Interledger Protocol-dependent Switch Launches, Supports Bitcoin, Ethereum Ripple's XRP - Today's Gazette - Cryptocurrency, Bitcoin News
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Interledger Protocol-dependent Switch Launches, Supports Bitcoin, Ethereum Ripple’s XRP

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Interledger Protocol-dependent Switch Launches, Supports Bitcoin, Ethereum Ripple’s XRP

Kava Lab has announced the launch of Switch, an Interledger protocol-based app for non-custodial crypto trading.

Switch is a new wallet unveiled to reduce the problems of traditional DEXs. The swap wallet makes use of streaming micropyaments, an innovation that works perfectly by moving meagre bits of value little by little till the transaction is perfected.

Streaming micropayments is a complete self-custody of assets that is interoperable across diverse blockchains. It makes use of lightning-fast swaps, while also completing swap in a lightning-fast manner.

Through Switch, users can credit their cards with funds and withdraw anytime they feel like. The owner of the funds is the only person granted the permission to access their funds, make withdrawals and swap funds using the novel streaming micropayments.

Supports XRP, Bitcoin, Ethereum

The Switch app supports Bitcoin, Ethereum and Ripple’s XRP. It uses LND and the Lightning network to achieve the Bitcoin support, while also using Machinomy payment channels for Ethereum support.

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However, it uses XRP’s native payment channels to perfect all transactions related to Ripple’s XRP.

Switch Swap Ripple XRP, Bitcoin, Ethereum

The app does not require any specialized blockchain solution to perform swap save for its ingrained technology. The Switch swaps are almost instant since they complete in a matter of seconds.

More Supports for ERC-20 Tokens

The app will in the coming weeks launches support for ERC-20 tokens like Dai among others. In the same line, Switch will support other digital currencies in the nearest future.

Switch Uses Interledger Protocol

According to a release by Kava Labs, just about “any cryptocurrency or layer 2 network that transfers value fast and cheaply can support non-custodial trading in Switch”.

Switch makes use of Interledger protocol to transfer packets over a decentralized network of “connectors,” or money routers, which provide liquidity, the Kava Labs update reflects.

The interledger protocol got its inspiration from the internet. It is an open source protocol for achieving interoperability across different payment networks.

Also READ  XRP is Extremely Superior than BTC, Comparing Bitcoin Utility to Gold a Joke?

Kava Labs is Designing an XRP-collaterised Stablecoin

Few days back, Today’s Gazette published that Kava Labs, a Ripple’s Xpring financially supported startup is designed for XRP-collaterised stablecoin called USDX.

The USDX is inspired by MakerDao, but it is built on Cosmos, a new blockchain protocol that makes use of Tendermint BFT for consensus.

Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple blockchain news portals in the US and the UK.Oliver is among the earliest followers of cryptocurrency and blockchain.His interest varies from Political Agendas to recent Technological advancements and now, cryptocurrency acceptance and institutional investing in blockchain.He is now a full-time contributor to TODAY'S GAZETTE.Email: oliver.green@todaysgazette.com

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