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Tell me about ILP


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I can't understand ILP in detail.  Could you help me out?
Main part of the question is the detail of transferring value from one to another ledger.

For example, now, ledger A has $1 value in kind like bank (they have $1 actually and record it in their ledger)
and if customer A' in ledger A transfers the $1 to account B' in ledger B through ILP, then ledger B has value
of $1 in spite of not having the real $1 value which ledger A actually has. WTF is this? How ILP solves this problem?

I thought about this and came up with some solutions.

1) ledgers have account for each other's ledger (or connectors have in the same way)
2) ILP transfers private key of IOU

in detail,

1) For example, if account A' of ledger A wants to transfer value to ledger B, it means actually transferring
value to account BB in ledger A for ledger B and ledger B records the value of account BB in ledger B.

2) If account wants to transfer $1, ledger actually transfers value of IOU, the private key of the IOU.

or... something else?

Could you please tell me how?

Thank you .

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5 hours ago, dora-gt said:

This is my image of transferring value on a ledger to another via connector.

Is this right or not?


Yes. See p4 and onwards https://ripple.com/files/ripple_product_overview.pdf

All ILP does currently is updates the  connected ledgers as per messaging layer instructions. The connector needs to be either a nostro/vostro accounts or an MM. You may not need a direct link between banks i.e. (Bank A - connector - Bank B), if both are connected to the bank C. 

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