World's first Interledger payment happened today

[Guest]

 

 

[Guest jarvis]

Great Job everyone who was involved in making history!! People will be looking back at you guys as we do to the founding fathers of America!!

I had a feeling something was going to happen!  

Edited July 6, 2016 by jarvis

[Guest Dizer]

Hopefully this is the beginning of the ILP snow ball rolling. If this snow ball gets big enough it will pull with it RCL and eventually XRP.

[Guest]

Biblical moment!

 

[cmbartley]

Wonder if they have plans to permanently implement ILP between Bitstamp and Gatehub. In the short term it would allow users to easily swap bitstamp IOUs for gatehub IOUs. I could see ILP being implemented between smaller exchanges to establish an ILP-networked exchange that is larger than any of the current existing exchanges.

[tulo]

7 hours ago, cmbartley said:

Wonder if they have plans to permanently implement ILP between Bitstamp and Gatehub. In the short term it would allow users to easily swap bitstamp IOUs for gatehub IOUs. I could see ILP being implemented between smaller exchanges to establish an ILP-networked exchange that is larger than any of the current existing exchanges.

Exactly...I think the application to crypto exchanges can be huge, empowering small exchanges and allowing fast movements of funds for liquidity...

[Guest]

Was there a couple of pizza's involved in the transaction?

[Hodor]

This is awesome - great news for ILP to take that final step to a production transaction.  Congrats to Ripple, Bitstamp, and Gatehub!

[MundoXRP]

Wow!! Under a week!?!? We might go from 0-1000 ledgers connected in months not decades like some people are predicting. 

 

[cmbartley]

Imagine how quickly the network grows if you only have to establish ILP between one other protocol in order to access the entire network...

[rippleric]

3 minutes ago, cmbartley said:

Imagine how quickly the network grows if you only have to establish ILP between one other protocol in order to access the entire network...

Do you mean RCL and one private ledger is connected to all other private ledgers?

I wonder how trust / pathfinding works between all connectors and ledgers, or is the trust already established or only available when accounts are created on private ledgers or when they make offers?

Who are the connectors again, market makers or some other trusted third party? What incentive is there to be a connector? Do connectors send value 1 for 1 or are there fees, fx rates, etc..

Can a connector that has accounts on two ledgers effectively supports all accounts on both ledgers?

If I have pl1 - connector1 - pl2 - connector2 - pl3 - connector3 - pl4 can process a payment from private ledger 1 to private ledger 4 even though connector 1 and 3 don't share a common private ledger? At what point would a payment ever route through or find a path through ripple consensus ledger, when two connectors don't have a direct path / route through other connectors? Maybe RCL is only used for settlement of large funds without a connector(s) involved and cross-border payments where there are better exchange rates and no counter-party?

So one connector can create accounts on as many private ledgers as need be? I think it would be more feasible to use RCL where connectors only connect to a few private ledgers and then connect to the rest of the world through RCL where it's more feasible for all private ledgers and connectors to make one connection to the rest of the world(other connectors and private ledgers).

[cmbartley]

Lisk CEO was tweeting about Interledger today.

[rippleric]

27 minutes ago, cmbartley said:

Lisk CEO was tweeting about Interledger today.

What did he have to say?

Here's the tweet, can't tell what he's getting at, matches the slide so sounds like sarcasm or he thinks it's a very important question... looks like he took the photo too maybe?

 

Edited July 8, 2016 by rippleric

[tulo]

7 hours ago, rippleric said:

Who are the connectors again, market makers or some other trusted third party? What incentive is there to be a connector? Do connectors send value 1 for 1 or are there fees, fx rates, etc..

I believe they can be both, it depends on the ledgers, if they allow everybody or only trusted party to have accounts on their ledger and trade their funds.

7 hours ago, rippleric said:

If I have pl1 - connector1 - pl2 - connector2 - pl3 - connector3 - pl4 can process a payment from private ledger 1 to private ledger 4 even though connector 1 and 3 don't share a common private ledger?

Yes. That's the point of ILP

7 hours ago, rippleric said:

At what point would a payment ever route through or find a path through ripple consensus ledger, when two connectors don't have a direct path / route through other connectors? Maybe RCL is only used for settlement of large funds without a connector(s) involved and cross-border payments where there are better exchange rates and no counter-party?

RCL is going to be just another ledger. No difference from the others, so a path will go trough RCL if there are connectors between that and other ledgers, i.e. the best path for a payment is trough RCL. RCL in ILP will be only used with XRP (at least at the current state).

 

7 hours ago, rippleric said:

So one connector can create accounts on as many private ledgers as need be?

Only if the ledgers allow you. For example a US bank probably won't allow me (in EU) having an account and making MM (connector). And probably big institution will only allow big trusted parties  to be their MM/connectors.

[MacaNota]

 

So Interledger will basically help to settle between different ledgers e.g. the Bitcoin ledger (Bitstamp) and the Ripple XRP ledger (Gatehub) 

A consumer can obviously just send Bitcoins to Gatehub and then exchange it for whatever currency he wants but for banks that want instant settlements ILP will be used to move the money from ledger A to B directly. How does that work technically?

Also in your opinion who would benefit the most from this automated routing between ledgers?