I’m doing a survey on blockchain interoperability solutions, and it would be a great addition if I can get some validation from the community.
Can you provide me some feedback on the description of interledger?
The ILP adopts a generalized hash locking scheme to enable asset transfers. Ripple uses the ILP as an open standard for interledger token exchange by providing ad hoc interoperability between different ledger systems. It aims to establish communication channels between blockchains (private and public ones) by defining the lowest unit common denominator across blockchains, similar to the datagrams or packets on the Internet architecture.
ILP is a neutral protocol - meaning that ILP can accomplish cross-chain communication among blockchains, payment networks, and applications. Interledger’s architecture is inspired on the internet architecture. Several specifications for Interledger and related protocols are available. The ILP sends payment information in packets by leveraging a network of connectors, which route such packets. At the core of Interledger is the Interledger Protocol (ILPv4), which defines how senders, routers (or node, or connector), and receivers interact. A sender is an entity that initiates a value transfer. A router applies currency exchange and forwards packets of value. The receiver obtains the value transmitted. ILPv4 is a request/response protocol, enabled by ILPv4 packets. Each packet contains transaction information, and can be divided into prepare, fulfill, and reject packets.
A sender node initiates an exchange of value by sending a prepare ILPv4 packet to a receiver—the routers relay such packets. When a receiver obtains the prepared packet, it sends the response back to the sender, via routers. The response may be a fulfill packet, whereby a transaction has been successfully executed, or a reject packet.
The Interledger Protocol is discussed by a W3C community group, and has a proposal that `` describes data structures and formats, and a simple processing model, to facilitate payments on the Web". Summary, one can consider it a generalization of atomic swaps using a hash locking mechanism.
I appreciate any help.