From 6ac20bd752e7b2d9f84785ff3d725cdfe2a80b8b Mon Sep 17 00:00:00 2001 From: Thien-Thi Nguyen Date: Tue, 23 Feb 2021 11:05:13 -0500 Subject: new file: frags/taler-payment-cycle.rst --- frags/taler-payment-cycle.rst | 37 +++++++++++++++++++++++++++++++++++++ 1 file changed, 37 insertions(+) create mode 100644 frags/taler-payment-cycle.rst (limited to 'frags') diff --git a/frags/taler-payment-cycle.rst b/frags/taler-payment-cycle.rst new file mode 100644 index 00000000..00aa4473 --- /dev/null +++ b/frags/taler-payment-cycle.rst @@ -0,0 +1,37 @@ +The Taler payment cycle involves six parties: +(a) customer, +(b) exchange, +(c) merchant, +(d) customer bank, +(e) exchange bank, +(f) merchant bank. + +The exchange is the central entity that mediates the wire transfer of real +currency between (d), (e), (f) by way of "coins", cryptographically secure +tokens passed between (a), (b), (c). + +There are six steps to a Taler payment cycle. + +In step 1, (a) directs (d) to make real funds available to (b). + +In step 2, (d) does a wire transfer of real funds to (e), fulfilling the +request from step 1. (b) generates coins corresponding to those real funds; +these are called the "reserve". + +In step 3, (a) "withdraws" coins, either wholly or partially, from (b). These +coins are kept in a "wallet" under control of (a). The coins in the wallet +are anonymous. + +In step 4, (a) authorizes payment of coins from the wallet to (c). This +transfers payment coins from the wallet to (c), and change coins from (b) to +the wallet (unless the payment amount exactly matches the denomination of the +coins in the wallet). + +In step 5, (c) "deposits" coins into (b). These coins are still anonymous, +although the transaction itself is not anonymous. + +In step 6, (b) directs (e) to wire transfer real funds corresponding to the +accumulated deposited coins to (f). + +NB: The Taler payment cycle is part of the Taler payment system, which +includes also an auditor component, not described here. -- cgit v1.2.3 From 0024852befcf90127c0973b96a1a6b8c2424e08b Mon Sep 17 00:00:00 2001 From: Thien-Thi Nguyen Date: Wed, 24 Feb 2021 04:55:32 -0500 Subject: diction: use possessive for banks ((d), (e), (f)) --- frags/taler-payment-cycle.rst | 6 +++--- 1 file changed, 3 insertions(+), 3 deletions(-) (limited to 'frags') diff --git a/frags/taler-payment-cycle.rst b/frags/taler-payment-cycle.rst index 00aa4473..4243b462 100644 --- a/frags/taler-payment-cycle.rst +++ b/frags/taler-payment-cycle.rst @@ -2,9 +2,9 @@ The Taler payment cycle involves six parties: (a) customer, (b) exchange, (c) merchant, -(d) customer bank, -(e) exchange bank, -(f) merchant bank. +(d) customer's bank, +(e) exchange's bank, +(f) merchant's bank. The exchange is the central entity that mediates the wire transfer of real currency between (d), (e), (f) by way of "coins", cryptographically secure -- cgit v1.2.3 From 4cdcfee257d3fca8584963e41ead35298d2f3534 Mon Sep 17 00:00:00 2001 From: Thien-Thi Nguyen Date: Wed, 24 Feb 2021 05:03:37 -0500 Subject: replace double-quote (") markup w/ asterisk (*) --- frags/taler-payment-cycle.rst | 10 +++++----- 1 file changed, 5 insertions(+), 5 deletions(-) (limited to 'frags') diff --git a/frags/taler-payment-cycle.rst b/frags/taler-payment-cycle.rst index 4243b462..9c7d1302 100644 --- a/frags/taler-payment-cycle.rst +++ b/frags/taler-payment-cycle.rst @@ -7,7 +7,7 @@ The Taler payment cycle involves six parties: (f) merchant's bank. The exchange is the central entity that mediates the wire transfer of real -currency between (d), (e), (f) by way of "coins", cryptographically secure +currency between (d), (e), (f) by way of *coins*, cryptographically secure tokens passed between (a), (b), (c). There are six steps to a Taler payment cycle. @@ -16,10 +16,10 @@ In step 1, (a) directs (d) to make real funds available to (b). In step 2, (d) does a wire transfer of real funds to (e), fulfilling the request from step 1. (b) generates coins corresponding to those real funds; -these are called the "reserve". +these are called the *reserve*. -In step 3, (a) "withdraws" coins, either wholly or partially, from (b). These -coins are kept in a "wallet" under control of (a). The coins in the wallet +In step 3, (a) *withdraws* coins, either wholly or partially, from (b). These +coins are kept in a *wallet* under control of (a). The coins in the wallet are anonymous. In step 4, (a) authorizes payment of coins from the wallet to (c). This @@ -27,7 +27,7 @@ transfers payment coins from the wallet to (c), and change coins from (b) to the wallet (unless the payment amount exactly matches the denomination of the coins in the wallet). -In step 5, (c) "deposits" coins into (b). These coins are still anonymous, +In step 5, (c) *deposits* coins into (b). These coins are still anonymous, although the transaction itself is not anonymous. In step 6, (b) directs (e) to wire transfer real funds corresponding to the -- cgit v1.2.3