Home Finance Reasons For Which Ripple (XRP) Will Wipe Out The Competition

Reasons For Which Ripple (XRP) Will Wipe Out The Competition

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One of the biggest issues of the crypto space is the lack of interoperability between blockchain. Ripple is working to address this via its Hyperledger project which allows Ripple to have access to the Interledger protocol in Java for enterprise use.

Hyperledger Quilt

Interledger was initially available only in Javascript. Ripple worked with NTT Data, Japanese integration company to come up with the protocol in the Java programming language.

The two firms submitted the new protocol to Hyperledger under the name Hyperledger Quilt.

Ripple CTO, Stefan Thomas was quoted as describing Hyperledger Quilt as follows:

“The Hyperledger Quilt project connects Hyperledger blockchains with other ILP-capable payment systems such as XRP Ledger, Ethereum, Bitcoin (Lightning), Litecoin, Mojaloop, and RippleNet, helping us to deliver on our vision for an internet of value – where money moves as information does today.”

Ripple is working on the interoperability concept

The vision of an Internet of Value means that the net will be used to exchange info in an effective manner and payments as well. Ripple is currently working on the interoperability concept.

This vision was reiterated by David Schwartz, the Chief Cryptographer of Ripple, while he was at the TNW Conference in Amsterdam that took place between the 24th and the 25th of May.

“From the earliest days, our vision was to create a cross currency system built on interoperability. There should be a system where paying in any currency is possible,” he said about interoperability.

Having all these in mind, it’s not too far-fetched to say that Ripple will be the one to spearhead interoperability of blockchains in a way that will see payments ‘jet around’ on the blockchain and across different ledgers.

After completing this, Ripple will be way ahead of its competition.