Xpring announced the release of Quilt 1.0 on the Java platform. It is an Interledger-based tool enabling payments within any system.
Ripple’s Xpring continues to grow and develop. The team is offering a new opportunity to use Hyperledger Quilt v1.0 based on Interledger protocol. The fresh . service started to operate on the Java platform according to an announcement on Twitter.
— Xpring (@XpringDev) November 1, 2019
Interledger provides open protocols and standards for payment system efficiency. Accordingly, it is possible to apply it to both crypto and fiat operations.
The main idea is that there is no single controlling body for Hyperledger Quilt and Interledger. They are supported by many developers. However, the leading role belongs to Xpring. Besides, the service is entirely free. The Xpring team believes:
“Xpring’s platform is built to foster innovation in blockchain to interoperate “all the money” with the launch of Quilt v1.0 – a Java implementation of Interledger.”
Xpring Interledger idea
Ripple has released the Interledger Protocol (ILP – Inerledger Protocol) in 2015. It helps to connect different banks and blockchains.
Interledger provides banks with unlimited scalability of the money transferring infrastructure. And it guarantees complete privacy of transaction data. It means it does not record information about transactions in distributed registries.
In short, Interledger allows transactions between different registries using, a cryptographic analog of the guarantor. For example, a sender wants to transfer funds to a recipient who works in a different registry. So, s/he just needs to transfer funds to the guarantor and inform the trader about it. And the trader makes a money transfer to the recipient. Then it shows the proof to the sender and takes the funds from the guarantor.
According to Ripple, this protocol will greatly simplify international and interbank payments. A detailed explanation of how Interledger works is available here.
Last month, the company launched Ripple Xpring platform. It allows 23 million developers worldwide to successfully integrate payments for products and services.