Ripple Lightning Network Demo Puts New Twist On FinTech
Yesterday, blockchain service firm Bitfury and cryptocurrency developers of Ripple announced they are releasing new code that makes it possible to conduct Lightning-style XRP transactions on Ripple’s network. They also added that this will allow Lighting transactions in the future to be implemented over top other cryptocurrency networks and legacy payment providers like PayPal.
The two companies’ code integrates the Lightning Network and Interledger protocol together, designed by Ripple for making transactions possible between multiple different blockchains.
Interledger’s goal is to create a financial network to interconnect cryptocurrencies by the end of 2016 or early in 2017, Stefan Thomas, Ripple’s chief technology officer, said.
While still in the early stages of deployment, it’s speculated the Lightning Network could one day increase Bitcoin’s capacity to millions of transactions by moving transactions off of the main Bitcoin Blockchain.
The two companies released a demo showing off the new technology on the Bitcoin and Litecoin network displaying how it can be used to make a transaction between the two cryptocurrencies.
The company views this as a big step toward the future of cryptocurrency openly allowing any digital currency to be used for a purchase giving the user power.
“I shouldn’t have to care which particular coin you use or like. If you’re on PayPal and I’m on Alipay or if I’m on bitcoin and you’re using a bank account, I’ll still be able to send you money and not worry about it. That’s the long-term goal,” Ripple CTO Stefan Thomas told CoinDesk.
Other payment processors the company supports are Visa, SWIFT, and Square.
Big Silicon Valley giants like Google and Apple have praised Ripple’s Interledger Protocol for its interoperability and because it’s not Visa, IBTimes reported.
Ripple hopes to make transactions all around faster for customers, as Brad Garlinghouse, CEO of Ripple, told Forbes: “the landscape will change as we see friction reduced, and the future will arrive sooner than we think.”