Interledger Protocol-dependent Switch Launches, Supports Bitcoin, Ethereum Ripple's XRP - Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News
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Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

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

Altcoins

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.

Also READ  Mega Middle East Banks Are Ready to Adopt XRP

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.

Read: Ripple (XRP) News: Apple and Google Accept XRP Payment App

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”.

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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.

Read: Bitcoin Price Upsurges, But 60% of All Bitcoin is Being HODLed, Plus Ripple’s XRP News

Also READ  Anthony Pompliano Expresses Fear Over Hesitant Bitcoin (BTC) Retail Investors

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

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.

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