New Editor's Draft for PaySwarm Web API

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Manu Sporny

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Jan 16, 2012, 2:00:23 AM1/16/12
to Web Payments
bcc: OpenTransact

There is a new time-stamped editor's draft for the PaySwarm Web API that
addresses some of the issues that Pelle had with the document:

http://payswarm.com/specs/ED/web-api/2012-01-16/

Based on the discussion last Friday[1], the additions include:

* The Transaction Process and Algorithm[2] - supports Payment Links
spec (which is basically the OpenTransact payment URL mechanism) and a
programmatic Web service API for performing very basic decentralized
payments.
* The Decentralized Settlement Process[3] - which is used to ensure the
immediate and smooth transition of funds from an account on one
authority to an account on another authority.
* The Data Portability and Authority Migration Algorithm[4] - which
ensures data portability from one authority to another, helps
prevent vendor lock-in and uses market forces to ensure that
authorities are meeting their customer's needs.
* The Transaction Intents Process and Algorithm[5] - which supports
things like crowd-funding and other forms of constraint-based
payments.

Things that still need to be detailed in the spec:

* Access control delegation via digital signatures
* Purchase routing
* Currency exchanges and mints
* Lots of cleanup as the document is incredibly rough

I'm pretty sure that the 23 other features mentioned in the blog post
are already in the spec in some form, but if anyone thinks differently,
please let the mailing list know and someone on here would be happy to
point you to a link.

-- manu

[1] http://payswarm.com/minutes/2012-01-13/
[2] http://payswarm.com/specs/ED/web-api/2012-01-16/#the-transaction-process
[3]
http://payswarm.com/specs/ED/web-api/2012-01-16/#the-decentralized-settlement-process
[4]
http://payswarm.com/specs/ED/web-api/2012-01-16/#the-authority-migration-algorithm
[5]
http://payswarm.com/specs/ED/web-api/2012-01-16/#the-transaction-intent-process

--
Manu Sporny (skype: msporny, twitter: manusporny)
Founder/CEO - Digital Bazaar, Inc.
blog: PaySwarm vs. OpenTransact Shootout
http://manu.sporny.org/2011/web-payments-comparison/

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