Interledger Protocol (ILP) is an open source protocol suite for sending payments across different ledgers. It enables interoperability between different payment networks, allowing for the transfer of value across different ledgers without the need for a centralized intermediary.
Interledger Protocol (ILP) is a protocol suite for sending payments across different ledgers. It is an open source protocol that enables the transfer of value between any two parties, regardless of the underlying ledger technology. ILP is designed to be a universal payment protocol that can be used to facilitate payments between different ledgers, such as cryptocurrencies, fiat currencies, and other digital assets.
ILP is based on the concept of atomic payments, which are payments that are either fully completed or not completed at all. This ensures that payments are secure and reliable, as there is no risk of partial payments or double-spending. ILP also provides a layer of abstraction between the underlying ledgers, allowing for the transfer of value between different ledgers without the need for a trusted third party.
ILP is composed of several components, including connectors, payment channels, and routing. Connectors are entities that connect two different ledgers and facilitate the transfer of value between them. Payment channels are used to securely transfer funds between two parties, while routing is used to determine the best path for a payment to take.
ILP is designed to be a universal payment protocol that can be used to facilitate payments between different ledgers, such as cryptocurrencies, fiat currencies, and other digital assets. It is an open source protocol that enables the transfer of value between any two parties, regardless of the underlying ledger technology. ILP is composed of several components, including connectors, payment channels, and routing, which are used to securely transfer funds between two parties and determine the best path for a payment to take. By providing a layer of abstraction between the underlying ledgers, ILP allows for the transfer of value between different ledgers without the need for a trusted third party.