The Ripple development team has launched the first fiat InterLedger Protocol (ILP) connector, and it is expected to be a big step towards interoperability with traditional financial systems and gain massive adoption.

Ripple Launches First Fiat ILP Connector

During the ILP Summit 2019, the team
behind the development of ILP including Vanessa Pestritto launched the first
ILP—Fiat connector. In a presentation by Stephen Thomas, the co-founder of InterLedger,
a streaming payment demo was carried out at the summit.

The payment method impressed those
present at the event. According to XRP Research Center, the ILP fiat system “could
be a huge step forward towards interoperability with traditional systems and
critical mass adoption.” Vanessa Pestritto, a director at Xpring, tweeted
about this event, expressing her excitement of this adoption driving
development. Through a tweet she said “#StreamingPayments @InterLedger #demo by
@kava_labs @KevinJYDavis swap BTC, ETH and XRP using Interledger SDK Switch.”

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

But she was not the only one. As
shaping and promoting blockchain interoperability, the overall XRP community is
super excited as enthusiasts believe this feature could be vital in spurring crypto
and most importantly XRP adoption. An XRP fan Warren Paul Anderson, noted that “This
demo was like magic. #XRP to #ETH in seconds. Completely decentralized. All
using @Interledger.”

Despite headwinds, XRP technological development
continues to build, forging ahead as they seek to make Ripple’s objective
possible. However, massive adoption continues to evade them. Ripple has been
working hard to change that narrative by rolling out products that would help
financial institutions all over the world make it easier for their customers to
carry out both local and cross-border transactions faster, cheaper, and more
comfortably.

The launch of this ILP could make it
easier for financial institutions to deal with cryptocurrencies and fiat. At
the same time, a move that would be critical to the crypto market gaining
widespread adoption over the coming years.

ILP Would Become a Global Payment System

David Schwartz, the Chief
Technological Officer at Ripple, is convinced that the ILP would become a
global payment system. Back in 2018, Schwartz said “by connecting bank ledgers and existing infrastructure investments via
ILP, banks are taking the first steps in improving global payments today — and
in enabling a true Internet of Value.”

Following the development of the ILP,
Schwartz added that Ripple’s xRapid solution would make it possible for banks
and other financial entities to save time and money when carrying out
cross-border remittance.  He pointed out
that Ripple’s products would lay the foundation for the next five decades in
the world of finance.

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

Evan Schwartz, the co-inventor of InterLedger
and an engineer at Ripple said he hopes the ILPv4 would be the last version of
the software for a long time. He tweeted that “We’re hopeful
that ILPv4 will be the last version for a long while. We’re bringing the
ILP-connector up to production quality and starting to use it for micropayments
over cryptocurrencies. The plugins for XRP, ETH, and ERC20 tokens should be
good to use w/in 1-2 weeks.”

The team recently confirmed that the
ILP is not yet connected to RippleNet, adding that it could become available on
the platform once there is sufficient demand for the product.

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