In a talk with Clem Chambers, Dan Aranda, the Managing Director of Ripple’s Xpring, spoke about Ripple’s place in the Internet of Value. He believes that the protocols of the Internet of Value will be a part of the services that we use on a daily basis.
He said that the Internet will be a “new” one, and that money and value will be directly embedded into it. He said:
“…we really think that Bitcoin, XRP and these new protocols are going to be able to accomplish that to bring that down even a level further.”
He views the Internet of Value as similar to how the Internet works, with common protocols communicating data and information. He said:
“We think a lot of the inner body is going to operate in a similar way where you’re having servers like validators and miners actually being able to communicate with each other and they’re really confirming kind of the movement and the creation of a value and and of money.”
The internet bridges how protocols communicate with each other said Aranda. With Ripple’s focus on payments, he said they are exploring the idea of packets of information and data being sent around the Internet. He elaborated:
“The Internet of Value will have a similar kind of architecture but it will be sent around as money will be value…we almost view payments as kind of this connective tissue to whatever this new kind of Internet is”
He went on to speak about the Gates Foundation producing an open source payment system for emerging markets. He also spoke about the whitepaper for the project and described payments as a connective tissue to financial service ecosystems.
He also spoke about the general structure of a financial service ecosystem. They require the ability to hold accounts, as it is “core to financial services but also just to Internet services in general”. He said:
“We think payments really matters for finance really matters for the internet but it’s actually going to kind of recreate the actual fundamental architecture of the internet as well.”
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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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