Brief overview of Payment Sockets, which are an experimental protocol built on Interledger V4 (ILPv4) for opening bidirectional streams of money. They can be used for push payments, pull payments, invoices, gift cards, and streaming payments.
Presented during the Interledger Community Group call on February 21, 2018.
Payment Sockets are currently implemented in: https://github.com/emschwartz/ilp-protocol-paystream
Join the Interledger Community group mailing list and bi-weekly calls by going to: https://interledger.org/community.html
9. Money can be sent by lowering the Maximum Balance
(e.g. Push Payments, Gift Cards)
Client Server
Balance: -1000 Balance: 1000
MinBal: -1000
MaxBal: -1000
MinBal: 0
MaxBal: ∞
10. Receiver can raise its Minimum Balance to disable refunds
Client Server
Balance: -1000 Balance: 1000
MinBal: -1000
MaxBal: -1000
MinBal: 1000
MaxBal: ∞
11. Or Receiver can keep their Minimum at zero to enable refunds
Client Server
Balance: 0 Balance: 0
MinBal: 0
MaxBal: 0
MinBal: 0
MaxBal: ∞
12. Either side can request money by raising their Minimum Balance
(e.g. Pull Payments, Invoices)
Client Server
Balance: 2000 Balance: -2000
MinBal: 2000
MaxBal: ∞
MinBal: -4000
MaxBal: ∞
13. More can be requested by raising the Minimum further
(e.g. Streaming Payments)
Client Server
Balance: 3000 Balance: -3000
MinBal: 3000
MaxBal: ∞
MinBal: -4000
MaxBal: ∞