Ripple Sends Blockchain Transactions Across 7 Ledgers

Ripple Sends Blockchain Transactions Across 7 Ledgers

Ripple has reportedly conducted an Interledger transaction with its native currency, XRP, while using both an XRP escrow and an XRP payment channel.

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Ripple has reportedly conducted an Interledger transaction with its native currency, XRP, while using both an XRP escrow and an XRP payment channel.

Ethereum, Ripple`s centralized Five Bells Ledger and a so-called “trustline” has also aided the transaction. The payment was converted from fiat to either XRP to euros, depending on the payment channel. This was possible thanks to the Interledger`s connectors that converted the currency and forwarded the payments from one ledger to another, as the publication explained.

The Interledger demonstration is not the first one in the field. It is said to be part of a larger industry trend towards merging blockchains.

In May alone, Blockstack released a decentralized browser that makes apps more easily accessible, as coindesk.com wrote at the time. Meanwhile, decentralized cryptocurrency exchange protocol Ox has announced a functioning early-stage application.

As co-inventor of the ILP and managing director of Ripple’s Luxembourg office, Evan Schwartz, commented, the demonstration fits into the bigger picture push towards blockchain interoperability.

“What this shows is that with this kind of architecture that Interledger has, it’s not just about integrating two ledgers, it’s about doing this across many types of ledgers.”, as Schwartz said.

Increasing interest in cryptocurrencies

Ripple has first released the ILP in Octomber 2015, a time when banks were generally wary of doing business with cryptocurrencies. However, since the launch, Ripple has worked with banks to build different early-stage products that use distributed ledger technology (DLT).

“We think that’s where the future is going. We think that in the future all different ledgers will be tied together and transactions will be very seamless. So we want to make sure that our customers are going to be set up for success in that world.”, as Ripple`s CTO, Stefan Thomas, explained, while speaking at the Blockchain Expo in Berlin, Germany.

While at the Expo, Ripple open-sourced the first bitcoin plug-in for its Interledger protocol.

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