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Subject: [bitcoin-dev] Towards a singular payment protocol
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A proposal for a new blockchain-agnostic payment protocol:

https://cypherpunk.org/2019/11/10/towards-a-singular-payment-protocol/

Includes the following characteristics:

- can be used with crypto or fiat currencies
- multiple currency options for a single transaction
- multiple payments in a single transaction
- allow a payment in one currency, but the value to be referenced from a sec=
ond currency
- fee payment by sender or recipient
- calculation of valuation and fees through common trusted third parties

This is a proposal for a new payment protocol that is not linked to a specif=
ic blockchain, and could be supported by many of them, as well as fiat curre=
ncies. With one system, wallet developers working on multiple currencies cou=
ld still look to a single payment system, and thus full support for a single=
 protocol would increase.

I understand that some people will oppose something like this simply because=
 it supports other coins, but I ask that it be looked at from the perspectiv=
e of a) does it offer better functionality for Bitcoin, and b) would increas=
ed support by more wallets for a payment protocol be better for Bitcoin? If t=
hose are true, and I think they are, then this can be developed to the benef=
it of everyone.

This is the first section, focused on the actual payments. Other future sect=
ions are planned to include a section on smart contracts and tokens, and a t=
ransport mechanism for private communications between buyer and seller.

The goal would be to transform this into a BIP, but I think it needs some di=
scussion first. I would appreciate constructive criticism on the proposal. W=
hile I=E2=80=99m open to the argument that payment protocols need to be coin=
-specific, I think at this point it would be more useful to discuss the func=
tionality first.

Nothing in this section is really blockchain-specific, and the goal would be=
 to keep it that way, and offer the same functionality to everyone.

I thank anyone who takes the time to read this proposal, and I hope to see g=
ood feedback on it.

