Stronghold Blockchain FinTech Platform Integrates With Interledger Payments Protocol (ILP)
Stronghold Platform Integrates With Interledger Payments Protocol
Stronghold Platform is a blockchain focused fintech firm which recently integrated its platform with Interledger Payment Protocol(IPP) which makes the Stronghold US the first asset-backed U.S. dollar enabled-connector on ILP. The integration has been done to improve the platform's transparency and efficiency.
IPP is an internet-based protocol used for transferring money from independent payment networks via connectors. The current partnership would enable Stronghold as the connector and allow the network to facilitate cross-ledger and cross-currency transactions.
What Are Connectors And How Do They Function?
Connectors are responsible for receiving re-routing the data about the money from the sender to the receiver. Multiple connectors can facilitate a single transaction and each connector on the network can independently communicate with the senders, receivers and other connectors.
The connection among various connectors allows the Interledger protocol users to freely exchange value irrespective of the underlying ledger used by the other party. With this protocol, even the type of currency is irrelevant where sender and receiver can be using two different forms of currency, but the IPP would still facilitate the transaction without a glitch.
In the case of two different forms of entity or currency, i.e if the sender uses USD and the receiver wants to withdraw the amount in XRP, BTC or any other asset supported by the system would be converted using existing market order books to provide liquidity.
Stronghold platforms technology help it move the money in its ecosystem quickly and securely, and this is the reason the firm has gone with a catchy slogan which reads, “the on, and off-ramp to the Interledger network.” Stronghold's Interledger implementation can be used dynamically and the customers can achieve the settlement by integrating with the company's API's.
Those who make use of Interledger protocol based applications for sending or receiving money can use Stronghold connector to transmits funds across various ledgers and currencies. Users can also access ILP Payment Pointers with the Stronghold connector, which is a standard ID for accounts eligible for receiving payments, to make the sending and receiving of money easier.
Stronghold will be partnering with other connectors using the ILP in order to make the currency exchange. The firm also promises to bring in liquidity from the market makers and make the platform more efficient. The firm aims to make digital wallets the new ‘normal'.
The money is currently going through a transition from physical to digital, and we are not talking just about the cryptocurrencies, even the fiat money is largely used in the digital form, as it is much easier to carry and makes it more feasible. However, digital money requires an added layer of security to ensure that it is not robbed by any hacker. Thus, internet protocols like Interledger play a huge part.
Stronghold knowing that the future is digitized is already building a platform for not just cross-platform transaction, but it also enables two different forms of currency to be exchanged without any hustle.