Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet

David Schwartz, the Chief Technological Officer at Ripple, clarified that ILP is not linked to RippleNet and speculated as to when they will be connected.
A Twitter user, @ipinky77 tweeted:
“Do I need to worry? RippleNet is NOT ILP compatible yet? “
This was because of the recent post by Evan Schwartz, the creator of Interledger Protocol [ILP] which stated that Ripple’s Network of banks was currently not connected to or accessible from the open Interledger and that Ripple’s products use a number of other proprietary protocols on top of an ILP-inspired foundation.
He further noted:
“It is possible that both of these could change in the future if there’s a demand from banks to connect to the open interledger, but that’s a decent ways off.”
Interledger protocol [ILP] was developed by two people, Stefan Thomas & Evan Schwartz to facilitate the transactions between two different ledgers with different currencies to go through with ease and less friction than the current fiat system. Through ILP it is possible to enable payments between any ledgers, creating a global graph of liquidity or Interledger.
The user Michael iPinky7 [@ipink77] further referenced a “Ripple Insight” article which stated that Ripple’s solution for banks, xCurrent was built around an open, neutral protocol, the Interledger Protocol [ILP], which would provide interoperability between different ledgers.
Michael iPinky7 stated:
“here it is quite clear: RippleNet IS based on ILP: https://ripple.com/files/ripple_product_overview.pdf … now as I have found other “misleading” info in Ripple’s public docu I am still unsure which is correct now.”
David Schwartz, the CTO of Ripple commented that ILP wasn’t stable enough to build production code on when RippleNet protocols needed to be locked down.
He continued:
“So RN use an older version that was ready then. Convergence will be doable when use cases emerge. My gut says that’s at least a year away, but who knows?”
A Twitter user, @placedonhodl commented:
“I believe what he is saying is exactly what we already knew. Banks are not using ILP as they are not using xRapid. They are using xCurrent which uses Interledger-inspired DLT.”
The post Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet appeared first on AMBCrypto.
Source: AMB Crypto

Ripple right in the Thick of utilizing Interledger Protocol (ILP) using XRP to move Value across Borders

Ripple is focused on creating the Internet of value by using Interledger Protocol (ILP) with their system and using XRP. Through Xpring, Ripple is already invested in ILP having developed Coil and XRP tip Bot.
Moving more money & value across borders
Recently, Ripple enthusiast Steven Diep shared a video of Ripple VP, Cory Johnson talking about working with Interledger Protocol (ILP) using XRP to move more value across borders.
 

275+ contributors, including Bank of England, Saudi Central Bank, Google and many other companies, are working on Interledger Protocol. Ripple is in the think of using ILP with their software using #XRP to more value across borders.
Cory Johnson @ Ripple pic.twitter.com/pCFt9RshGw
— Steven Diep (@DiepSanh) October 9, 2018

Interledger is basically an open protocol suite for sending payments across different ledgers. Now, Johnson states Ripple is using the open-source protocol Interledger Protocol that connects all those different ledgers which is being worked on by lots of individuals and community groups.
Johnson further shares in his speech that over 250 contributors are involved in it. Banks, central banks such as the Bank of England, Saudi bank along with payment companies are also part of this. Moreover, big tech companies such as Google and consultancy companies, and blockchain companies are also working on ILP.
However, he states the thing is “Ripple is right in the thick of using this ILP with our software and using XRP to move money, move value across borders.”
Also, read: Ripple to Exhibit RippleNet at Swift’s Sibos 2018 Event, Is another XRP Jump Coming?
Ripple focused on Interledger protocol to create an internet of value
The mission is simple, “To create an internet of value.” He says, we have internet of data that has changed the world but we are missing a crucial component of moving value.
“With interledger protocol and with ripple software and using XRP we have created an internet of value,” explains Johnson.
He further mentions that they have already 100 customers rolled in this and that they are adding more customers “every week”.
Ripple has actually launched Xpring that focus on Interledger Protocol. At this “Ripple’s ecosystem initiative”, they are focused on supporting developers and projects building both infrastructure and applications in the Interledger ecosystem.
At the beginning of this month, the co-inventor of Interledger and lead engineer at Xpring, Evan Schwartz shared in his post that “the early Interledger network is optimized for micropayment use cases and trustless trading cryptocurrencies natively across blockchains.”
A few of the instances of infrastructure and application build with ILP involves Coil, a subscription service for supporting web content creators underpinned by Interledger micropayments and the proposed Web Monetization standard. Ilp.ix, a mlab project, which is an XRP peering exchange that helps connectors find and connect to one another. And XRP Tip Bot that enables Twitter, Reddit, and Discord users to tip one another using XRP and IP.
The post Ripple right in the Thick of utilizing Interledger Protocol (ILP) using XRP to move Value across Borders appeared first on Coingape.
Source: CoinGape