Thank you,

EE



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<html><head><meta http-equiv=3D"content-type" content=3D"text/html; charset=3D=
utf-8"></head><body dir=3D"auto"><p class=3D"p1" style=3D"margin: 0px; font-=
stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webkit-text-s=
ize-adjust: auto;"><span class=3D"s1">A proposal for a new blockchain-agnost=
ic payment protocol:</span></p><p class=3D"p2" style=3D"margin: 0px; font-st=
retch: normal; line-height: normal; color: rgb(69, 69, 69); min-height: 22.7=
px; -webkit-text-size-adjust: auto;"><span class=3D"s1"></span><br></p><p cl=
ass=3D"p3" style=3D"margin: 0px; font-stretch: normal; line-height: normal; c=
olor: rgb(228, 175, 10); -webkit-text-size-adjust: auto;"><span class=3D"s1"=
><a href=3D"https://cypherpunk.org/2019/11/10/towards-a-singular-payment-pro=
tocol/">https://cypherpunk.org/2019/11/10/towards-a-singular-payment-protoco=
l/<span class=3D"s2" style=3D"color: rgb(228, 175, 10);"></span></a></span><=
/p><p class=3D"p2" style=3D"margin: 0px; font-stretch: normal; line-height: n=
ormal; color: rgb(69, 69, 69); min-height: 22.7px; -webkit-text-size-adjust:=
 auto;"><span class=3D"s1"></span><br></p><p class=3D"p1" style=3D"margin: 0=
px; font-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webk=
it-text-size-adjust: auto;"><span class=3D"s1">Includes the following charac=
teristics:</span></p><p class=3D"p2" style=3D"margin: 0px; font-stretch: nor=
mal; line-height: normal; color: rgb(69, 69, 69); min-height: 22.7px; -webki=
t-text-size-adjust: auto;"><span class=3D"s1"></span><br></p><p class=3D"p1"=
 style=3D"margin: 0px; font-stretch: normal; line-height: normal; color: rgb=
(69, 69, 69); -webkit-text-size-adjust: auto;"><span class=3D"s1">- can be u=
sed with crypto or fiat currencies</span></p><p class=3D"p1" style=3D"margin=
: 0px; font-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -w=
ebkit-text-size-adjust: auto;"><span class=3D"s1">- multiple currency option=
s for a single transaction</span></p><p class=3D"p1" style=3D"margin: 0px; f=
ont-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webkit-te=
xt-size-adjust: auto;"><span class=3D"s1">- multiple payments in a single tr=
ansaction</span></p><p class=3D"p1" style=3D"margin: 0px; font-stretch: norm=
al; line-height: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: a=
uto;"><span class=3D"s1">- allow a payment in one currency, but the value to=
 be referenced from a second currency</span></p><p class=3D"p1" style=3D"mar=
gin: 0px; font-stretch: normal; line-height: normal; color: rgb(69, 69, 69);=
 -webkit-text-size-adjust: auto;"><span class=3D"s1">- fee payment by sender=
 or recipient</span></p><p class=3D"p1" style=3D"margin: 0px; font-stretch: n=
ormal; line-height: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust=
: auto;"><span class=3D"s1">- calculation of valuation and fees through comm=
on trusted third parties</span></p><p class=3D"p1" style=3D"margin: 0px; fon=
t-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webkit-text=
-size-adjust: auto;"><span class=3D"s1"><br></span></p><p class=3D"p1" style=
=3D"margin: 0px; font-stretch: normal; line-height: normal; color: rgb(69, 6=
9, 69); -webkit-text-size-adjust: auto;">This is a proposal for a new paymen=
t protocol that is not linked to a specific blockchain, and could be support=
ed by many of them, as well as fiat currencies. With one system, wallet deve=
lopers working on multiple currencies could still look to a single payment s=
ystem, and thus full support for a single protocol would increase.</p><p cla=
ss=3D"p1" style=3D"margin: 0px; font-stretch: normal; line-height: normal; c=
olor: rgb(69, 69, 69); -webkit-text-size-adjust: auto;"><br></p><p class=3D"=
p1" style=3D"margin: 0px; font-stretch: normal; line-height: normal; color: r=
gb(69, 69, 69); -webkit-text-size-adjust: auto;">I understand that some peop=
le will oppose something like this simply because it supports other coins, b=
ut I ask that it be looked at from the perspective of a) does it offer bette=
r functionality for Bitcoin, and b) would increased support by more wallets f=
or a payment protocol be better for Bitcoin? If those are true, and I think t=
hey are, then this can be developed to the benefit of everyone.</p><p class=3D=
"p1" style=3D"margin: 0px; font-stretch: normal; line-height: normal; color:=
 rgb(69, 69, 69); -webkit-text-size-adjust: auto;"><br></p><p class=3D"p1" s=
tyle=3D"margin: 0px; font-stretch: normal; line-height: normal; color: rgb(6=
9, 69, 69); -webkit-text-size-adjust: auto;">This is the first section, focu=
sed on the actual payments. Other future sections are planned to include a s=
ection on smart contracts and tokens, and a transport mechanism for private c=
ommunications between buyer and seller.</p><p class=3D"p1" style=3D"margin: 0=
px; font-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webk=
it-text-size-adjust: auto;"><br></p><p class=3D"p1" style=3D"margin: 0px; fo=
nt-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webkit-tex=
t-size-adjust: auto;">The goal would be to transform this into a BIP, but I t=
hink it needs some discussion first. I would appreciate constructive critici=
sm on the proposal. While I=E2=80=99m open to the argument that payment prot=
ocols need to be coin-specific, I think at this point it would be more usefu=
l to discuss the functionality first.</p><p class=3D"p1" style=3D"margin: 0p=
x; font-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webki=
t-text-size-adjust: auto;"><br></p><p class=3D"p1" style=3D"margin: 0px; fon=
t-stretch: normal; line-height: normal; color: rgb(69, 69, 69); -webkit-text=
-size-adjust: auto;">Nothing in this section is really blockchain-specific, a=
nd the goal would be to keep it that way, and offer the same functionality t=
o everyone.</p><p class=3D"p1" style=3D"margin: 0px; font-stretch: normal; l=
ine-height: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: auto;"=
><br></p><p class=3D"p1" style=3D"margin: 0px; font-stretch: normal; line-he=
ight: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: auto;">I tha=
nk anyone who takes the time to read this proposal, and I hope to see good f=
eedback on it.</p><p class=3D"p1" style=3D"margin: 0px; font-stretch: normal=
; line-height: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: aut=
o;"><br></p><p class=3D"p1" style=3D"margin: 0px; font-stretch: normal; line=
-height: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: auto;">Th=
ank you,</p><p class=3D"p1" style=3D"margin: 0px; font-stretch: normal; line=
-height: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: auto;"><b=
r></p><p class=3D"p1" style=3D"margin: 0px; font-stretch: normal; line-heigh=
t: normal; color: rgb(69, 69, 69); -webkit-text-size-adjust: auto;">EE</p><p=
 class=3D"p1" style=3D"margin: 0px; font-stretch: normal; line-height: norma=
l; color: rgb(69, 69, 69); -webkit-text-size-adjust: auto;"><br></p><p class=
=3D"p1" style=3D"margin: 0px; font-stretch: normal; line-height: normal; col=
or: rgb(69, 69, 69); -webkit-text-size-adjust: auto;"><br></p></body></html>=

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