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Ripple Fans Should Watch Out For Quant Network’s OverLedger

Ripple Quant Network

Quant Network recently collaborated with Italian tech firm SIA to explore blockchain interoperability. Quant Network is a UK based, and its technology seeks to automate trust functions between various blockchains.

Quant uses OverLedger operating system, the first OS built for blockchains. Many crypto fans have touted Quant as the Ripple’s InterLedger protocol killer. Unlike ILP, that is limited to value transfer, the applications of Quant’s OverLedger are bottomless.

The technology can settle not just value like Ripple, but also other non-fungible assets like rights to ownership, identity, or contracts.  Similarly, the OverLedger can access data from IOT devices and will soon take on treaty contracts or multichains smart contracts as well.

 OverLedger’s Interoperability Prowess

The InterLedger Protocol has, therefore, a minimal use case when
compared with OverLedger. The latter has a broader scope and has above all
universal interoperability of blockchains working for it. On it, multichain
projects can be built, and their code moved across blockchains as necessary.

It is, consequently, possible for Quaint to build a robust new
financial system that works with banks. Financial institutions that do not want
to be boxed into the use of XRP will go for an OverLedger based payment
platform. SIA, for instance, founded in 1977 by the Bank of Italy, is a key
player in the development of the European domestic payments system. 

The Italian technology firm exploits the vast potential of
information and communication technology for financial systems. Its
blockchain-based platform SIAchain leverages 570 European network nodes with
its SIAnet. The network is a low latency and high-speed fiber-optic network
that SIAchain operates on.

Quant Network’s OverLedger will integrate into SIAchain to enable interoperability. This will allow cross-platform applications for financial institutions to run on it. This could potentially turn the Ripple game upside down. OverLedger platforms will be more efficient and will deliver different blockchain technologies easier.

Quant Network’s OverLedger Disrupting DLT

SIA’s Innovation & Business Solutions Director, Daniele Savarè
has said:

“We actively continue on our path of innovation and the achievement of a fully interoperable blockchain network is the foremost objective we want to reach with the collaboration of Quant Network and its disruptive vision on DLT.”

Distributed ledger technology has the inherent disruptive potential in minimizing friction. It is also a key technology in building trust in the exchange of value, data, and information globally. DLT use cases vary from sovereign identity, central bank digital currencies to trade finance solutions. The permissioned version of DLT is also used by banks, insurance, public and corporate sectors.

The plurality of systems used is growing by the day as new DLT
based innovations are conceptualized. Nevertheless, this vast network of
blockchain-based technology requires standards and interoperability to reach
its full potential. Without these two ingredients, the innovations will remain
as struggling isolated platforms that will not achieve mass adoption on their
own. Quant Network is built to solve these two problems.

Its OverLedger operating system connects all these isolated
networks as the internet did with Application Programming Interfaces years
back. David W, in his Quant Network Medium post, says:

 “OverLedger offers an ANY-to-ANY connection without the need for an additional blockchain in the middle. That is a key feature which enables smooth, interoperable communication between the various systems without the need to run additional consensus, nodes or open up Enterprise networks to thousands of incoming connections required by peer-to-peer networks to the outside world”.

The post Ripple Fans Should Watch Out For Quant Network’s OverLedger appeared first on Ethereum World News.

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Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive

Ripple

The Internet of Value (IoV) needs
interoperability in order to thrive. As such, open standards like Ripple’s InterLedger
Protocol could help it achieve just that.

InterLedger Protocol and Interoperability

InterLedger Protocol (ILP) was designed to solve a pressing
issue in the blockchain space; the ability of a decentralized app to purchase
resources without being restricted to a particular blockchain network. The InterLedger
Protocol aims at creating a universal network for sending value, and it would
be independent of any company or currency.

The network is composed of
independent operators that serve as decentralized exchanges. The protocol makes
it possible for users to carry out transactions natively on any blockchain of
their choice, without having to transfer their assets to a centralized platform
or a specific network for trading. With InterLedger, users can be able to send
BTC, and the recipient would automatically receive XRP or any other
cryptocurrency of their choice.

It is no brainer that for the
internet of value to achieve its primary objective and thrive, it will need interoperability ,and InterLedger Protocol just does that. The protocol is
beneficial because it helps users connect to any network or payment system in
the world without having to switch from their current networks or change the
ways the systems work.

Read: Ripple Expands Partnership With
Bill & Melinda Gates Foundation

The technology has been used to carry
out transactions by the Bank of England while the Bill & Melinda Gates
Foundation used it to power new open-source software MojaLoop. The InterLedger Protocol helped this software connect to
various payment systems and help people in the underbanked and unbanked areas
of the world have access to financial services.

Ripple’s ILP Could Help the Internet of Value Thrive

No doubt, Ripple is one of the
leading and most creative payment systems. In June 2017, the company
open-sourced the first BTC plugin for its ILP, which would help users carry out transactions across
multiple ledgers, not just the XRP ledger.

