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Google and Apple like Ripple's Interledger Protocol for interoperability - and because it's not Visa

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https://amp.ibtimes.co.uk/google-apple-like-ripples-interledger-protocol-interoperability-because-its-not-visa-1577010?__twitter_impression=true

 

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Ripple chief technical officer Stefan Thomas gave some insights about W3C's Web Payments Working Group.

 

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Up until now big technology companies like Apple and Google have shown little interest in blockchain – but that might be changing, according to Ripple, the distributed ledger financial company.

As a co-chair of W3C's Web Payments Working Group, Ripple comes in regular contact with big tech companies and there is "a lot of interest" from them about Ripple's Interledger Protocol (ILP).

 

Edited by tomxcs
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46 minutes ago, Vader-DeWelt said:

Is it appropriate to refer to ILP as "Ripple's" ?

https://www.wired.com/2016/01/project-aims-to-unite-bitcoin-with-other-online-currencies/

It is Ripples baby, and a major part of their plan for developing the "Internet of value". It's a chess move, and Ripple seem to be be among very few players with a plan for how the movements will look in the future on the chessboard.

Edited by mandelbaum

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9 minutes ago, xrpmeplease said:

But Ripple still have their own Ledger/protocol (RLP), right? ILP evolved from that? 

Yes, ILP will connect everyone who wants to be a part of the Internet of Value just as TCP/IP - HTTP connected everyone who wanted to be a part of the internet of information.

If we believe what Brad Garlinghouse and David Schwartz says, everything they do is to make XRP a major part of the Internet of Value. So adoptions like this is great news. Ripples ideas of how to accomplish the internet of value are accepted by W3C, Microsoft, Mozilla, Google and Apple. That is major.

That is at least my opinion/reading.

Edited by mandelbaum

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ILP is not entirely Ripple's now, as it is an open standard. They invented it though. It's not a direct 'evolution' of the RCL itself, though you could say it is a rather ingenious pivot of the original idea they had with the IOUs there. Since FIs told them essentially: fat chance we are going to let anonymous wallet addresses on your blockchain trade IOUs for assets that belong on our own ledgers. It really should come as no surprise. They came up with the idea with ILP to carry out their original plan, allegedly in 2014 as a response to this major problem with the original idea. You could say that now ILP completely supercedes it for the purpose of routing payments.

I think ILP may grow beyond just Ripple's own software stack, it can really bring about the IoV vision if it gains enough traction on the "ledger" and "application" layers.

 

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IIRC Stefan and Chris said in a talk that when Stefan created ILP they realised how big it could be,  and just sat on it for a whole year to consider its effects on XRP before they made it public.  They were concerned about the possible ramifications of XRP in an ILP world, so they wanted to be sure of its effects before releasing the protocol.

Eventually they were certain it was a necessary and good thing for XRP.  So to see it being adopted widely will be a very good sign for XRP.

As David says...   ILP is token agnostic...  it will create a level playing field for bridging payments,  and the best token to compete on that level playing field is XRP.

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Dumb question: ILP sounds like a great technological breakthrough that enables many use cases and strengthens Ripple brand. But how does a protocol that has nothing to do at all with XRP help increase the value of XRP?

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47 minutes ago, ripplex said:

Dumb question: ILP sounds like a great technological breakthrough that enables many use cases and strengthens Ripple brand. But how does a protocol that has nothing to do at all with XRP help increase the value of XRP?

There are no dumb questions on this forum. ILP and the strength of it are to connect different ledgers, enabling communication between different international payment systems around the world. If you believe that Bitcoin won't be" the one and only" crypto payment in the world, for sure interconnectivity between ledgers is crucial in the future.

Back to your question, XRP is ILP's native currency, not saying other can't be used but XRP is the most efficient (cost wise and speed wise). As money, in general, follows the quickest and cheapest way. XRP will be used a lot and so be boosting the price if ILP becomes more adopted.

Edited by CryptoGerrie

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