Bank of America Files Blockchain Patent for Data Validation
This should make all Bitcoin enthusiasts want to give a shout-out to Ripple for helping make Bitcoin’s network better!!!
Very few blockchain companies have built the ecosystem more than Ripple with regards to increasing** this INTEROPERABI**LITY among platforms in the crypto space. This is why the adoption of Ripple’s ILP by the World Wide Web Consortium (W3C) to serve as the “ultimate payments router” of the Internet (Interledger Protocol [**website**](https://interledger.org/), the World Wide Web consortium: [**W3C ILP**](https://www.w3.org/community/interledger/)) as well as the interoperability layer for most of the major blockchain Distributed Ledger Technologies, DLTs (i.e. [**Hyperledger Quilt**](https://www.hyperledger.org/blog/2017/10/16/hyperledger-gets-cozy-with-quilt)) is so transformational. ILP can not only connect all blockchain ledgers and legacy payment systems together, but it simultaneously creates competition among the different blockchain platforms/cryptocurrencies and legacy payment systems so that each will have to stand on their own technology. Also, the other stroke of genius by the Ripple team is how they gifted ILP as an open-sourced piece of technology to the blockchain community at-large to be utilized as the standard payments protocol of the internet.
To me ILP is the true game-changer for all crypto-assets. Most XRP holders are way too focused on xRapid/XRP adoption and usage by banks etc. That’s not to say that XRP adoption by banks/FIs is not important, it’s just one piece of the puzzle. However, when you consider ILP being utilized as the payment settlement layer for transactions on the internet, of which XRP being the native asset of ILP, will be used as the bridge conversion asset, that alone will be the single most driver of XRP’s valuation. Stefan Thomas, Ripple’s former CTO, ([**Link**](https://youtu.be/B7Tiz3JQeYc?t=2543) @ 47:25) talks about how XRP was “designed to be used as the settlement asset on ILP” with “payment channels built in a certain way that is incredibly efficient” despite the presence of other competing cryptocurrencies (i.e. Bitcoin, Ether, Lumens, etc.).