Ripple Engineers Unveil Cross-ledger Payment Solution
(As featured in Live Bitcoin News- June 3, 2017)
Written by: JP Buntinx
It is evident Ripple’s technology will be of great value to the financial sector. That does not necessarily mean they will use XRP to gain cheaper access to global money transfers, but it is a start. Having the option to send blockchain transactions across multiple ledgers at the same time is quite impressive. This is made possible thanks to the latest development by the Ripple team. It is a massive breakthrough, to say the least.
The ultimate goal of Ripple is to create a solution that can send transactions across multiple ledgers all at the same time. The company feels different ledgers will ultimately converge and transactions between them need to be flawless. The company’s engineers are turning that concept into a reality as we speak. A live demo of the technology shows how one single transaction has been sent across seven different ledgers. More specifically, these were public and private blockchains, a traditional payment channel, and a centralized ledger.
Cross-ledger Operability By Ripple
One could argue there may never be a need for such a high level of interoperability for individual transactions. That is certainly possible, but it goes to show distributed ledgers and traditional channels can be made interoperable with ease. More importantly, Ripple open sourced the Bitcoin plugin for the Interledger protocol. Developers all over the world can review the code and establish new interoperable payment channels moving forward. There is also a plugin for the Chain platform.
This whole multi-ledger transaction saw fiat convert to Ether. This Ether was then converted to XRP and back to Euros. All of this went seamless and without invoking any significant costs whatsoever. Merging blockchains is seemingly inevitable at this point in time. It will greatly benefit Ripple, XRP, and any public blockchain system in existence. Traditional finance and distributed ledgers can work together just fine, assuming the right technology is put in place.
It is only a matter of time until this project will be expanded upon even further. The goal is to integrate with Litecoin as well. Additionally, ZCash, PayPal, and others are expected to build additional plugins. This would create a global network of Ripple-based transactions. It is unclear what role XRP will play in all of this, but it goes to show the digital asset is on a lot of people’s radars.
Find the link to the full story below: http://www.livebitcoinnews.com/ripple-engineers-unveil-cross-ledger-payment-solution/