Earlier this year, the Chief Technical Officer of Ripple, Stefan Thomas, stepped down from his position to start a new company. The company in question is called Coil and focuses on monetary support of content through micropayments.
Notably, Stefan is known for his work on the InterLedger Protocol. ILP is an open protocol suit that allows for the interoperability of blockchains with other ledger systems. Coil aims to use this to support content creators across payment systems.
Dan Aranda, the Managing Director of Xpring spoke on Coil and its applications. Xpring is Ripple’s incubator for startups in the blockchain and digital assets arena, and Coil is one of them. He started off by talking about Stefan Tomas, and his contributions to the early growth of Bitcoin.
On Coil, he said:
“It is also focused on payments but more on very low value payments, meaning focused on micropayments, specifically as an alternative ad-based models to monetize the web and monetize web content whether that’s articles or streaming video.”
Stefan will be using the XRP Ledger and the ILP to allow for clearances between different blockchains that allow money to move. He will also be using an agnostic smart contract platform known as Codius. Codius can be used to create revenue disbursement contracts to pay content creators for their contributions.
He also spoke about scaling issues on the XRP Ledger, with comparisons to Ethereum’s Plasma protocol. He said:
“I think also you’re beginning to see kind of novel kind of implementations that might scale blockchains. Part of that I think that’s interesting is the concept of sidechain. So in the Ethereum community, you’re seeing that expressed through plasma where you’re still able to kind of leverage the public blockchain for security but actually have your own ledger for a specific application.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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