Paymium releases a remittance protocol RFC

Download the RFC document.

After witnessing the Coinbase and BoA derps trying to patent “increased molecular agitation of dihydrogen monoxyde”[1], Paymium has decided to release its remittance protocol RFC to the public.

The process described by this protocol is in no way rocket science, but will still greatly benefit from being properly timestamped, and documented. Never hurts interoperability to speak the same language. This document is a work in progress, feedback is very welcome.

The implementation of remittances settled with Bitcoin obviously require liquidity sources on both ends of the remittance tunnel, this specification is to be implemented by exchanges or brokers that can efficiently transfer money in their local zone.

It leverages these local liquidity sources in order to provide streamlined money transmission features to end-users, without relying on the Bitcoin network to support the load of individual transfers[2], but only for settlement operations.

In essence, the remittance protocol is simply a way for an exchange to quote another exchange for a requested amount in fiat.

If, for example, Rhonda in the U.S. wants to send 2,000 € to Jean-Robert, in France, Rhonda’s exchange will end up presenting her with a “Please confirm you’d like to send 2,000 € to Jean-Robert at Paymium. This will cost you $2,250.67” message.

The settlement part isn’t covered by the document, for the pretty simple reason that settlement is a business matter, not a technical challenge. It would also vastly complicate everything. Maintaining a balance, manually settling daily, automating Bitcoin transfers when a threshold is reached are all valid approaches to settling these remittances.

May the capital flow!

[1] Commonly referred to as “hot water”.

[2] Read: “without relying on the big-blocks insanity”.

X.EUR September 21st statement

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Close imp. EUR/BTC : 204.91 EUR/BTC
Open interest      : 4`754
Volume             : 4`862 X.EUR    (-289 X.EUR / -5.61%)

Misc.              : August open interest mistakenly underreported by ~2`100 X.EUR

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X.EUR August 16th statement

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X.EUR 16/08/2015 report

Close              : 0.00413601 BTC (+0.00018212 BTC / +4.61 %)
Close imp. EUR/BTC : 241.78 EUR/BTC
Open interest      : 3`178          (-3`932 X.EUR / -55.30 %)
Volume             : 5`151 X.EUR    (-960 X.EUR / -15.70%)

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X.EUR July 16th statement

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X.EUR 16/07/2015 report

Close              : 0.00395389 BTC (-0.00084660 BTC / -17.64 %)
Close imp. EUR/BTC : 252.92 EUR/BTC
Open interest      : 7`110          (+1`056 X.EUR / +17.44 %)
Volume             : 6`111 X.EUR    (-30 X.EUR / -0.49%)

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X.EUR June 16th statement

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X.EUR 16/06/2015 report

Close              : 0.00480049 BTC (-0.00004000 BTC / -0.82 %)
Close imp. EUR/BTC : 208.31 EUR/BTC
Open interest      : 6`054          (+1`806 X.EUR / +42.51 %)
Volume             : 6`141 X.EUR    (+2`005 X.EUR / +48.48%)

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X.EUR May 19th statement

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X.EUR 19/05/2015 report

Close              : 0.00484049 BTC (+0.00032263 BTC / +7.14 %)
Close imp. EUR/BTC : 206.59 EUR/BTC
Open interest      : 4`248 X.EUR    (+667 X.EUR / +18.62 %)
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X.EUR April 15th statement

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X.EUR 15/04/2015 report

Close              : 0.00451786 BTC (+0.00043219 BTC / +10.58 %)
Close imp. EUR/BTC : 221.3 EUR/BTC
Open interest      : 3`581 X.EUR    (+147 X.EUR / +4.28 %)
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X.EUR March 15th 2015 statement

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X.EUR 15/03/2015 report

Close              : 0.00408567 BTC  (+ 0.00012911 BTC / +3.26 %)
Close imp. EUR/BTC : 244.75 EUR/BTC
Open interest      : 3`434 X.EUR     (+1`292 X.EUR / +60.32 %)
Volume             : 3`328 X.EUR

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X.EUR February 15th 2015 statement

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X.EUR 15/02/2015 report

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Close imp. EUR/BTC : 252.74 EUR/BTC
Open interest      : 2`142 X.EUR     (+1`025 X.EUR / +91.76 %)
Volume             : 5`338 X.EUR

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