[Bitcoin-development] Announcing the IFEX Project

Gary Rowe g.rowe at froot.co.uk
Fri Apr 13 10:16:07 UTC 2012

Hi Walter,

This could be of interest to the XChange project. See GitHub:

The aim of this project is to provide a unifed API for applications to
access financial exchanges. At present it supports Bitcoin exchanges (MtGox
and Intersango are the primary focus with others to follow). It is in the
very early stages of development, but is likely to be integrated into the
MultiBit Bitcoin client (see http://multibit.org) in the near future (early
prototypes are available directly from sources).

One problem that the XChange development team faces is that each exchange
rolls its own data model and uses its own protocol (web socket, socket IO,
direct socket and so on). To provide a reference implementation of how an
exchange should publish its data would be beneficial.

Kind regards,


On 13 April 2012 10:34, Walter Stanish <walter at stani.sh> wrote:

> The Internet Financial EXchange (IFEX) Project is an open body for the
> discussion and development of financial standards for the internet
> community.  The project seeks to focus on enhancing interoperability
> between financial settlement systems of all types, including
> conventional financial systems, emerging digital currencies,
> alternative financial communities, and financial service providers.
> Interested parties are invited to review the proposals on the website
> at http://www.ifex-project.org/ and join the mailing list at
> http://group.ifex-project.org/
> Two items on the site that may be of particular interest:
> (1) The latest version of the IIBAN Proposal (v1) for financial
> endpoint identification at
> http://www.ifex-project.org/our-proposals/iiban.  This latest version
> includes initial IANA registry contents and a reference mechanism for
> financial endpoint transcription error correction. (Relevance: In
> contrast to settlement system-specific financial endpoint identifiers,
> IIBAN provides a democratically allocated, 13 character identifier
> that is already familiar in format to users in Europe and other
> countries and is theoretically compatible with conventional banking
> infrastructure in those regions.  In addition, IIBAN is not tied to
> any specific financial commodity or settlement system, and provides
> strong protection against identifier transcription errors.)
> (2) The IFEX Protocol is a *work in progress* that hopes to bridge the
> gap between conventional financial systems, emerging digital
> currencies, alternative financial communities, and financial service
> providers by providing a standard protocol for transaction and
> settlement path negotiation with arbitrary financial instruments,
> currencies or assets.  (Relevance: better connectivity, lower
> settlement fees, real time redundant financial routing, arbitrary
> instrument/currency/asset handling)
> How IFEX's proposed infrastructure differs from existing projects:
>  - Not a currency, not a settlement-network, but a mechanism for bridging
> them.
>  - Broader and more inclusive scope than existing vendor-specific APIs
> and conventional finance industry networking protocols. Global focus.
> No legacy 'features'. No artificial barriers to innovators.
> The hope is to move towards an open source implementation of the (work
> in progress) IFEX protocol that interoperates with major and emerging
> settlement networks for the benefit of all parts of the community. We
> have already had expressions of interest from representatives in a
> range of communities (Bitcoin, CES, Ripple, W3C Web Payments, digital
> currency exchange developers, etc.), and look forward your input on
> the mailing list.
> Happy Friday the 13th!
> Regards,
> Walter Stanish
> The IFEX Project
> http://www.ifex-project.org/
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