Connect with us


Web Payments and Interledger Protocol paves the way for Internet of Value

Anirudh VK



Web Payments and InterLedger Protocol paves the way for Internet of Value
Source: Unsplash

Interledger demonstrated the configuration of a web payment app through Web Payments. Web Payments is a World Wide Web Consortium [W3C] ecosystem, which allows for the removal of checkout forms through standardization of payment User Interfaces and APIs across different browsers.

Through the payment handler, the API part of the Web Payments ecosystem, it is possible to pay through custom payment methods such as the Interledger Protocol. This allows the merchant and customer to be currency and network agnostic, which is to say that they can send and accept payments with whichever currency or network they choose. They can then settle instantaneously through the ILP.

In a blog post, they demonstrated the registration of a web payment app known as Moneyd. The prerequisites for this process are that Moneyd GUI must be running, and the users’ Google Chrome must be the beta version.

It can be seen that pressing the “Buy Now” button on the demo page will allow the user to pay through Interledger Protocol. After the payment is sent, the server receives the payment specified in the payment request API. The payment can receive a multitude of payment options due to the interoperable nature of the ILP, which allows it to interact between different tokens and provide an onramp to mainstream payment services.

Another interesting feature of the Moneyd GUI wallet is whitelisting. The blog said:

“The Moneyd GUI wallet also has the functionality of automatically paying out to whitelisted domains under a certain amount without the customer confirming payment details.”

This would be a perfect fit for currencies made for microtransactions and for the Internet of Value. As the payment is automatically processed, there is a seamless and frictionless method of payment that settles quickly.

The blog also spoke about increasing the security and, by extension, compliance with the payment flow by a possible implementation of two-factor authentication in the whitelisting facility.

Twitter user Josh Reeves commended the ILP team, saying:

“Interesting strides being made into payment! Internet of Value isnt too far away!!”

Subscribe to AMBCrypto’s Newsletter

Follow us on Telegram | Twitter | Facebook

Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *