According to a tweet published by Asheesh Birla on August 5, SVP Product at Ripple, the company was exploring the possibility of launching the implementation of xRapid as an ILP connector. However, the team is not ready to engage in this development, since all efforts are focused on xRapid.
It functions as a ilp connector but not specifically one today. It’s something we want to look at in early next year but we have our hands full with xrapid customers right now so focused on that.
— Asheesh Birla (@ashgoblue) August 5, 2019
“It functions as a ILP connector but not specifically one today. It’s something we want to look at in early next year but we have our hands full with xrapid customers right now so focused on that,” posted Asheesh on Twitter.
The team does not deny immersion in the implementation of xRapid as an ILP connector in the future.
The Changes in Cryptocurrency Space
Launched in Ripple in October 2015, the ILP protocol was able to interest traditional financial institutions in operating with a wide range of distributed, shared databases and blockchain in particular. That time the banks were more cautious about the blockchain and were just starting to research applications.
Ripple has helped banks to create a wide range of products, relying on their technology of distributed ledgers, and not on their national currency.
Here is what the InterLedger protocol to come up with the goods. Ripple innovation can connect banks, mobile payment platforms, exchanges, clearinghouses, and various ledgers. Ethereum, Bitcoin, Bitcoin Cash, or any other are among them. InterLedger or ILP is a set of public protocols for sending payments on different ledgers.
Like routers on the Internet, connectors send packages of money through independent payment networks. Open architecture and a minimum protocol provide compatibility with any value transfer system. InterLedger is independent of any one company, blockchain or currency.
It becomes clear that ILP is something that will ultimately benefit from a largely fragmented blockchain. To date, there are more than 2000 blockchain projects, each one has different use cases and value suggestions.
However, it is this differentiation that reduces this value. However, through the solution linking them concerning interoperability, we will have one huge relevant network.
Despite the barriers, XRP’s tech development keeps evolving, moving forward as they strive to make the Ripple goal possible. However, mass acceptance continues to evade them.
Ripple is working hard to change this state of things by introducing products that help financial institutions around the world simplify their clients’ local and cross-border transactions, making them faster, cheaper and more convenient.
The launch of ILP could make it easier for financial institutions to act with cryptocurrencies and fiat. At the same time, this step, which will be crucial for the cryptocurrency market, will become widespread in the coming years.