Some ILP questions in regards to alternative crypto

[cryptoclub]

First off, as a trader I have been trading XRP for many years now and I have followed the project fairly closely. However, I am curious what the plans are for ILP and alternative cryptocurrencies in the future. A little more about my background, I am a founder for one of the main Ethereum alternatives, Expanse EXP http://blog.expanse.tech/ and I also work as a consultant for Synereo LTD. (Synereo is ranked around 20 on coinmarketcap, and Expanse is usually around rank 60)

Ok, for my questions, how will various alternative cryptos work with the coming ILP ecosystem in general? My understanding is that ILP will essentially bridge everything, cryptos, fiat, banks? Will included alternative currencies and tokens be a selection made by Ripple labs, or, more related to developers that come to XRP/ILP with the appropriate skills and choose to be a part of it?

Thanks in advance, long time reader, first time poster.

 

 

 

 

 

Edited September 25, 2016 by cryptoclub

[T8493]

39 minutes ago, cryptoclub said:

My understanding is that ILP will essentially bridge everything, cryptos, fiat, banks? 

Not exactly everything, but everything that will be ILP compliant (not every ledger is automatically compatible with ILP).

 

 

Quote

Will included alternative currencies and tokens be a selection made by Ripple labs, or, more related to developers that come to XRP/ILP with the appropriate skills and choose to be a part of it?

It will depend on the "independent" developers (this is probably your second option) and not on the selection made by Ripple Labs. Ripple Labs will probably offer their own solutions that are ILP compliant, but this shouldn't prevent other developers from making their own ledgers ILP compliant.

Interledger protocol will be an open standard https://www.w3.org/community/interledger/ and not something closed that is under tight control of Ripple Labs.

 

 

 

Edited September 25, 2016 by T8493

[tulo]

As T8493 said, ILP is an open protocol. So for every ledger it is sufficient to comply with the protocol to be part of it.

Probably it is not already clear how connectors will work and how the "offers" are shown in the ILP network, but technically any ledger can join it.

It would be nice to have another crypto (EXP) in ILP soon. It would gain traction and probably show some nice applications of ILP.

[cmbartley]

Welcome to the community. I'd recommend hopping on the Interledger W3 email list. You can communicate directly with the lead developers through that thread and they frequently send out information and updates. https://lists.w3.org/Archives/Public/public-interledger/

Regarding whether or not integrated crytocurrencies will be selected by Ripple, the clear answer is that that is not the intention in any way; especially in the long term. The goal is for ILP to function like the internet protocol and be unbiased, agnostic, and open. Anyone will be able to configure their network with ILP to participate or they can choose to remain siloed similar to an intranet. 

[chrisfranko]

Where is the best place to get started?

[Guest Haydentiff]

5 minutes ago, chrisfranko said:

Where is the best place to get started?

Are you FrankoCurrency?

Are you interested in learning more about Interledger? Have you read the whitepaper?

https://interledger.org/interledger.pdf

The demo is really cool:

 

[chrisfranko]

Hey Tiffany, Yes I am. I'm looking to integrate Expanse.tech with interledger. 

[Guest Haydentiff]

You are the second person I've "bumped into" on here today!  That never happens.

You might want to consider joining the Community Group to get added to the email list for the latest updates and whatnot.

https://www.w3.org/community/interledger/

[chrisfranko]

@Haydentiff I juuuust signed up that.

[tommytrain]

If ripple was an open source company I would nominate@haydentiff for community manager, she is VERY good at connecting the right people at the right time.


Sent from my iPhone using Tapatalk

[Guest Haydentiff]

Cool! The lead developers are very responsive. Fire off an email whenever you're ready.

And welcome to the forum! Feel free to message me if you have any questions.

[chrisfranko]

Yea she is awesome!

[chrisfranko]

Now that im familiar with what ILP is, what's the next step into adding EXP into the system. In the intro videos I notice they talk about having bitcoin and ethereum, EXP is an ETH derivative and if ETH is already integrated is their an example somewhere that I could follow? I admit that i've never worked with ripple before so I apologize in advance if i'm asking crazy questions lol.

[T8493]

1 hour ago, chrisfranko said:

Now that im familiar with what ILP is, what's the next step into adding EXP into the system. In the intro videos I notice they talk about having bitcoin and ethereum, EXP is an ETH derivative and if ETH is already integrated is their an example somewhere that I could follow? I admit that i've never worked with ripple before so I apologize in advance if i'm asking crazy questions lol.

I'm not sure ETH is already integrated... At least I'm not familiar with any open source project that is doing or planning to implement this integration.

There was discussion somewhere (maybe even on this forum) how to implement ETH integration. If I remember correctly, ETH could support ILP only indirectly by implementing some special "escrow" smart contract and not directly by sending ETH around. And there was discussion how this special smart contract should look like. However, I'm not sure there is any public implementation of this smart contract.

Even if you make EXP ledger ILP compliant, you'll still have to implement and run connectors.

 

 

 

 

 

Edited September 28, 2016 by T8493

[JoelKatz]

A blockchain with smart contract capabilities like Ethereum's should easily be able to implement ILP support. Minimal ILP support is pretty simple -- you just need a way to hold funds in limbo, a way to release those funds to the recipient on success, and a way to return the funds to the sender (or unlock them) on failure. To support atomic, high value transactions you need to implement cryptoconditions. There are already Java and C++ implementations, implementing on Ethereum shouldn't be difficult.