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A Big Update!

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Guest Dizer
10 minutes ago, karlos said:

It clearly shows the ILP ledger and ILP validators. RCL is nowhere to be found.

@JoelKatz explained before that ILP will have the option to utilize RCL and XRP. In fact, he clearly said that Ripple aims to "ground" XRP in RCL. He also said that they plan to make RCL ILP enabled to position it as a very attractive option to route funds transfer through RCL/XRP.

Edit: The operative word here is "option". RCL/XRP route will be one of many options and routes funds transfer can take, but Ripple Inc. plans to make it a very attractive one.

Edited by Dizer

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3 minutes ago, karlos said:

So, is ILP a protocol or a ledger? Because for months we were told its a protocol only. 

Protocol! I don't think you HAVE to use subledgers; my guess is that banks need to and highly sensitive ledger systems. But I guess it makes sense from a security perspective to do it that way. Maybe like http/https? Probably a crappy analogy but I'm thinking on the fly...

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11 minutes ago, Dizer said:

@JoelKatz explained before that ILP will have the option to utilize RCL and XRP. In fact, he clearly said that Ripple aims to "ground" XRP in RCL. He also said that they plan to make RCL ILP enabled to position it as a very attractive option to route funds transfer through RCL/XRP.

Kinda neat. You have so many ways in and out of networks as the IoV emerges. Banks can use ILP, or RCL, or both, depending on what they need in terms of speed/privacy/risk etc. Then you have Ripple's software plugging seamlessly into pretty much anything (i.e. it's future proofed) via ILP anyway, but with its own validation topology to keep close networks of trust and partnerships, etc. You have RCL basically focusing on being the open marketplace to buy and sell XRP, which banks could also tap once they find XRP useful. Then there's the whole public decentralised exchange aspect open to "everyone" to trade/pay/experiment using the RCL order books, going through XRP if desired, with the autobridging and everything that it features. The whole thing is coming together; it's about getting the right pieces in place at the right time. Now it makes sense the way Ripple have focused on getting this banking software out first. The rest should fall into place afterwards. The visual aids in these docs are really helping me.

I am curious about whether RCL (if not now but in a future form) will sort of merge into ILP more, so that trust lines etc can be used as part of the validator topology?

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17 minutes ago, karlos said:

Also have a look here:

Ilparch.png

 

It clearly shows the ILP ledger and ILP validators. RCL is nowhere to be found.

I think ILP ledger is just the generic name for any ILP-enabled ledger. That could also be RCL. There could be more ILP ledgers (as in the picture there are 2) but it could also be only one.  And then ILP Validor still is the connector. And then we are left with liquidity provider, I think that would be just some set of 0 or more ILP Validators and ILP enabled ledgers.

But it is fuzzie and I can't tell for sure. An explanation from a Ripple employee would help :) 

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25 minutes ago, karlos said:

So, is ILP a protocol or a ledger? Because for months we were told its a protocol only. 

It's a protocol, but can be seen as a software layer around all enabled ledgers. Here's the documentation, it gets better and better. This is where the improvement takes place, I think. Brilliant stuff. ILP is the new network. XRP will be the best medium of exchange on that network.

Edited by lucky

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It's funny, I keep confusing in my head that RCL is both a "ledger" of accounts as well as an order book for an exchange. So being that RCL is ILP enabled by default, you can use RCL as a way into the ILP universe. As long as you're content with privacy issues etc. Ripple is so awesome.

Also I KEEP bloody confusing the fact that banks do payments with attached metadata, not TRADES the way I'm used to on RCL. Simple and obvious, but I always have to read the examples twice before I remind myself that they're doing payments as settlement for things e.g. goods/services and not making e.g. dollar/euro market trade. That exchange ability on RCL improves AFTER simple payments can be achieved by private banks on ILP, once XRP is seen as valuable.

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Guest Dizer
5 minutes ago, jn_r said:

An explanation from a Ripple employee would help :) 

Good idea.

@JoelKatz, @nikb, @mDuo13,  I would love for you guys to chime in. 

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2 hours ago, jn_r said:

I think ILP ledger is just the generic name for any ILP-enabled ledger. That could also be RCL. There could be more ILP ledgers (as in the picture there are 2) but it could also be only one.  And then ILP Validor still is the connector. And then we are left with liquidity provider, I think that would be just some set of 0 or more ILP Validators and ILP enabled ledgers.

But it is fuzzie and I can't tell for sure. An explanation from a Ripple employee would help :) 

So what is ripple connect for then? I see the little ripple logo above the graphic, @karlos i figured ripple connect hooked into RCL, seems strange they would leave RCL and XRP out of the equation... @jn_r is on to something ILP ledger could mean anything

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I thought Ripple Connect was Ripple Trade Pro- a means for connecting direct bridges between bank and network, storing wallets and trust lines, providing authentication and trust and general tracking/data/magic.

Sent from my LG-K210 using Tapatalk

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8 minutes ago, Mercury said:

I thought Ripple Connect was Ripple Trade Pro- a means for connecting direct bridges between bank and network, storing wallets and trust lines, providing authentication and trust and general tracking/data/magic.

Sent from my LG-K210 using Tapatalk
 

Ripple Connect via https://ripple.com/technology/ 

Ripple Connect is a plug-and-play module that processes international payments for banks. It connects to the receiving bank’s Ripple Connect to exchange KYC and risk information, fees, payment details and expected time of funds delivery. It communicates with the Ripple network to get the lowest currency quotes. It packages this information and presents the entire cost structure to the sending bank, providing unprecedented visibility into the total costs of the transaction. Once the sender approves the transaction, it interfaces with RCL to settle the trade and notifies all parties of the transaction confirmation.

Edited by rippleric

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5 minutes ago, tomb said:

If there was more than one ILP wouldn't it be called interledgers protocol?

Is it called the "Hypertexts Transfer Protocol"? Or the "Files Transfer Protocol"?

ILP - the Interledger Protocol - defines the language that a ledger can use to connect and interact with other ILP-enabled ledgers.

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