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Interledger Foundation
The Interledger Foundation is a US-based nonprofit corporation and standards organization established in 2019. Its mission is to foster global digital financial inclusion and equitable access to the digital economy through the development and promotion of the Interledger Protocol, a payment interchange standard. History Stefan Thomas and Evan Schwartz published a whitepaper in October 2015 titled “A Protocol for Interledger Payments” while working at Ripple Labs. The document described a communication protocol to enable interoperable payments by acting as a universal translator among different financial networks. The Interledger Protocol was modeled after the Transmission Control Protocol/Internet Protocol (TCP/IP), the foundational technology behind the Internet’s ability to transmit data across diverse networks. In 2015, the World Wide Web Consortium (W3C) hosted the Interledger Payments Community Group. Members included representatives from Ripple Labs, the National ...
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501(c)(3) Organization
A 501(c)(3) organization is a United States corporation, Trust (business), trust, unincorporated association or other type of organization exempt from federal income tax under section 501(c)(3) of Title 26 of the United States Code. It is one of the 29 types of 501(c) organization, 501(c) nonprofit organizations in the US. 501(c)(3) tax-exemptions apply to entities that are organized and operated exclusively for religion, religious, Charitable organization, charitable, science, scientific, literature, literary or educational purposes, for Public security#Organizations, testing for public safety, to foster national or international amateur sports competition, or for the prevention of Child abuse, cruelty to children or Cruelty to animals, animals. 501(c)(3) exemption applies also for any non-incorporated Community Chest (organization), community chest, fund, Cooperating Associations, cooperating association or foundation organized and operated exclusively for those purposes.
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Ledgers
A ledger is a book or collection of accounts in which accounting transactions are recorded. Each account has: * an opening or brought-forward balance; *a list of transactions, each recorded as either a debit or credit in separate columns (usually with a counter-entry on another page) *and an ending or closing, or carry-forward, balance. Overview The ledger is a permanent summary of all amounts entered in supporting journals (day books) which list individual transactions by date. Usually every transaction, or a total of a series of transactions, flows from a journal to one or more ledgers. Depending on the company's bookkeeping procedures, all journals may be totaled and the totals posted to the relevant ledger each month. At the end of the accounting period, the company's financial statements are generated from summary totals in the ledgers. Ledgers include: *Sales ledger (debtors ledger): records accounts receivable. This ledger records the financial transactions between ...
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Gratuity
A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service. Tips and their amount are a matter of social custom and etiquette, and the custom varies between countries and between settings. In some countries, it is customary to tip servers in bars and restaurants, taxi drivers, tattoo artists, hair stylists and so on. However, in some places tipping is not expected and may be discouraged or considered insulting. The customary amount of a tip can be a specific range or a certain percentage of the bill based on the perceived quality of the service given. It is illegal to offer tips to some groups of workers, such as U.S. government workers and more widely police officers, as the tips may be regarded as bribery. A fixed percentage service charge is sometimes added to bills in restaurants and similar establishments. Tippin ...
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Open-source Software
Open-source software (OSS) is Software, computer software that is released under a Open-source license, license in which the copyright holder grants users the rights to use, study, change, and Software distribution, distribute the software and its source code to anyone and for any purpose. Open-source software may be developed in a collaborative, public manner. Open-source software is a prominent example of open collaboration, meaning any capable user is able to online collaboration, participate online in development, making the number of possible contributors indefinite. The ability to examine the code facilitates public trust in the software. Open-source software development can bring in diverse perspectives beyond those of a single company. A 2024 estimate of the value of open-source software to firms is $8.8 trillion, as firms would need to spend 3.5 times the amount they currently do without the use of open source software. Open-source code can be used for studying and a ...
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Software Development
Software development is the process of designing and Implementation, implementing a software solution to Computer user satisfaction, satisfy a User (computing), user. The process is more encompassing than Computer programming, programming, writing source code, code, in that it includes conceiving the goal, evaluating feasibility, analyzing software requirements, requirements, software design, design, software testing, testing and software release life cycle, release. The process is part of software engineering which also includes management, organizational management, Software project management, project management, configuration management and other aspects. Software development involves many skills and job specializations including software programmer, programming, software test, testing, Technical writing, documentation, graphic design, user support, marketing, and fundraising. Software development involves many software tools, tools including: compiler, integrated develo ...
