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Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet

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Ripple's CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet
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David Schwartz, the Chief Technological Officer at Ripple, clarified that ILP is not linked to RippleNet and speculated as to when they will be connected.

A Twitter user, @ipinky77 tweeted:

“Do I need to worry? RippleNet is NOT ILP compatible yet? “

This was because of the recent post by Evan Schwartz, the creator of Interledger Protocol [ILP] which stated that Ripple’s Network of banks was currently not connected to or accessible from the open Interledger and that Ripple’s products use a number of other proprietary protocols on top of an ILP-inspired foundation.

He further noted:

“It is possible that both of these could change in the future if there’s a demand from banks to connect to the open interledger, but that’s a decent ways off.”

Interledger protocol [ILP] was developed by two people, Stefan Thomas & Evan Schwartz to facilitate the transactions between two different ledgers with different currencies to go through with ease and less friction than the current fiat system. Through ILP it is possible to enable payments between any ledgers, creating a global graph of liquidity or Interledger.

The user Michael iPinky7 [@ipink77] further referenced a “Ripple Insight” article which stated that Ripple’s solution for banks, xCurrent was built around an open, neutral protocol, the Interledger Protocol [ILP], which would provide interoperability between different ledgers.

Michael iPinky7 stated:

“here it is quite clear: RippleNet IS based on ILP: https://ripple.com/files/ripple_product_overview.pdf … now as I have found other “misleading” info in Ripple’s public docu I am still unsure which is correct now.”

David Schwartz, the CTO of Ripple commented that ILP wasn’t stable enough to build production code on when RippleNet protocols needed to be locked down.



He continued:

“So RN use an older version that was ready then. Convergence will be doable when use cases emerge. My gut says that’s at least a year away, but who knows?”

A Twitter user, @placedonhodl commented:

“I believe what he is saying is exactly what we already knew. Banks are not using ILP as they are not using xRapid. They are using xCurrent which uses Interledger-inspired DLT.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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    Ben

    February 18, 2019 at 1:31 AM

    Having been a developer myself. I understand what D Schwartz is saying.
    Originally it was their intention to integrate ILP with RippleNet. I’m sure they started to go that route. But as RippleNet protocols evolved, due to ongoing changes. It became increasing difficult to port and maintain changes to ILP. Thus integrate must wait until RippleNet protocols is locked down.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

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Read more at https://bit.ly/2McaTjE

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Read more at https://bit.ly/2wmk4mJ

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Read more at https://bit.ly/2W64KKj





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