Ask HN: What Happened to Web3 Startups?

Re:Ask HN: What Happened to Web3 Startups? by Animats on Sunday July 09, 2023 @01:43PM (#36656784)

The Fed will charge banks a fee of $0.045 per transaction.[1]

Transactions take a few seconds. They must finish within 20 seconds or they time out, and they're expected to take much less time. Here's a technical overview.[2]

The bank to Fed to bank API uses IBM MQ and ISO 20022. These are a bit dated but widely used in the financial sector. Down at the bottom, it's XML.

[1] https://www.frbservices.org/resources/fees/fednow-2023

[2] https://explore.fednow.org/resources/technical-overview-guid...

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Re:Ask HN: What Happened to Web3 Startups? by mdaniel on Sunday July 09, 2023 @04:19PM (#36658453)

Thank you for posting the actual technical pdf, that was interesting reading

> Certificate-Based Authentication

Heh, so I can look forward to the biennial banking outage as they forget to renew their certs :-D

But in seriousness, I have some experience with x509 auth from the early days of kubernetes using it and unless the system has some robust CRL mechanisms I look forward to knowing how such a scheme will deauthorize users

Interestingly, they also seem to be doing belt-and-suspenders since the messages themselves are signed with the private key of the institution, which appears to be registered out of band from the system itself

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Re:Ask HN: What Happened to Web3 Startups? by rsynnott on Sunday July 09, 2023 @04:33PM (#36658580)

Dated?! By banking tech standards, ISO 20022 is futuristic magic, a mere decade old. A lot of banks (particularly in the US) would still be using ISO 15022 or even older standards.

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