Ripple tools like xVia, xRapid and xCurrent have triggered countless of developments and partnership with different firms across the world, ranging from banks, remittance companies and more, due to its level of sophistication in money remittance. But this time, Ripple is up with another outrageous and stunning development that features the Cryptocurrency in the ability to transfer money as well as data.
Ripple ILP (Interledger Protocol), a protocol for connecting different ledger has been touted with the possibility of streaming data and money.
According a reliable information, a function “STEAM” which has just been released by Ripple allows streaming of data to flow on Ripple ILP.
ILP is dubbed a ledger because it stores transaction information. When cross-border transactions are made on Ripple, ILP is the backbone behind the fund transfer. Since the major function of ILP is storing of remittance and personal information in transactions, the possibility of sending data through it is yes and it has now been actualized.
STREAM (STREAM Interledger Transport Protocol) is described as a communication protocol that runs data on ILP making data and money transferable on the inter leisure.
Recently, Coil was released as a development that leverages ILP and XRP to enable transaction. Stefan Thomas, CTO of Ripple said the idea was initiated to support digital content management.
“Coil will use Interledger to make the web a more vibrant market for apps and content, where everyone’s contributions are rewarded.”
And now, according to Evan Schwartz, a Co-inventor of @Interledger, an engineer at Ripple, you can stream data like music and video on ILP.
He added that “Moreover, instead of data to be downloaded, you can pay it as streamed as it is at the same time paying”.
Evans Schwartz in a tweet said;
“Yes! Sending data over ILP seems pretty crazy, but being able to stream money and digital content through the same connection makes for some fun applications. I wouldn't recommend sending a ton of data right now (bc the software isn't optimized for it) but its worth experimenting”.
Codius, used to perform Smart Contract with ILP and XRP is among the latest product of Ripple. It allows you to perform Smart Contract and flow data simultaneously. With information like identification and billing data, cross-border transaction is made great as xVia has a function that can output invoice, even though Codius is in development.