In our push toward the first public release of the PaySwarm standard, development platform, and commercial release of the first PaySwarm Authority – we have released a key building block of the PaySwarm specification: The PaySwarm Vocabulary. The vocabulary outlines the concepts that are active on any PaySwarm-compliant network – people, financial accounts, assets, licenses, listings and contracts. The vocabulary is used by PaySwarm applications to communicate with one another using a common commerce language.
This vocabulary is used in conjunction with the Commerce Vocabulary and the Digital Signature Vocabulary in order to transact via the Web. In strictly Semantic Web speak, the vocabulary document describes a number of classes and properties that can be used to express digital sales, rentals, contracts, licenses and micropayment-based exchanges on the Web. It is a fundamental building block on which REST-based Web Services can be built. These Web Services can be used to transact digital goods and services. These include things such as micropayments for blog articles, video rentals, electronic magazine subscriptions, data vending, provisioning of web services under legally enforceable contracts, and other novel business models that are powered by micropayments and macropayments via the Web. This vocabulary is a part of the PaySwarm Universal Web Payments Specification.
The vocabulary is important because it is the first world-wide patent and royalty free Web standard that aims to create a universal payment mechanism for the world. You can read more about the vocabulary on the PaySwarm Vocabulary specification page.