Re: [Din] Side meeting on financial technology

Jon Crowcroft <jon.crowcroft@cl.cam.ac.uk> Thu, 11 July 2019 17:29 UTC

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From: Jon Crowcroft <jon.crowcroft@cl.cam.ac.uk>
Date: Thu, 11 Jul 2019 19:29:30 +0200
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To: Dino Farinacci <farinacci@gmail.com>
Cc: Thomas Hardjono <hardjono@mit.edu>, "shigeya@wide.ad.jp" <shigeya@wide.ad.jp>, "melinda.shore@nomountain.net" <melinda.shore@nomountain.net>, "din@irtf.org" <din@irtf.org>
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Subject: Re: [Din] Side meeting on financial technology
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oh i guess we'd like to know the read/write rate for transactions on a
given DLT for a given consensus algorithms - this may have a gating
function for whether someone can use it to implement a cryptocurrency,
but that's their call - distributed ledger (e.g. immutable logs) are
definitely useful things and having some open interworking ones is
obviously handy....

libra? i thought that was a stable coin non crypto, non dlt,
centralised mint/check, paypal replacement from some social media
company that needs to compete with wechat:-)? would love to see an
open spec for it...

On Thu, Jul 11, 2019 at 7:22 PM Dino Farinacci <farinacci@gmail.com>; wrote:
>
> Agree, lets give crypto a good network to run over. Let’s make transactions fast, lets make the network efficient and accessiable through NATs on devices and cloud apps. And of course standardize a blockchain protocol so exchanges don’t have to be on n different blockchains just to service wallets.
>
> This reminds me of the IP versus AppleTalk versus IPX versus Apollo Domain versus Chaosnet versus OSI versus . . .
>
> Having said that, can we can somone from the Libra Association to talk about Libra?
>
> Dino
>
> > On Jul 11, 2019, at 9:29 AM, Jon Crowcroft <jon.crowcroft@cl.cam.ac.uk>; wrote:
> >
> > those sound like the right aspects of dlt to address - i'd leave the
> > "finance" part of fintech out
> > or we'll get into endless debates about fiat and stable etc etc which
> > belong elsewhere...
> >
> > On Thu, Jul 11, 2019 at 3:22 PM Thomas Hardjono <hardjono@mit.edu>; wrote:
> >>
> >>
> >> Actually, the IETF has a crucial role in the future of cryptocurrency and DLTs in the general:
> >>
> >> -- Interoperability of systems has been a major concern (creed) of the IETF since its beginning in the late 1980s. (Blockchain systems badly need interoperability, IMHO).
> >>
> >> -- Various ciphers are standardized in the IETF.
> >>
> >> -- Upcoming ciphers and cryptosystems are discussed in the CFRG.
> >>
> >> -- PKI standards was developed in the PKIX WG in the IETF.
> >>
> >>
> >> --- thomas ---
> >>
> >>
> >>
> >>
> >> |   Thomas Hardjono
> >> |   MIT Connection Science
> >> |   http://connection.mit.edu
> >> |   http://trust.mit.edu
> >> |
> >> |   e: hardjono[at]mit.edu
> >> |   http://hardjono.mit.edu
> >>
> >>
> >> ________________________________________
> >> From: Din [din-bounces@irtf.org] on behalf of Melinda Shore [melinda.shore@nomountain.net]
> >> Sent: Wednesday, July 10, 2019 7:55 PM
> >> To: din@irtf.org
> >> Subject: [Din] Side meeting on financial technology
> >>
> >> Mr Shigeya Suzuki of Keio University has asked for a side
> >> meeting on distributed ledger-based financial technology, which
> >> will be held on Thursday morning at 10am in the Coller Room.
> >> It seems likely that the room may not be large enough, and
> >> I will try to find a larger space.
> >>
> >> He asked that I share the session description:
> >>
> >> CFP: IETF’s relationship to the future of distributed ledger technology
> >>
> >> As several people mentioned in the past, it seems valuable
> >> to introduce the way we have developed/are developing the
> >> Internet technology, followed by working on the governance
> >> of the Internet, to experts who need to discuss the future
> >> of some new influential global technologies, such as
> >> distributed ledger technology (DLT). IETF and other
> >> technical communities should discuss openly to develop open
> >> standards. For the deployment of the technology, also
> >> important is to discuss multiple stakeholders from the point
> >> of view of the social impact of the technology.
> >>
> >> Keio University, Georgetown University, and Japanese
> >> Financial Services Agency have been discussing in the past
> >> several months on how the experiences of the Internet
> >> technology and its governance on the deployment, to find a
> >> competent and reasonable way to developing and using DLT.
> >>
> >> As a part of the dialogue, the team mentioned above made
> >> little progress at the G20 finance ministers and central
> >> bank governors meeting in Fukuoka [1], to make financial
> >> regulators understand to establish a multi-stakeholder
> >> community in the DLT ecosystem is crucial. Please be
> >> surprised by reading the script of the speech of
> >> introduction of the panel discussion [4] held as the
> >> official G20 seminar in Fukuoka [2], moderated by Prof. Jun
> >> Murai, with Dr. Adam Back as one of the panelists.
> >>
> >> IETF community might feel distant from this topic; however,
> >> if DLT will be part of the basis of a future platform on the
> >> Internet, the IETF community might be responsible for the
> >> technology. Moreover, the tight relationship with
> >> crypto-assets in the context of application-level deployment
> >> means that we should discuss DLT with stakeholders,
> >> including regulatory agencies and financial institutions.
> >>
> >> Our team succeeded in convincing regulators that
> >> conversation is crucial. We need to be part of the
> >> conversation.
> >>
> >> The purpose of this meeting is to inform what is happening,
> >> then starting a dialogue on the topic. We also want to find
> >> some motivated souls to work on this effort together.
> >>
> >> Please come to the meeting.
> >>
> >> [1] G20 Finance Ministers and Central bank governors meeting
> >> https://www.g20fukuoka2019.mof.go.jp/en/
> >>
> >> [2] G20 SEMINAR, G20 HIGH-LEVEL SEMINAR ON FINANCIAL INNOVATION, “OUR
> >> FUTURE IN THE DIGITAL AGE
> >> https://www.g20fukuoka2019.mof.go.jp/en/meetings/20190608_1.html
> >>
> >> [3] Opening Remarks: Taro Aso, Deputy Prime Minister, Minister of
> >> Finance, and Minister of State for Financial Services
> >> https://www.fsa.go.jp/common/conference/danwa/20190608/01.pdf
> >>
> >> [4] Introductory remarks, Toshihide Endo, Commissioner, Japan Financial
> >> Services Agency
> >> https://www.fsa.go.jp/common/conference/danwa/20190608/05.pdf
> >> _______________________________________________
> >> Din mailing list
> >> Din@irtf.org
> >> https://www.irtf.org/mailman/listinfo/din
> >
> > _______________________________________________
> > Din mailing list
> > Din@irtf.org
> > https://www.irtf.org/mailman/listinfo/din
>