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+<!DOCTYPE html>
+<html>
+ <head>
+ <title>The Value Web Manifesto</title>
+ <meta http-equiv='Content-Type' content='text/html;charset=utf-8'/>
+ <script src='http://www.w3.org/Tools/respec/respec-w3c-common' class='remove'></script>
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+ // the specification's short name, as in http://www.w3.org/TR/short-name/
+ shortName: "value-web-manifesto",
+
+ // if you wish the publication date to be other than today, set this
+ //publishDate: "2015-04-16",
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+ // if there is a previously published draft, uncomment this and set its YYYY-MM-DD date
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+ // previousPublishDate: "1977-03-15",
+ // previousMaturity: "CG-DRAFT",
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+ // if there a publicly available Editor's Draft, this is the link
+ edDraftURI: "http://w3c.github.io/webpayments-ig/latest/manifesto/index.html",
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+ // editors, add as many as you like
+ // only "name" is required
+ editors: [
+ { name: "Adrian Hope-Bailie", url: "http://medium.com/@ahopebailie",
+ company: "Ripple Labs", companyURL: "http://www.ripplelabs.com/" }
+ ],
+
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+ authors: [
+ { name: "Adrian Hope-Bailie", url: "http://medium.com/@ahopebailie",
+ company: "Ripple Labs", companyURL: "http://www.ripplelabs.com/" },
+ { name: "Ian Jacobs", url: "http://www.w3.org/People/Jacobs/",
+ company: "W3C", companyURL: "http://www.w3.org/" },
+ { name: "Manu Sporny", url: "https://manu.sporny.org/",
+ company: "Digital Bazaar", companyURL: "http://digitalbazaar.com/" }
+ ],
+
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+ value: "Issues",
+ href: "http://www.w3.org/Payments/IG/track/products/8"
+ }]
+ }],
+
+ // maximum level of table of contents
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+
+ // name of the WG
+ wg: "Web Payments Interest Group",
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+ // URI of the public WG page
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+
+ // name of the public mailing to which comments are due
+ wgPublicList: "public-webpayments-ig-comments",
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+ </head>
+<body>
+ <section id='abstract'>
+ <p>
+This document is the vision statment of the W3C Web Payents Interest Group.
+It describes a future that the group aspires to in which value exchange
+is performed easily and securely on the Open Web Platform and provides the
+background to the use cases, goals and architectural vision of the group.
+ </p>
+ </section>
+
+ <section id='sotd'>
+ <p>
+This document is a work in progress and is being released early and often
+using an agile process; it is currently incomplete.
+ </p>
+ </section>
+
+ <section>
+ <h2>Introduction</h2>
+ <p>
+The World Wide Web has had a tremendous global impact, increasing access to
+information and education. However, this has not yet translated into ubiquitous
+access to efficient financial systems and the ability to transact with anyone
+in the world.
+ </p>
+ <p>
+The Web connected fragmented documentation systems with a common set of standards.
+Today’s systems of value exchange lack a set of common standards, and are
+still proprietary, disconnected, and opaque.
+ </p>
+ <p>
+This document outlines a vision for the Web where value is exchanged as
+freely and easily as information. The Web unified varied and disparate
+closed information networks through open standards and protocols. In the
+same way, we should the Value Web will create an open and interconnected network
+of value exchange linking all of the closed networks that exist today.
+ </p>
+ <p>
+Realising this vision would have profound and far reaching economic and social
+impacts on financial inclusion, development of small businesses, liquidity of
+markets, and greater velocity and efficiency of money.
+ </p>
+ </section>
+ <section>
+ <h2>Principles of the Value Web</h2>
+ <p>
+This vision can only be realised through the collaboration of a variety of
+stakeholders united in their agreement with the following principles:
+ </p>
+ <section>
+ <h3>There are many value networks and there always will be</h3>
+ <p>
+Ownership of anything of value is recorded and tracked within numerous and
+diverse networks of trust. The changing ownership or transfer of value within
+those networks is recorded in a ledger of some form or another. These ledgers
+are maintained by custodians such as...
+ </p>
+ <ul>
+ <li>Commercial and Retail Banks</li>
+ <li>Central banks</li>
+ <li>Clearinghouses</li>
+ <li>Digital wallets</li>
+ <li>Registers of deeds</li>
+ <li>Stock Exchanges</li>
+ <li>Blockchains</li>
+ <li>Patent offices</li>
+ </ul>
+ <p>
+… and many more.
+ </p>
+ <p>
+Greater diversity of custodians, ledgers and assets is a good thing, but without
+a set of Web standards to connect them, increasing the number and diversity
+will quickly become unsustainable.
+ </p>
+ <p>
+The world is tending towards increased global trade and interconnectivity. The
+lack of standards is likely to continue to increase costs and stand in the way
+of economic progress.
+ </p>
+ </section>
+ <section>
+ <h3>There are many ways to connect value networks</h3>
+ <p>
+There are numerous and varied methods of moving value between owners, both within
+the same network and between disparate networks. Each one of these methods has
+different strengths and weaknesses depending on the scenario.
+ </p>
+ <p>
+Some methods of moving value between owners have higher risks and lower fees.
