0
Chloe 110
On Hold 0
Bob 0
75
us.wf.bob1023.20cc:0:3:4a...2016-07...
?
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Connector Puts Funds on Hold
Alice 0
On Hold 100
Chloe 0
Chloe 110
On Hold 0
Bob 0
76
us.wf.bob1023.20cc:0:3:4a...2016-07...
110?
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Recipient Gets Notification of Funds on Hold
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 110
Bob 0
77
us.wf.bob1023.20cc:0:3:4a...2016-07...
? ?
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Recipient Triggers Payment by Fulfilling the Condition
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Transfers Are Executed Right to Left
79
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 110
Bob 0
EXECUTION
? ?
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Recipient Signs Receipt
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 110
Bob 0
80
? ?
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Signature Fulfills Condition, Ledger Releases Held Funds
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 110
Bob 0110
81
?
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How Does the Connector Get Reimbursed?
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 0
Bob 110
82
?
?
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Connector is Notified That Funds Have Been Released
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 0
Bob 110
83
?
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Connector Passes on the Recipient’s Signature
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 0
Bob 110
84
?
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Receipt Releases Funds from Hold
Alice 0
On Hold 100
Chloe 0
Chloe 0
On Hold 0
Bob 110
85
100
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Sender Gets Non-Repudiable Proof of Payment
Alice 0
On Hold 0
Chloe 100
Chloe 0
On Hold 0
Bob 110
86
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87
COMMITMENT
Transfers Are Committed L2R, Executed R2L
EXECUTION
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(Now) Paths Can Be Short
88
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Or Long
89
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Or Long (And Still Secure)
90
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The Interledger
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address: "us.wf.bob"amount: "1023.20"expiry: "2016-07-06T09:00:10Z"condition: "cc:0:3:4a7DEpj8f9..."
Enabled By a Simple Packet Format
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How do those addresses work?
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address: "us.wf.bob"ledger account
Interledger Addresses
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address: "us.wf.bob.mary"ledger subledger
Interledger Addresses
account
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Connectors Convert Currencies
Connector
Alice 100
Chloe 0
Chloe 110
Bob 0100 110
96
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Where does this rate come from?
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Liquidity Curves Determine Exchange Rates
98
Connie
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Connectors Set Rates per Ledger Pair
99
Ledger A
Ledger B
Ledger C
Ledger DA ⇒ B
A ⇒ C
A ⇒ D
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Connectors Advertise Their Routes
100
A ⇒ BLedger Z Carmine
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Synthetic Routes Are Created
101
A ⇒ BZ ⇒ A
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Synthetic Routes Are Created
102
A ⇒ BZ ⇒ A
= Z ⇒ A ⇒ B
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And Added to the Routing Table
103
Z ⇒ A ⇒ B
Connie
Z ⇒ A ⇒ C
Connie
Z ⇒ A ⇒ D
Connie
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Routing Tables Grow Quickly
104
Z ⇒ A Local
Z ⇒ A ⇒ B
Connie
Z ⇒ A ⇒ C
Connie
Z ⇒ A ⇒ D
Connie
Z ⇒ C Local
Z ⇒ C ⇒ E Chao
Z ⇒ C ⇒ F Carl
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Autonomous Systems
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Core vs. Periphery
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Routing a Payment
us.wf.bob.car1023.20
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First We Route Up
us.wf.bob.car1023.20
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Then Across
us.wf
us.wf.bob.car1023.20
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Then Across
us.wf
us.wf.bob.car1023.20
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And Finally Down
us.wf
us.wf.bob.car1023.20
us.wf.bob
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And Finally Down
us.wf
us.wf.bob
us.wf.bob.carus.wf.bob.car1023.20
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Some Ledgers Aren't Real Ledgers
us.wf
us.wf.bob
us.wf.bob.car
us.*
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Questions?
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Coffee Break!
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Building with ILP
Evan Schwartz
Stack, Clients, Ledger Plugins
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The “Five Bells” Stack
f-b-wallet-client f-b-wallet-client
f-b-wallet f-b-wallet
f-b-ledger f-b-ledger
f-b-connector
Application
Ledger
Interledger
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What about other ledgers?
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Supporting Different Ledger Types
f-b-ledger
f-b-connector
Ledger
Interledger js-ilp
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Plugins Provide Abstractions Over Different Ledgers
f-b-ledger
f-b-connector
Ledger
Interledger js-ilp
js-ilp-plugin-bells
js-ilp-plugin-bells
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IL-RFC-4: Ledger Plugin InterfaceAn abstraction interface for Interledgerclients and connectors to communicate and route payments across different ledger protocols.
github.com/interledger/rfcs
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github.com/interledger/rfcs
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Plugins For Any Type of Ledger
???-ledger
f-b-connector
Ledger
Interledger js-ilp
js-ilp-plugin-???
js-ilp-plugin-???
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What if there is no ledger?
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ILP Trustlines
Ben Sharafian
“Dial-Up” ILP Using Credit
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ILP-EnablementDoing It 'The Right Way'
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ILP-EnabledLedger
LedgerPlugin
Alice 100
Connector 0
The Normal ILP Flow (No Trustlines)
Ledger PluginConnector
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Adoption To-DateStatus: Not Great
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???
An ILP Ledger Is Not Always Available
Connector(The Nerd)
Developer(The Noob)
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Protocols Have Humble Beginnings
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Connector(The Nerd)
ILP-PluginVirtual
Developer(The Noob)
ILP Flow With Trust-lines
Balance 15
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Connector(The Nerd)
ILP-PluginVirtual
Developer(The Noob)
ILP Flow With Trust-lines
ACH, SEPA, PayPal, ...
Balance 15
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Connector(The Nerd)
ILP-PluginVirtual
Developer(The Noob)
ILP Flow With Trust-lines
Cash
Balance 15