Three Principles of Interledger
These three principles are embodied by Interledger in how we approach and build solutions for problems.
- Interoperability
- Open source
- Open standards
Interoperability
Section titled “Interoperability”Interoperability is designing systems to work well with other new and different systems.
We benefit from interoperability when things work seamlessly together, enhancing our experience. Some tech only works because it has interoperability built into its value proposition. Imagine if your next phone could only call people on the same network or device. Or when choosing which email provider to use, you could only email people who use the exact same provider. It wouldn’t make sense - and more importantly, it wouldn’t work.
Email is built to be interoperable from the start. Someone might be using Gmail, and someone else might be using Yahoo, but they can send and receive emails to each other because all email providers function on the same underlying technical protocols. Interledger want to bring this same level of technical interoperability to financial transactions: who your bank is should not affect who you can send money to.
Open Source
Section titled “Open Source”Open source refers to software that is developed openly and shared openly (or is free to use and modify).
Working openly is a model of radical transparency; it means showing people the work you are doing, as you are doing it. It allows you to build with communities, not for them. Read more about the benefits of open source software.
Interledger believes in open payment solutions, or the application of open source and open standards to the finance world. Open payment solutions are ones that use the Open Payments API standard to allow third-parties to securely access digital accounts for viewing information and initiating payments. Using Open Payments is a cornerstone for ensuring interoperability in financial systems. This is the basic language systems need to talk to each other to begin financial interactions. More information about Open Payments can be found in the Interledger Technology unit.
Open Standards
Section titled “Open Standards”Open standards are standards that are both publicly available to use and developed through a collaborative, community-driven process.
In many cases, financial exclusion is a natural consequence of poor digital public infrastructure. The term digital divide is used to describe the inequality created from the lack of equal access to digital resources.
Collaboratively designed, open standards are an ideal way to define how equitable, inclusive technology should be built. Open financial standards that address financial exclusion will be interoperable and built on transparent open source tech, strongly intersecting with the prior two values.