+ </p>
+ <p>
+[Illustration - Cash]
+ </p>
+ <p>
+Others have lower risks and higher fees.
+ </p>
+ <p>
+[Illustration - Cards]
+ </p>
+ <p>
+The open architecture of the Web enables a rapid pace of innovation which has
+increasingly resulted in new types of value exchange methods.
+ </p>
+ <p>
+[Illustration - Crypto-currencies]
+ </p>
+ <p>
+This vision embraces all of these existing technologies as well as those that
+are in active development today.
+ </p>
+ </section>
+ <section>
+ <h3>Value moves as freely as information on the Web</h3>
+ <p>
+The Web increased efficiency and lowered costs of information exchange by many
+orders of magnitude. These sorts of efficiency gains are possible via the Web
+for the exchange of value.
+ </p>
+ <p>
+[Illustration - ?]
+ </p>
+ </section>
+ <section>
+ <h3>The Value Web is open and accessible</h3>
+ <p>
+It is a long-standing W3C principal to create a Web that can be used by all people
+on any device. Nobody is arbitrarily denied access to the Internet of Value.
+ </p>
+ <p>
+[Illustration - diverse users of the Value Web]
+ </p>
+ </section>
+ <section>
+ <h3>The Value Web is built on trust and security</h3>
+ <p>
+Value exchange on the Web is done in an environment of honesty and trust built on
+secure and resilient systems. It provides tools that allow law-abiding consumers,
+merchants and financial institutions to have confidence in the individuals and entities
+with whom they transact, to be free to choose who those individuals and entities are,
+and to be able to trust that these counterparties are who they claim to be.
+ </p>
+ <p>
+[Illustration - trust/shaking hands, security/lock]
+ </p>
+ </section>
+ <section>
+ <h3>The Value Web is simultaneously private and transparent</h3>
+ <p>
+There is a need for transparency in moving value on a global network between entities
+that are subject to different legal and regulatory systems in different jurisdictions.
+However, privacy as a fundamental right of all participants.
+ </p>
+ <p>
+The future of value exchange via the Web offers the transparency required for all
+participants to operate within the law but ensures that the privacy of participants
+is always guaranteed, through the use of secure open protocols incorporating end-to-end
+data protection.
+ </p>
+ <p>
+[Illustration - masked/protected data]
+ </p>
+ </section>
+ <section>
+ <h3>No single entity controls the Value Web</h3>
+ <p>
+The Web is a public good and is not subject to the whims of one group or another. It is
+distributed, global, and neutral with respect to payment networks, currencies,
+technologies, service providers, and participating entities.
+ </p>
+ <p>
+[Illustration - distributed system]
+ </p>
+ </section>
+ <section>
+ <h3>The Value Web is built on open standards</h3>
+ <p>
+In order for value networks, settlement systems, and related services to compete on a
+level playing field, the foundations of value exchange via the Web must be open, transparent,
+and neutral. Customers, merchants, financial institutions, and governments stand to benefit
+from a strong foundation built on open standards..
+ </p>
+ <p>
+The Value Web is built on OpenStand’s <a href="http://open-stand.org/about-us/principles/">five
+principles for modern standards</a> and it’s standards are free to acquire, free to adopt,
+and not encumbered by patents.
+ </p>
+ <p>
+[Illustration - Open stand logo?]
+ </p>
+ </section>
+ <section>
+ <h3>The Value Web is simple and extensible</h3>
+ <p>
+Today’s financial system is complex and one of the key challenges for the architects of the Web
+will be to abstract key areas of complexity and create a simple, universal framework that supports
+existing systems while enabling a smooth transition to more advanced, extensible, and equitable
+systems.
+ </p>
+ <p>
+Rules and regulations around the world differ widely. By creating an extensible set of standards,
+the Web enables individuals or entire value networks to work out the details that are relevant
+to them. This provides institutions with the flexibility to comply with their local regulations
+and follow their local customs while connecting globally.
+ </p>
+ <p>
+The standards for value exchange on the Web should be clearly documented to lower the barrier to
+entry for any entity that wishes to integrate with, or extend it.
+ </p>
+ <p>
+[Illustration - developer]
+ </p>
+ </section>
+ </section>
+
+ <section>
+ <h2>Building an Equitable Global Economy via the Web</h2>
+ <p>
+The Web connects three billion people today and will connect at least three billion more by the
+year 2020. It is ubiquitous and that ubiquity will only grow over the next decade. The Web is the
+best connector of information systems that exists today, but there is still much work that needs
+to be done when connecting the economic systems and value networks that span the world over.
+ </p>
+ <p>
+It is our vision to connect the economic systems of the world via the Web using the principles
+outlined in this document. Doing so will result in an global architecture for value exchange, built
+openly, secure by design, and accessible to all.
+ </p>
+ </section>
+
+ <section class="appendix">
+ <h2>Acknowledgements</h2>
+ <p>
+The editors wish to thank the participants of the
+<a href="http://www.w3.org/Payments/IG/">Web Payments Interest Group</a>
+for discussions about and contributions to this document, as well as the
+<a href="https://www.w3.org/community/webpayments/">Web Payments Community
+Group</a> for earlier work that informed this document.
+ </p>
+ </section>
+
+ </body>
+</html>