Progress Being Made On Ripple’s InterLedger Protocol

The InterLeder Protocol (ILP) team aren’t showing any signs of slowing down and now that we have a fiat connector, it seems that it’s only a matter of time before the benefits of a real Internet of Value behind to permeate.

For those that don’t know, here is a rundown on the InterLedger Protocol. So with the Ripple innovation, mobile money, stock exchanges, platforms among other things can be connected as well as ledgers. Ledgers are blockchains such as Bitcoin, Ethereum, TRON and so on. The InterLedger protocol is described as “an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. InterLedger is independent of any one company, blockchain, or currency.”

From this, we can see that ILP is what will one day bring value to the largely fragmented blockchain. Furthermore, there are more than 2,000 blockchain projects with different value propositions. Even so, it is the differentiation that is ridding the value but with a solution that connects them allowing for interoperability, then we all have one big valuable network.

This is the reasoning behind the development of ILP and just recently, the team launched the first fiat – ILP connector which is a nice stepping stone towards mass adoption and getting the traditional financial systems involved with the crypto world.

According to Vanessa Pestritto of Xpring and Stefan Thomas of Coil and co-founder of the ILP, the team is well on its way to creating a standalone Internet of Value that isn’t just effective but is also easy to use.