Also Read: How InterLedger Plans on
Connecting All Blockchains Belonging to XRP, ETH, BTC and More

Following the activation of the
plug-in on its ILP, Ripple proceeded to carry out a single transaction on seven
different ledgers. This singular transaction passed through private
blockchains, public networks, a traditional payment channel, and a centralized
ledger. While transactions might not pass through so many ledgers, Ripple
insisted that the test was carried out to show that their ILP can work
excellently with distributed ledgers.

Back then, Ripple CTO Stefan Thomas gave
his opinion saying “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.”

Ripple has banking applications that
rely on XRP, and with the interoperability feature of its ILP, the crypto
company would play a crucial role in the advent and growth of the internet of
value over the coming year. A Twitter user, seems to agree with this fact, as
he believes that money would move fast with Ripple ILP.

Ripple’s technologies are getting
adopted by banks and financial institutions all over the world, and with this
vast network at its disposal, Ripple is best placed to lead the advent of the
internet of value.

Gradually, ILP as part of Ripple’s
software, will become the standard protocol for connecting banks’ cash ledgers.
It will be an exciting journey towards that end.

The post Ripple’s InterLedger Protocol (ILP) is What the Internet of Value Needs to Thrive appeared first on Ethereum World News.

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Ripple (XRP) New Business Model Announced by its CTO: COIL

Ripple Tech Adoption

Ripple’s solutions are going through tests by various companies that find its products attractive as they attempt to improve existing services that take place when it comes to cross-border remittance. Despite that we call them tests, its a win every time because cryptocurrency comes out at the apex of their expectations.

Keeping in mind that their products [xVia, xRapid, xCurrent] are very reliable and functional, not many find it surprising that banks or financial related firms try to utilize the technology. As an example, Bank of Ayudhya [Kungsri] will be testing again, Mitsubishi Corporation stated that international transfers will be performed via the products. It will be in Singapore and Thailand.

The above mentioned partnerships, are without doubt major impacting factors when it comes to Ripple’s long term. They showcase how reliable the network and platform is.

Both Mitsubishi Corporation and Standard Chartered are among the world’s powerhouses. Their liquidity is absolutely without question. If they can turn to Ripple after the pilot works well, that could change its history for good.

Stefan Thomas – CTO on the Case

Ripple’s CTO – Stefan Thomas, has announced via twitter a new startup building micropayment apps on interledger and XRP.

To have better rewards for individuals using the platform while producing better incentives for digital content and apps, the business model will use Ripple’s interledger protocols. Evans Schwartz and Chris Larsen from Ripple joined the team of the model.

There is still no release date announced, but it is expected to be on the web in the near term. The firm behind the coin will be backing up the project completely.

Ripple Out of the World Prediction

For many times now, the prices in the crypto-market have rocketed away because of speculations. But, below you can see something surprising. In 3 years XRP reaching $334,47 against the US Dollar.

[embedded content]

For the value to climb that dreamy ladder, the platform has to reach its original goal – replacing SWIFT system. The SWIFT system has proven to make the customer experience very poor. Problems like long periods of times per transaction,  high fees are charged per operation are always present.

If the existing issues are solved by platform completely and accordingly a mass adoption by financial institutions takes place, XRP could go even higher.

According to Coinmarketcap – the pair XRP/USD for the time being is trading at $0.6640 with a 6.06% drop in the last 24-hours.

Ripple Investment

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Apple Using Ripple (XRP) Interledger As Banking Becomes Easier With XRP

The cryptocurrency markets seem to be on steroids once again. Bitcoin (BTC) has gone past the $8,000 mark; Ethereum (ETH) is now back above $500; Ripple (XRP) is trading at an amazing $0.64; Bitcoin Cash (BCH) is at $774; and Litecoin (LTC) is trading at $131 and has reclaimed the number 5 spot from EOS (EOS – $9.22).

Amidst all this market excitement, is the news that Apple Pay has integrated Ripple’s Interledger protocol. According to the announcement, the update will be rolled out via the Safari browser using both macOS11.1 and iOS11.1. These are the operating systems for Mac computers and iPhones respectively. The Interledger integration hints at the possibility of Apple Pay accepting cryptocurrencies in the near future. If this were to happen, it would mean that users of Apple Pay will be able to use cryptocurrencies for regular purchases in the near future.

So what is Ripple’s Interledger Protocol?

Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks. The open architecture and minimal protocol enable interoperability for any value transfer system. Interledger is not tied to any one company, blockchain, or currency.

This means that Interledger can be used even by banks and other payment settlement solution providers. It allows for different back-end systems to communicate with each other in a manner that was up until now, a hustle for banks. Previous to interledger, sending payments across the globe took days. And as Brad Garlinghouse once said during a Bloomberg interview, it was easier to pack the cash in a bag and fly it over to the other bank physically.

With Ripple news streaming in every day and with the current market momentum that is exciting everyone in the crypot-verse, it is possible to fulfill the numerous Ripple price predictions that have been floating around the web.

$1 looks like a week away if the current momentum continues. With the usual slight corrections, we could reach the $4 by the end of June and $10 earlier than the December expectation by many Ripplers.