Danny Bradbury of our sister site, CoinDesk, recently wrote about Manu Sporny's presentation at the recent Inside Bitcoins Conference. Bradbury writes, "A representative working loosely with the Web’s standards body set out his vision for a web-based payments standard at the Inside Bitcoins conference today. Manu Sporny, who works with the World Wide Web consortium (W3C), is part of a working group on Web Payments. He advocated a standard payment mechanism that would be currency-agnostic, and which would do away with traditional online payment methods such as entering credit card data, or making electronic payments which proprietary networks such as PayPal. 'Credit card numbers are effectively passwords to your bank account. You’re giving that password away to every merchant you do business with,' said Sporny."
Bradbury continues, "Sporny’s company, Digital Bazaar, enables individuals to sell content online. It developed an open-sourced payment protocol called PaySwarm, that he hopes to see included in the group’s activities. 'It is built on top of other core protocols of the Web (things like HTTP, JSON, URLs, etc.). It’s what a financial system would look like if you took what worked on the Web and used the same approach to create a financial protocol,' he told CoinDesk. Another component of the solution is the Web Commerce API, which is a browser plug-in to enact PaySwarm. 'The developer would initiate the payment using the Web Commerce API, and the PaySwarm protocol would carry out the transaction,' he said."
Read more of our coverage on PaySwarm and Sporny here.
Image: Courtesy PaySwarm