Ripple (XRP) has disclosed plans to improve its cross border payments system.
The platform has also added Quant network’s Overledger gateway as one of its Ripple XRP validators. This addition will make it possible for Ripple users to earn QNT tokens.
Ripple first launched its Interledger Protocol (ILP) in 2015. The protocol was directed at facilitating payments across other payment networks. Over time, it has on-boarded over 200 banks who carry out transactions by buying or selling its native token, XRP.
Ripple’s ILP has been referred to as a ledger. However, it functions more like a cryptographic escrow system. Simply put, it facilitates transfers between blockchains using connectors.
According to a tweet, Quant Overledger gateways now run one of the Ripple XRP validators.
$XRP is opening up the world to a new means of cross border payments and on-demand liquidity. Running a XRP validator via Overledger gateways – which plugs into Quant’s ecosystem of ecosystems of the future, earn $QNT by processing transactions from @Ripple.
— Quanthony (@industry_q) October 15, 2020
Quant Overledger interoperability
Based in the United Kingdom, Quant Network looks to introduce an improved form of blockchain interoperability with its Overledger Network. With this network, enterprises will be able to easily create complete ecosystems, and then connect them to other ecosystems. Furthermore, Quant’s main goal is to create a secure, multi-ledger, decentralized network.
What is Overledger?
Quant Overledger is an industry operating system for blockchains (both permission and permissionless). Notably, Overledger provides interoperability across blockchains (DLTs). These include permissioned blockchains (like Hyperledger, Quorum, and Corda) and other blockchains like Ethereum and Ripple (XRPL). Overledger also provides interoperability to public blockchains like Bitcoin, Ethereum, EOS, IOTA, and Stellar.
How does Overledger work?
Unlike most interoperability platforms, Overledger simply isolates layers to provide interoperability. The layers include:
- Protocol layer – Also known as the multiple blockchain layer.
- Transaction layer – Stores details of transactions.
- Messaging layer – From every ledger, transactional information and messages are compiled. These compiled messages are then mixed in the messaging layer.
- Filtering and ordering layer – Message mixture is arranged in this layer.
- Application layer – This layer holds multi-chain applications or MAPPs.
XRP price is currently at $0.246769, with a 24-hour trading volume of $1,183,409,368. QNT price is $11.48 at the present time, with a market cap of $140,092,306 and a 24-hour trading volume of $3,350,615.
Find out why we think Quant Network will be massive on the Altcoin Buzz YouTube channel.