Written by Stefan Thomas & Evan Schwartz, they have presented a protocol for payments across payment systems that enables secure transfers between ledgers and allows anyone with accounts on two ledgers to create a connection between them. Ledger-provided escrow removes the need to trust these connectors and connections can be composed to enable payments between any ledgers, creating a global graph of liquidity or Interledger.
Unlike previous approaches, this protocol requires no global coordinating system or blockchain. Transfers are escrowed in series from the sender to the recipient and executed using one of two modes. In the Atomic mode, transfers are coordinated using an ad-hoc group of notaries selected by the participants. In the Universal mode, there is no external coordination. Instead, bounded execution windows, participant incentives and a “reverse” execution order enable secure payments between parties without shared trust in any system or institution.
Fran Strajnar Co-Founder & CEO of Brave New Coin (BNC) comments:
Interledger is designed to be a connector between other ledgers, whether they are traditional fiat currencies or crypto currencies. This could turn out to be a very critical piece of technology that directly influences the work being done by R3CEV, Hyperledger and Chain to name a few. It may also influence, and perhaps facilitate, transfers between fiat ledgers (or accounts) and the bitcoin ledger.
Businesses are still having a hard time getting banking relationships, even from the banks that seem to be investing in Blockchain Technology.
What Ripple appears to be doing is very smart. They are setting up their private token system to interact with other ledgers, even those that have yet to be made. By making Interledger a protocol, Ripple may have provided a bridge for many useful applications. In a way they might be levelling the playing field, and if this protocol gets utilized it brings a lot of confidence to the Ripple tokens and the private Blockchain that secures them.
Ripple has been an object of fascination among banks and blue chips almost as long as they have been looking at Bitcoin. Ripple can also claim to have had a regulatory encounter, let’s call it, and has now emerged stronger, arguably setting a standard for compliance conscious financials.
Recently, one of Deloitte’s big competitors KPMG revealed it was hiring anybody that had experience of deploying Ripple at banks.
Spoke said: “What I am noticing more and more as I get closer to this space – is it going to be one protocol that wins the day at the end of all this?
“Nobody knows the answer to this, but there could be room in different contexts for different technologies and different versions of this. Ripple could be very meaningful in a certain context.”
To see whitepaper in full click here.
- IOHK Launches Secure Smart Contracts Technology for Cardano blockchain - December 11, 2018
- XYO Network to Launch of Blockchain Satellite on SpaceX Falcon 9 - December 11, 2018
- Algo Capital to Invest In Promising Companies Built on Algorand Platform – Announces $100 Million Blockchain Fund - December 11, 2018
- Stackr Taps into AI For Investment Solutions to Power a New Savings Solution - December 11, 2018
- Walt Disney Company Cuts Deal with Blockchain-fueled PlayGame.com to Bring Games to Southeast Asian Fans - December 11, 2018
- Huobi Releases New Derivative Market On Huobi Global - December 11, 2018
- Ledger Expands to New York City - November 26, 2018
- Genetics Prof. David Haymer Joins DNAtix Advisory Board - November 12, 2018
- Libra Announces Commitment to Support Circle Trade’s Financial Reporting Requirements - November 10, 2018
- Evident Proof, Leading Blockchain Immutable Proof Platform Accept Dash & XRP As Business Adoption Soars - November 10, 2018
- Ethereum Now On Hyperledger Fabric - October 28, 2018
- 8000+ Expected – Blockchain Expo North America Exhibition Announces Expert Speakers - October 26, 2018
- Enjin Smart Wallet Update Will Allow Users To Melt & Send ERC-1155 Tokens - October 26, 2018
- Crypto-Friendly Gallery HOFA Launches in Los Angeles With Qvantum Exhibition - October 26, 2018
- Blockchain Company WePower Announces Plans to Tokenize Estonian Power Grid - October 25, 2018
- Overstock’s Medici Ventures, Buys into Crypto Social Network, Minds - October 24, 2018
- Xfinite to release new Blockchain content platform - October 24, 2018
- Omnitude set to transform enterprise business with the move of its ECOM token to Stellar and the introduction of micropayments to users - October 24, 2018
- Nem, Proximax, And Pundi X Join Growing List Of Sportsfix Sponsor Partners - October 23, 2018
- NEM Foundation’s Founder Lon Wong Becomes SportsFix Chief Technology Advisor - October 10, 2018