Altcoins have been a bit of a plague in the digital currency industry throughout the years, as various developers feel the need to do their own thing when Bitcoin doesn’t offer a specific feature. As a result of that approach, there are a few thousand different forms of digital currency in existence, and most of those are no longer maintained or developed. Wouldn’t it be better if all of these currencies could talk to one another without the need to create even more digital currencies?

Also read: Zebpay raises $1 million to promote Bitcoin in India

The Interledger Protocol Opens Up Interesting Opportunities

Let’s assume for a moment that every

If the interledger protocol came to fruition, one global network for all digital currencies in existence would be created. Also, this project would create a direct connection between all companies and individuals using any type of service based on any blockchain. Some people would refer to this idea as creating global standards for payments.

The topic of private blockchains

As one would come to expect from such a concept, there will be a third-party involved in the process. Connecting two different ledgers to each other is not all that difficult, but when it comes to exchanging value, someone or something will have to validate the transactions. However, the individual ledgers don’t need to trust the third-party validator per se.

This type of operation can be completed by using cryptographic algorithms, allowing for the creation of an escrow service to hold the funds. No details would be observed by the third party directly, allowing the interledger protocol to work between any ledger system in existence today, and in the future.

Who Will Adopt This Technology?

One of the major concerns regarding the interledger protocol comes in the form of who will adopt the technology. While there are clear advantages to having every different ledger talk to a different one, banks may still favor the option of creating their private blockchain in the long run.

However, the interledger protocol is gaining a lot of interest from major parties, such as

Source: Wired

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