Lack of interoperability among blockchains is one of the greatest problems in the cryptoverse. Ripple is part of the body working on the Hyperledger project that is working to fix this problem. The project will allow Ripple to access an interledger protocol for enterprise use.
Initially, the interledger protocol was available in Javascript alone but thanks to the collaboration between Ripple and NTT, a Japanese system integration company, the protocol has been developed in Java programming language. The companies worked together to develop a new protocol with the name Hyperledger Quilt.
What is the Hyperledger Quilt?
Stefan Thomas, the CTO of Ripple, described the Hyperledger Quilt as follows:
“The Quilt connects ILP-efficient payment systems like Ripple, to Hyperledger blockchains. This allows us to deliver on our promises to provide an internet of value to the public. The money will be moved the same way information is moved today.”
The Internet of Value
The internet of value is a phrase used to describe a situation where information and payment will be made effective through the net. A person can make a purchase halfway across the world and make payments in Ripple.
Such a transaction on a Ripple would take about 3.3 seconds to verify and complete. Individuals will be able to transfer Ripple from a Ripple address to a BTC address. This is what is referred to as interoperability and Ripple is working on this concept. It will allow blockchains to interact with each other.
During the TNW conference in Amsterdam, David Schwartz, a chief cryptographer at Ripple, had this to say:
“From the beginning, our vision has been to enable a cross currency system based on interoperability. We want to create a system that allows payment in any cryptocurrency in the world.”
In conclusion, it is evident that Ripple will take the lead in the system of blockchain interoperability allowing payments to be jet across different ledgers. If Ripple is able to fulfil this promise, it will overtake the competition.
Posted from my blog with SteemPress : https://smartereum.com/16386/ripple-will-take-over-and-destroy-the-competition/