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.”
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.