Quant Network, a UK based company, has been working on exploring blockchain interoperability. The company is trying to improve automation of trust functions between various blockchains. They use an OS built for blockchains called OverLedger, which many fans have said is better than Ripple’s InterLedger protocol. Unlike ripple, this is not limited to value transfer, meaning applications are bottomless. It can settle non-fungible assets like rights to ownership, identity or contracts. OverLedger can also access data from IOT devices and will soon take on treaty contracts or multichain smart contracts as well.
Compared to ILP, OverLedger is a much better protocol, and offers much more than Ripple, including universal interoperability of blockchains working for it. Building a new financial system that works with banks would also be much easier than using Ripple technology.
Meanwhile Ripples CEO Brad Garlinghouse has been quite active on Twitter after the recent tweets about cryptocurrency by US President Donald Trump. While providing his opinion on various things in the crypto industry, he explains Ripple has been working hard to partner with the existing system. Indicating they don’t intend to pave the way to a new financial system, but simply work within existing guidelines and follow regulations already outlined by the relevant authorities.
Ripple has also an opportunity to jump on the world’s largest free-trade zone area. Africa’s leaders have put out a call for a digital system of payments to assist in the conversion of a country’s currency to the other. The AfDB president’s proposal has excited many Ripple enthusiasts in the continent.
Ripple’s xRapid could form the backbone of the proposed digital payments network, which could potentially bring in $3.4 trillion in trade. This is hugely beneficial to Africa as well, with xRapid allowing them to conduct transactions without tieing up enormous amounts of money. Without an efficient and affordable system in place to handle these remittances, the trading block would hit significant roadblocks.
This presents an excellent opportunity for Ripple to grow to monumental size if they were to capitalize on this opportunity. Ripple already cuts down remittance costs by 40-70% on the US-Mexico corridor.