Hi, there! This is our second project update after the second month of the Financial Service Research Grant from the Interledger Foundation. The first project update - that includes a short part about why we do this with AgnostiPay - which you can find here. In short: we put ILP to work for a large scale audience.
But to make the rest of the report more easily digestible for both old and new followers of our project we shall repeat what we do with AgnostiPay. With AgnostiPay we are creating a decentralized open-source payment connector middleware that any developer can add to their websites, apps or services - for free. Simultaneously, the AgnostiPay Technology helps the ILP network to ‘fold the outside in’, because it enables every person to be their own on-and-off ramp using their own financial service providers, such as banks and exchanges.
Progress on objectives
Every month we try to update the ILP community with our progress. Hopefully this public sharing helps us to connect with like minded individuals across the globe to make our shared ILP vision reality. Because together is the only way we can truly make this happen. So if you would like more information, or think you can help us at the points we are currently at, don't hesitate to reach out to us directly via email to set up an introduction call.
Technical Feasibility Update
We have finalized the different architectures that will be available, their differences and listed their dependencies and associated risks. We have decided to start a new research iteration with a PoC that aims to prove a basic vertical working of our architecture. This includes the creation of a client-facing PoC that will allow users to control a Dutch bank account via their phone and transfer money via a draft network based on Agnostipay principles. After the bank integration has been completed, we will focus on webshop and crypto-exchange draft integrations.
For the other assumptions - like a fully decentral network architecture with a federated services structure - we are waiting on the maturity of several dependencies to continue.
Finally we have laid out the structure and topics for the technical whitepaper and have started filling in the first paragraphs. We have done a lot of research and it’s now a great moment to summarize those learnings in text. The coming month we will have a first draft with most of the blanks filled in.
Developer & Community Engagement
Over the last month a lot of interesting community engagement happened, and there were multiple things that stood out. Firstly it was of course the ILP Summit in New Orleans that opened up a massive amount of new relations within the ILP community. (We wrote about it earlier here. During the summit we got an overwhelmingly positive response from the developers and other attendees on AgnostiPay. Specifically on how they could potentially add our middleware to their applications and services to provide value to their end-users. Among them were cool co-book writing apps, streaming platforms and other interesting projects such as Rafikie, Fynbos and Dassie.
Moreover, since this month it's not only Latin America and Africa, but also founders and developers from Asia that are interested in the AgnostiPay solution for their own local financial services. More specifically we heard that our AgnostiPay middleware is “exactly what we need for our ILP enabled service”. That is, of course, always great to hear!
Within the scarce time left last month we also had some informal followup conversations with community dev’s in the local dutch ecosystem. Specifically during the Dutch Blockchain Week - which Jasper helped to co-organise (the biggest Dutch Blockchain/Web3 event in The Netherlands) - was a great moment to get feedback during the many informal interactions.
As an additional consequence from the ILP Summit, we had a massive amount of positive business related interactions. For example on how we can collaborate with others to: set-up AgnostiPay powered ILP nodes, get an overview of potential use-cases of AgnostiPay in various apps and gain additional insight on how AgnostiPay can provide value to the ILP end-user.
During the Dutch Blockchain Week, various additional interested contacts were created. Ranging from the biggest players in the Web3 space to coincidental interactions with full service ecommerce platforms that were especially interested in AgnostiPay’s open-source proposition for their customers.
Similar responses were gathered during events in the beginning of last month in Lissabon. Among them were Web3 parties that were enthusiastic about the potential value AgnostiPay could add to their own end-users and overcome certain business hurdles they were facing.
What’s Next: Planning
For the next month we are looking forward to continuing working on our Vision Paper, creating a draft for our Technical Whitepaper and focus on getting all the technical feasibility checked off for the first version of our demo. In other words, the technical part has the main focus this month. But we shall also use this coming month to set up follow up calls with potential partners for this early research phase.
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ILP community forum: https://community.interledger.org/agnostipay
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