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Interledger, the year in review


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https://medium.com/@ahopebailie/interledger-the-year-in-review-691b71d62fd9#.i5hxs2g1b

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2016 was an incredible year for Interledger.

In 2015, we had just introduced Interledger to the world. We created the W3C Interledger Payments Community Group with a lofty goal in mind: to connect the many payment networks and ledgers of the world. Since the world was never going to transact on one single ledger, we needed a universal standard that connects every network to every other network. Although that vision is ambitious, people immediately understood how important our work is going to be.

In January of 2016, WIRED magazine published an article about Interledger, explaining the pressing need for a global standard for payments. This article echoed some things that Microsoft’s Marley Gray had already said about Interledger; there won’t be one blockchain to rule them all, and that interoperability is going to be the glue to hold all the emerging and legacy systems together. Early in the year, we knew that this was an important part of our story, and we were excited to see it spread so far, so fast.

 

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On 1/10/2017 at 7:21 AM, grondiwam said:

Trawling this report, I don't see much implementation of ILP, let alone progress with XRP.

@grondiwam If I had to guess, I'd say you're a pessimist. ;)

I started following the ILP W3C public email email archives (link below) in November and was surprised to find ILP was still very much in it's early stages (still ahead of the pack). I believe the group only started transferring funds between parties in December. That being said, GateHub and Bitstamp made the first ILP transfer a few months ago and Ripple will be ILP enabled this year according to @nikb. I think these parties have been working on ILP in the background for quite some time and are much further along. Excited to see what's under the hood when they go public!

W3C ILP group email archive:https://lists.w3.org/Archives/Public/public-interledger/

@winthan You're running an ILP node, correct? What's your opinion on ILP so far?

2 hours ago, rippledigital said:

Very interesting Jed tweet:

@zooko is the founder of Zcash. Pretty cool they're considering ILP. Will be interesting to see if Jed & Co. are considering the same. It wouldn't surprise me.

Edited by Xi195
*node*
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2 minutes ago, Xi195 said:

@grondiwam If I had to guess, I'd say you're a pessimist. ;)

I started following the ILP W3C public email email archives (link below) in November and was surprised to find ILP was still very much in it's early stages (still ahead of the pack). I believe the group only started transferring funds between parties in December. That being said, GateHub and Bitstamp made the first ILP transfer a few months ago and Ripple will be ILP enabled this year according to @nikb. I think these parties have been working on ILP in the background for quite some time and are much further along. Excited to see what's under the hood when they go public!

W3C ILP group email archive:https://lists.w3.org/Archives/Public/public-interledger/

@winthan You're running an ILP validator, correct? What's your opinion on ILP so far?

@zooko is the founder of Zcash. Pretty cool they're considering ILP. Will be interesting to see if Jed & Co. are considering the same. It wouldn't surprise me.

 
 

I am testing the ILP nodes, It looks good for money transfer cross-border for client-wise. Node operators can issue IOUs in their own node with one currency ONLY, so there is one node for one currency.  And operators can issue any amount they want in their nodes for their operating accounts.  ILP set up the account(s) as the connector to connect with other nodes. So, then you can transfer the fund (IOU) btw the nodes which you setup for trust.  There is a good thing that node operators can earn from fund transfer. However,  liked you said it is too early stage. There is no RCL yet. So, I have seen that demo Gatehub and Bitstamp setup demo for sending money and peers to peers. It is what they did for transferring btw trust nodes. You cannot transfer the fund if you don't have any trust connectors btw your site and another site you want to send to. So, there should be a trust connection when the transfer is made. This is what I see with current ILP Kit.  and there is no XRP fees, no ripple dependencies at all yet.  

Right now, if you wanna operate with current ILP for real funds, you should have to some agreement between nodes for settlements for your connectors. You have to review the balance of connectors and so and on. Please mind that the ILP kit is in very beta and early stage so far. And I feel that It is good for remittance services for across border, and make some money from money transfer.  ;P 

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