Finance:Paywith.glass

From HandWiki

paywith.glass is real-time, Intelligent Digital Currency/Electronic Payment Payments (iDC/EP) Infrastructure created by Satellite Moving Devices Group B.V., a Netherlands-based technology company. Released in 2022, paywith.glass is built on the company's proprietary distributed cloud[1] architecture, an open source distributed ledger protocol and a proprietary machine learning High-frequency trading (HFT) algorithm[2]. It supports digital fiat currency, cryptocurrency and other units of value including loyalty programme points or tokenized real estate[3]. paywith.glass enables secure, instant and nearly free global financial transactions of any volume at inter-bank rates[4] and with no foreign exchange costs at the infrastructure level. The underlying Distributed Ledger Technology is based on the Stellar payment network's Permissioned blockchain but employs no native cryptocurrency.

History

paywith.glass was conceived by Paul Sisnett and built together with Bas Moorkens, Nelson Melina and Dr. Tijn van der Zant.

In 2011, Sisnett, a telecommunications and cloud infrastructure architect, started an experimental blockchain payments project based on bitcoin's distributed ledger technology. The first-generation blockchain proved too limiting to realize the desired outcome and the project ended up being shelved a year later.

Sisnett joined the Stellar open-source community as a volunteer developer in late 2015 where he met Moorkens a Belgian DevOps engineer who at the time, was working on another Stellar-based project. The two were able to evaluate a revised version of the original experiment using Stellar's own Federated Byzantine Agreement[5] technology. On Stellar's network, the new implementation, which became known as paywith.glass, proved a more successful experiment. Furthermore, Stellar's own mission statement aligned with the duo's own vision for a payments solution that would enable a new era of global financial inclusion.

By the end of summer of 2017, a prototype of paywith.glass had been built. It made use of a custom machine learning algorithmic trading engine to improve performance and scalability beyond the levels that pure blockchain solutions could achieve.

The project was first publicly demonstrated at King's College London, in early 2018 where Sisnett met Melina, a French Payment system software engineer. Two more public demonstrations were made in London during the months that followed and by the end of that summer, the team was scouted by the Startupbootcamp Startup accelerator.

paywith.glass was selected in January 2019 to join the accelerator programme[6] in Amsterdam, Netherlands and the project was refined to create a commercial payments infrastructure solution. The limited liability company Satellite Moving Devices Group B.V. was formed in July 2019 as the commercial base of the project, co-founded by serial entrepreneurs Женя Lichakhina, a former co-founder and the first investor in space industry startup Space Hero and Ahmed Nazer, the director of the company's strategic business development in the MENA region.

In November 2019, Satellite Moving Devices Group signed its first partnership agreement with IBM whose Blockchain World Wire engineering team had collaborated with the paywith.glass creators during their time together with the Stellar open source Community. The deal was signed when senior representatives of both companies attended the inaugural Stellar Meridian Conference in Mexico City[7].

In April 2020, the project parted ways with the Stellar Community by creating yet another fork[8] of the Stellar code-base and launching its own private distributed ledger, absent a native token and Decentralized exchange.

Auer & Böhme CBDC Pyramid - paywith.glass

One month later, the solution was preliminarily classified as a viable retail Central Bank Digital Currency (CBDC) architecture[9] by the Bank for International Settlements.

Co-founder of RoboCup@Home[10] and ex-professor of Artificial Intelligence, Dr. van der Zant joined the team later that year as Chief Technology Officer and Product owner of the solution's proprietary transaction engine.

The project came out of Stealth mode towards the end of 2020 with the launch of an official website and the publication of a 3-part Medium (website) post entitled: The Second Financial Revolution[11].

In 2021, the paywith.glass team was presented with The Next Frontier Award by former Prime Minister of the Netherlands Prof. Dr. Jan Peter Balkenende, at the launch of the Erasmus Enterprise Business Incubator[12] at the campus of Erasmus University Rotterdam.

In the same year, the company teamed up with The Payments Association, a leading UK-based payments industry association, Boston Consulting Group and over a dozen private industry stakeholders to launch Project New Era[13] - an initiative in response to the Bank of England's March 2020 Discussion Paper on CBDC[14].

Ahead of a planned real-world pilot[15], the Project New Era Syndicate launched a Green Paper in February 2022[16][17], looking into design questions and how to mitigate risks[18] inherent in the deployment of a retail central bank digital currency.

The pilot aims to test CBDC use cases[19], including retail payments, Cross-Border Payments, Tokenisation-as-a-Service, and how to service Payment Institutions and Electronic Money Issuers. Project New Era will ultimately share its data and feedback with central banks, regulators and lawmakers with the intention of driving public debate and more informed policy decisions around digital currencies and digital financial market infrastructure.