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Jordan
Jordan, officially the Hashemite Kingdom of Jordan, is a country in the Southern Levant region of West Asia. Jordan is bordered by Syria to the north, Iraq to the east, Saudi Arabia to the south, and Israel and the occupied Palestinian territories to the west. The Jordan River, flowing into the Dead Sea, is located along the country's western border within the Jordan Rift Valley. Jordan has a small coastline along the Red Sea in its southwest, separated by the Gulf of Aqaba from Egypt. Amman is the country's capital and List of cities in Jordan, largest city, as well as the List of largest cities in the Levant region by population, most populous city in the Levant. Inhabited by humans since the Paleolithic period, three kingdoms developed in Transjordan (region), Transjordan during the Iron Age: Ammon, Moab and Edom. In the third century BC, the Arab Nabataeans established Nabataean Kingdom, their kingdom centered in Petra. The Greco-Roman world, Greco-Roman period saw the ...
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Global South
Global North and Global South are terms that denote a method of grouping countries based on their defining characteristics with regard to socioeconomics and politics. According to UN Trade and Development (UNCTAD), the Global South broadly comprises Africa, Latin America and the Caribbean, Asia (excluding Israel, Japan, and South Korea), and Oceania (excluding Australia and New Zealand). Most of the Global South's countries are commonly identified as lacking in their standard of living, which includes having lower incomes, high levels of poverty, high population growth rates, inadequate housing, limited educational opportunities, and deficient health systems, among other issues. Additionally, these countries' cities are characterized by their poor infrastructure. Opposite to the Global South is the Global North, which the UNCTAD describes as broadly comprising Northern America and Europe, Israel, Japan, South Korea, Australia, and New Zealand. Consequently the two groups do n ...
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Underbanked
The underbanked is a characteristic describing people or organizations who do not (or volunteer to not) have sufficient access to mainstream financial services and products typically offered by retail banks and thus often deprived of banking services such as credit cards or loans. The underbanked can be characterized by a strong reliance on non-traditional forms of finance and micro-finance often associated with disadvantaged and the poor, such as cheque cashers, loan sharks and pawnbrokers. Many people who are classified as underbanked may also have a language barrier, such as migrant workers, be unable to access banking facilities due to distance, such as the elderly, or simply feel uncomfortable using automated teller machines. The underbanked are a distinct group from the ''unbanked'', who are characterized by having no banking facilities at all. Distribution Small countries have fewer banking provisions than large countries, even allowing for the smaller size of their ...
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Mozilla Foundation
The Mozilla Foundation is an American non-profit organization that exists to support and collectively lead the Open-source software, open source Mozilla project. Founded in July 2003, the organization sets the policies that govern development, operates critical infrastructure, and controls Mozilla trademarks and copyrights. It owns two taxable subsidiaries: the Mozilla Corporation, which employs many Mozilla developers and coordinates releases of the Mozilla Firefox web browser, and MZLA Technologies Corporation, which employs developers to work on the Mozilla Thunderbird email client and coordinate its releases. The Mozilla Foundation was founded by the Netscape-affiliated Mozilla Organization. The organization is currently based in the Silicon Valley city of Mountain View, California, United States. The Mozilla Foundation describes itself as "a non-profit organization that promotes openness, innovation and participation on the Internet." The Mozilla Foundation is guided by the ...
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Creative Commons
Creative Commons (CC) is an American non-profit organization and international network devoted to educational access and expanding the range of creative works available for others to build upon legally and to share. The organization has released several copyright licenses, known as Creative Commons licenses, free of charge to the public. These licenses allow authors of creative works to communicate which rights they reserve and which rights they waive for the benefit of recipients or other creators. A simplified one-page explanation of rights, with associated visual symbols, explains the specifics of each Creative Commons license. Content owners still maintain their copyright, but Creative Commons licenses give standard releases that replace the individual negotiations for specific rights between copyright owner (licensor) and licensee, that are necessary under an "all rights reserved" copyright management. The organization was founded in 2001 by Lawrence Lessig, Hal Abelson, an ...
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Developing Country
A developing country is a sovereign state with a less-developed industrial base and a lower Human Development Index (HDI) relative to developed countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low-and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but they refer only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high-, upper-middle-, lower-middle-, and low-income countries. Least developed countries, landlocked developing countries, and small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as high-income countries or developed countries. There are controversies over the terms' use, as some feel that it perpetuates an outdated concept of "us" and ...
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Mojaloop
Mojaloop is an open-source software project of the Mojaloop Foundation. The project is a reference model for creating interoperable payments platforms for digital financial providers intended to reduce the technical barrier of financial inclusion efforts. It was created and released by the Bill & Melinda Gates Foundation’s Level One Project in 2017. ''Moja'' is a Swahili word meaning "one". Mojaloop is a collection of Node.js microservices. There are multiple components for routing, clearing, and settling payments between digital financial service providers. It uses the Interledger Protocol for facilitating payments. History The earliest mention of Mojaloop by commercial entities was the announcement in 2018 by Orange Telecom Group and MTN to establish a new joint venture called Mowali which would implement the Mojaloop technology. The joint venture was closed down in November 2022 due to lack of required approvals by the Central Bank. In 2019, Forbes covered the efforts ...
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