The world of online business is changing and we are not seeing the full extent of it. Advertisements, subscription models, and premium fees will be less relevant as we move it a global economy powered by Ripple technology as well as other blockchain companies. Ripple’s Interledger Protocol (ILP) is one of the most brilliant pieces of technology I have seen in a long time.
What is the Interledger?
Interledger is an open protocol suite for sending payments across different ledgers. Like routers on the Internet, connectors route packets of money across independent payment networks
The Interledger allows websites and businesses to create value from users doing simple actions like merely browsing a website, viewing a live stream, or reading a blog post. Pennies can now be sent over the Internet to support content creators and businesses alike. This is just the start of it.
David Schwartz, Chief Cryptographer at Ripple, tweeted:
Creating new networks of value
This. Will. Be. Huge. Money can now be sent like information is sent: pennies at a time. The ideas and creative geniuses of the world are going to have a field day coming up with new ways to make money and create value for users.
In fact,it has already begun. The Interledger development recently tested money being sent to a creator streaming Quake 3 – a popular old school video game. Here is the link to the full article (opens in a new window).
We are only at the starting line with this technology. We will start to see a slow shift into the world of new businesses that sit on top of some sort of blockchain or ledger. We will also see developers create best practices in how to attract users and create value from those users – those best practices are still far off from being created though. If you are highly technical I suggest taking a peek into the future at interledger.org and trying out their testnet (link opens in a new window).
What are your ideas to create value using the Interledger Protocol?
Featured image by Marco Verch – CC By 2.0
XRPWorld Contributor | Ripple/XRP Fan | Let’s create the Internet Of Value Together