Overview

Financial services have changed dramatically over the 50 years since SWIFT was launched[20] and the job to be done now goes far beyond settlement, clearing and reconciliation messaging. Today's financial services infrastructure[21] must integrate low-cost, instant global settlement, solutions to serve the Unbanked, support for e-commerce, Micropayment, Internet of things (IoT) payments, real-time KYC/AML and global multi-currency Central Bank Digital Currency (CBDC) transactions.

paywith.glass is modern intelligent financial transaction infrastructure powered by Artificial Intelligence and Distributed Ledger Technology, that sits on top of a proprietary secure distributed cloud. This foundation creates an Intelligent Digital Currency/Electronic Payment Payments (iDC/EP) Infrastructure solution built for the era of Central Bank Digital Currencies (CBDCs).

See also

External links

References

  1. ↑ "What is Distributed Cloud" (in en-US). https://www.ibm.com/cloud/learn/distributed-cloud. 
  2. ↑ "Applications of Machine Learning Algorithms for Trading" (in en-US). https://logicai.io/blog/applications-machine-learning-trading. 
  3. ↑ "Upgrading Real Estate Tokenization to the Next Level" (in en-US). https://www.finextra.com/blogposting/21252/upgrading-real-estate-tokenization-to-the-next-level. 
  4. ↑ "Interbank Rate Definition" (in en-US). https://www.investopedia.com/terms/i/interbankrate.asp. 
  5. ↑ "The Stellar Consensus Protocol" (in en-US). http://www.scs.stanford.edu/17au-cs244b/notes/scp.pdf. 
  6. ↑ "Meet, the Commerce Class of 2019: 11 startups poised to shake up the Commerce industry as we know it." (in en-US). https://www.startupbootcamp.org/blog/2019/02/meet-commerce-class-2019-11-startups-poised-shake-commerce-industry-know/. 
  7. ↑ "Stellar's Plan to Win Global Payments: Play Nice With the Finance Cops" (in en-US). https://www.coindesk.com/markets/2019/11/07/stellars-plan-to-win-global-payments-play-nice-with-the-finance-cops/. 
  8. ↑ "A Chain of Its Own: Mobile App Kik to Fork Stellar for Fee-Free Blockchain" (in en-US). https://www.coindesk.com/markets/2018/05/08/a-chain-of-its-own-mobile-app-kik-to-fork-stellar-for-fee-free-blockchain/. 
  9. ↑ Auer, Raphael; Cornelli, Giulio; Frost, Jon (2020-08-24). "Rise of the central bank digital currencies: drivers, approaches and technologies" (in en). BIS Working Papers (Bank of International Settlements) (880). https://www.bis.org/publ/work880.htm. Retrieved 19 June 2021. 
  10. ↑ "RoboCup@Home: Scientific Competition and Benchmarking for Domestic Service Robots" (in en-US). https://research.rug.nl/en/publications/robocuphome-scientific-competition-and-benchmarking-for-domestic-. 
  11. ↑ "The Second Financial Revolution — Part 1" (in en-US). https://medium.com/@paywith.glass/the-second-financial-revolution-part-1-b8452329c0e. 
  12. ↑ "Prominent entrepreneurs boost new generation of entrepreneurs during opening Erasmus Enterprise" (in en-US). https://www.eur.nl/en/news/prominent-entrepreneurs-boost-new-generation-entrepreneurs-during-opening-erasmus-enterprise. 
  13. ↑ "The Payments Association Bridge the Gap Between CBDCs and the Current Payment System" (in en-US). https://thefintechtimes.com/the-payments-association-bridge-the-gap-between-cbdcs-and-the-current-payment-system/. 
  14. ↑ "Central Bank Digital Currency: opportunities, challenges and design" (in en-US). https://www.bankofengland.co.uk/paper/2020/central-bank-digital-currency-opportunities-challenges-and-design-discussion-paper. 
  15. ↑ "CBDC pilot: Payments industry group to launch trial for UK digital currency" (in en-US). https://www.cityam.com/payments-industry-group-launches-uk-cbdc-pilot. 
  16. ↑ "‘A New Era for Money’: Green Paper Outlines a Digital Future for the Pound" (in en-US). https://www.bloomberg.com/press-releases/2022-02-09/-a-new-era-for-money-green-paper-outlines-a-digital-future-for-the-pound. 
  17. ↑ "UK private sector consortium enters the CBDC game" (in en-US). https://www.thebanker.com/Editor-s-Blog/UK-private-sector-consortium-enters-the-CBDC-game. 
  18. ↑ "UK Parliament Committee Sees More Risks Than Benefits in CBDCs" (in en-US). https://www.pymnts.com/cbdc/2022/uk-parliament-committee-sees-more-risks-than-benefits-in-cbdcs. 
  19. ↑ "Private sector project makes Britcoin play" (in en-US). https://www.finextra.com/newsarticle/39660/private-sector-project-makes-britcoin-play/crypto. 
  20. ↑ "The SWIFT Payment Network & Its Alternatives" (in en-US). https://www.finextra.com/blogposting/20937/the-swift-payment-network-amp-its-alternatives. 
  21. ↑ "Building a successful payments system" (in en-US). https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/building-a-successful-payments-system. 


Category:Monetary reform Category:Financial markets software Category:Payment systems Category:Network architecture Category:Foreign exchange market Category:Payment systems Category:Mobile payments Category:Micropayment


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