Hi there! In this first Progress Report we will provide an enriched summary of our previous Monthly updates and add some updates that happened during January. All the previous monthly reports of our Financial Service Research Grant you can read back here: https://community.interledger.org/agnostipay
With AgnostiPay we are creating decentralised open-source payment connector middleware (or technically an SDK) that any developer can add to their own app, website or SaaS platform. The AgnostiPay library is open to any developer to easily add their own local financial service provider, which then in turn can be used by any other developer worldwide.
AgnostiPay acts as an financial service integrator and enabler of ILP technology. We support the adoption of ILP by being on the client-facing or people side of the tech stack. AgnostiPay can help ILP node and wallet builders to enable their end-user to directly connect all their own financial service providers (e.g. the end-user’s current banks, exchanges and wallets) to the ILP services. For the end-user this means that they can manage all their own financial services in a convenient way and unlock currency agnostic peer-to-peer payments.
“In other words AgnostiPay connects people on the client-side and ILP connects ledgers on the back-end side, combined they can make agnostic value exchange possible for anyone in the world.”
One of the important changes in relation to our original grant proposal came through the rise of Dassie, which also aims to create client-side ILP nodes. Something we set out to do in our original research proposal. Once the client-side Dassie nodes are live we currently pivoted to provide a direct integration possibility for a personal Dassie node. This will enable the Dassie end-user to not only use the ILP technology directly for e.g. streaming payments, but also directly connect their own financial services providers to orchestrate all their own financial transaction flows, both inside and outside the ILP network.
Technical Feasibility Update
In our original research proposal we set out to validate three objectives. The most important one was getting technical feasibility of our specific solution, that in contrast to current financial service solutions in the market, runs completely client-side and peer-to-peer. Our technical fully open-source solution allows the end-user (whether that is for example a webshop owner or a mobile app user) to take control of their own financial service providers (e.g. banks, exchanges or wallets), and manage their own internal transaction flows through their own services and enabling payment streaming to ILP enabled providers. We just finished our first technical demo that demonstrates the value of both an AgnostiPay webshop and a mobile app use-case - and currently is live for a local Dutch bank.
Developer & Community Engagement
The second most important objective is getting developer and community traction on the idea behind AgnostiPay and active engagement by developers in our local Dutch community and through our global network of the ILP community and cohort members. We are delighted to share the traction we are getting in our local Dutch network, through direct community interactions and word-of-mouth among developers. In addition, we are also getting many positive indications of interest from the broader ILP community and cohort members worldwide. Something we aim to build and expand on in the coming months and future development phases.
The third important objective for this prototype phase was clarifying a problem-solution fit in the business context, in order to validate the long term feasibility of AgnostiPay open-source technology. Also on this business side we already got great initial confirmation on our problem-solution fit, ranging from webshop, app and platform use-cases, both in and outside the ILP community. In the coming months we are aiming to solidify the partnerships and use-cases to underpin our MVP case.
In addition to the activities described above, in relation to the core objectives, we want to highlight some of our communication efforts. First off, we are happy to share that we just published our Vision Paper on the ILP forum, which describes the ideas and vision behind AgnostiPay. The Vision paper is aimed at the broader ecosystem of stakeholders and hopefully enthuses developers to look forward to our technical White paper - which is currently 80% ready.
In our effort to get the (local) ecosystem of developers and stakeholders on board for our journey ahead we did a number of things: we shared monthly updates on the ILP forum, actively engaged with local developer, tech and crypto communities, set-up dozens of one-on-one conversations and reached out to our cohort members. The cadence and combination of these efforts helped us to fold in developers that want to work on AgnostiPay (both locally and globally), achieve initial positive word-of-mouth and build momentum.
this AI generated image is a representation of an open-garden technology creating momentum.
We are currently looking forward to releasing our technical White paper. So if you are a developer, and want to get early access to our draft version, feel free to reach out via our website, socials or the comments below. For the coming period we are also excited about fleshing out the details to underpin the case for our next MVP phase. Thus, in relation to the latter we are looking forward to continuing the conversations with our cohort members and online businesses (both locally and globally) to truly and deeply understand the problem-solution fit and working towards product-market fit in our next MVP phase.
We would greatly appreciate it if we can get feedback on our Vision Paper, technical White paper draft, or if you want to join us on future workgroup sessions that will help to define the initial SDK outline. Something we want to set-up during this prototype phase, so we can build and deploy it in our MVP phase.
Want to reach out directly?
Email: connect ‘at’ agnostipay.io