extracted from [1].
Fundamentals
Here’s what InterLedger Protocol can do. The Ripple innovation can connect banks, mobile money platforms, stock exchanges, clearing houses and different ledgers. By ledgers, I mean blockchains like Ethereum, Bitcoin, Bitcoin Cash or any other network of choice. And it is true. InterLedger Protocol or simply ILP is “an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. InterLedger is independent of any one company, blockchain, or currency.”
From this, it is clear that ILP is what will eventually bring value to the largely fragmented blockchain. Note that there are more than 2,000 blockchain projects each with different value propositions. However, it is this differentiation that is draining value, but with a solution that connects them allowing for interoperability, then we shall have one big valuable network.
That is the motive behind ILP development, and just recently, the team did launch the first fiat—ILP connector, a big step towards mass adoption and fusing crypto and traditional financial systems. Announced by Vanessa Pestritto of Xpring and demonstrated by Stefan Thomas of Coil and co-founder of ILP, the team is on the way creating an independent Internet of Value (IoV) that is easy to use.
Candlestick Arrangements
extracted from [2].
Like most coins, Ripple (XRP) is on an uptrend, at third and up 16.3 percent in the last week. Even though the coin valuation is up, XRP is underperforming and didn’t satisfactorily tap Bitcoin price revival.
Nevertheless, we expect bulls to be in charge, driving prices above 40 cents now that XRP is trading within a minor bullish breakout pattern against the USD after clearing 34 cents. Affirming our bullish stance is the strong support at 30 cents and Apr 5 bull bar rejecting bearish attempts of Apr 3-4.
Price surge of Apr 5 did confirm buyers of Jan 30, and after a deep correction, bulls of Sep 2018 are back ready to propel prices to 40 cents, 60 cents and later 80 cents.
ILP Would Become a Global Payment System
David Schwartz, the Chief Technological Officer at Ripple, is convinced that the ILP would become a global payment system. Back in 2018, Schwartz said “by connecting bank ledgers and existing infrastructure investments via ILP, banks are taking the first steps in improving global payments today — and in enabling a true Internet of Value.”
Following the development of the ILP, Schwartz added that Ripple’s xRapid solution would make it possible for banks and other financial entities to save time and money when carrying out cross-border remittance. He pointed out that Ripple’s products would lay the foundation for the next five decades in the world of finance.
Evan Schwartz, the co-inventor of InterLedger and an engineer at Ripple said he hopes the ILPv4 would be the last version of the software for a long time. He tweeted that “We’re hopeful that ILPv4 will be the last version for a long while. We’re bringing the ILP-connector up to production quality and starting to use it for micropayments over cryptocurrencies. The plugins for XRP, ETH, and ERC20 tokens should be good to use w/in 1-2 weeks.”
The team recently confirmed that the ILP is not yet connected to RippleNet, adding that it could become available on the platform once there is sufficient demand for the product.
References:
- https://www.pexels.com/photo/person-holding-round-gold-colored-coin-1108313/
- https://www.newsbtc.com/2019/04/07/is-ripple-xrp-undervalued-after-fiat-ilp-interoperability-demo/
- https://ethereumworldnews.com/ripple-building-first-fiat-interledger-protocol-ilp-connector-launched/
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