Hi folks,
Does anyone know of any public ILP connectors that don’t use XRP? I’m interested in the extent of adoption beyond that chain.
Is there a list of public connectors somewhere to give a sense of how the protocol is spreading.
Thanks,
Matt
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Shouldn’t an ILP connector be currency agnostic? And choose what suits best?
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You could be right, probably my misunderstanding. So if e.g. Coil.com (paid in $) is sending micropayments to a user’s GBP wallet on e.g. uphold.com, what currencies would you expect to be used in that exchange?
Thanks.
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ILP the protocol doesn’t really take an opinion. If there was a payment path from USD to GBP then Coil and UpHold could use that. If the best path involved XRP then that’s possible to.
As for what’s really happening with currency conversions I can’t say for sure - maybe the Coil folks can clarify (@adrianhopebailie or @justmoon).
Correct, the settlement currency/ledger is chosen on a per-peering-relationship basis. In other words, when you peer on Interledger, it’s up to your company and the company you’re peering with to figure out how often you want to settle and whether you want to use USD, BTC, XRP, physical bags of dubloons, or something else.
The choice of settlement asset may influence things like how often you can settle and therefore how much counterparty risk you take. If you’re ultra-paranoid, you can use a payment channel on BTC, XRP, etc. and settle every 100 ms or even more often. At the other end of the spectrum, if hypothetically you settle with physical cash, you probably don’t want to settle more than once a day or something. Based on our practical experience at Coil, it seems best to settle around once per month and to do so manually from a cold wallet for improved security. Having one month’s working capital prefunded at our peers is totally fine from a trust perspective since we are dealing with licensed entities that we know well.
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Each of ALGO XLM Iota and XLM (just like XRP) also currently comply with Iso20022 standards…
These 5 native coins currently interoperate under ILPs existing Hyperledger family protocols …