Sent an email to the ISO standardization team yesterday. Although my interests was to determine how to make cosmos chains ISO-20022 compliant I quickly realized how the standardizations could be included for all kinds of business horizontal.
As stated in the email - I’m not very interested in maintaining the tool with all the updates to the standardizations, but I think this is something worth building. I asked ISO if they’d want to take up the effort internally, but I figured I see if there’s anyone in the community that would want to work on this with me - and maintain it after v1 is released.
No - this tool is a whole lot less technical overhead than re-designing the sdk. $2,000,000 is probably a practical expense target for re-designing the sdk. It could be more, it could be less. There have been multiple 1M dollar funding requests to the community for an assortment of things - that may or may not be worth the value.
I know re-designing the sdk could create net+ cash flow value for the community pool, but that is a monumental task to take up and deliver on.
I can build this tool myself, but I’m also seeking what role the ISO organization might want to play in this. I’d accept $75,000 to $100,000 and like 3% residual (which over years could easily reach $2M) for their exclusive rights to it…based on my conversations with them so far I don’t if this is what they do. It seems they are just concerned with the sales of the standards??? It would be a new product niche for them, and for that reason it might be something that does interest them - I’ll find out soon enough.
One thing I think is fair - is paying community members for valuable contributions to the network effects of their efforts. From the outset this was a part of the ethos for fairness and equality. In my opinion these are quality and valuable contributions.
Hi @jasonsprouse, we genuinely appreciate your contributions to the hub thus far. It’s remarkable to see someone delving into longer-term challenges. Whether it’s this proposal or the one you made about Kafka implementation for Cosmos chains, these are solutions to problems that need to be addressed in the future. However, at present, the majority of people in the ecosystem are primarily focused on short-term problem-solving. This is why your proposals often encounter widespread misunderstanding or simple criticism.
Anyway, through this post we wanted to share our support for your efforts and hope that negative comments on your posts will not push you to leave the forum. Long-term thinkers are also needed.
Regarding ISO-20022 compliance, this will be absolutely required down the line, we will support any initiative going in that direction.
@Govmos Thanks. I’ve been engaging with the Cosmos teams for years.
This isn’t long term. This is just a comprehension of what would create a cohesive search and sort function across the protocols. This particular subject is for international standardizations being implemented in smart contracts - for Cosmos and every other smart contracting platform. It’s something I had to think on quite a while before it dawned on me how to achieve it in blockchain technology. There is a fork of the cosmos sdk that was being built for CBDCs. The 24 hr FED Wire service uses the ISO-20022 standardizations and so will/does SWIFT. This was particularly important and necessary for that use case. There are more standardizations outside of financial standardizations that I think will be very beneficial for fetch requests and sorting data though.
3 critical subjects have been presented around this topic over time
A solution to make the chain ISO-20022 compliant
Patent research to write a patent for this method and process specifically for blockchain => central authority processing
A tool to generate the necessary metadata for ALL smart contracting platforms
Once the ISO organization understands the value of what this is…I’m sure they’ll appreciate it to. I’m glad y’all understand the positive benefits utilizing the standardizations.