Interledger Protocol Ripple XRP and BigchainDB

//Interledger Protocol Ripple XRP and BigchainDB

Interledger Protocol Ripple XRP and BigchainDB

In my previous post about Missing LTC coins after a transfer from a HitBTC (LTC) wallet to a HitBTC (BTC) wallet, I discussed the Interledger Protocol as a technology which should be adopted in order to prevent this type of “ghost” transfer.  I actually think that HitBTC will be able to recover the missing LTC, in their forums they mention that it “could” be possible to recover the coins, but the fee far outweighs the recovery. You can read their support page for this situation here.

HitBTC Recovery of Mistaken Transfers

I guess this is fair considering they could just be lost forever if you transferred them to a Bitcoin account from a Bitcoin Cash account – see the section on this here.

HitBTC lost transfers

Yes, I’m scratching my head a little bit on this one, again I assumed that this type of transaction could, or would not happen.  Water under the bridge.  What I really want to discuss is the underlying problem, and where you can find some implementations of the ILP.  While researching this issue, I wanted to find out who the people were behind this ILP.  It led me to ADRIAN HOPE-BAILIE and DIMITRI DE JONGHE.  No surprise there’s a relation between Ripple and BigchainDB.  BigchainDB has implemented the ILP within it’s infrastructure.

Ripple and BigchainDB

I’m a solutions provider for the IT and Software sectors, so I’m interested in the technology behind the scenes.  This led me to go for the low hanging fruit, for me this would be databases.  Every application which contains history (and some that don’t) utilize modern database platforms to store and analyze data.  Specifically, I deal with HIPAA compliance issues, and everything that comes with it, so i became interested in a platform called BigchainDB.  BigchainDB features decentralized control, immutability and the transfer of digital assets. Seemingly, they have some type of connection with Ocean Protocol A Decentralized Data Exchange Protocol to Unlock Data for AI.

BigchainDB is complementary to decentralized storage, processing and communication building blocks. It can be used side by side with higher-level decentralized computing platforms and applications, and protocols for identity, financial assets, intellectual property and sidechains. BigchainDB fills a gap in the decentralized stack. – BigchainDB

Many applications could use something decentralized like Bitcoin, but capable of storing large amounts of arbitrary data quickly, immutably, and with low latency. BigchainDB is our answer to that challenge: a big-data database with blockchain characteristics including decentralization, immutability and built-in support for creation & transfer of assets. For more information, see the BigchainDB website at bigchaindb.com.

In conclusion, I think it was good to lose a little bit of LTC.  It has brought new awareness on the technology used for trading and moving cryptocurrency.  After all, should you be investing the same percentage of money as percentage of knowledge you have in the technology?

 

@Ripple @Interledger @BigchainDB

Summary
Interledger Protocol Ripple and BigchainDB
Article Name
Interledger Protocol Ripple and BigchainDB
Description
In my previous post about Missing LTC coins after a transfer from a HitBTC (LTC) wallet to a HitBTC (BTC) wallet, I discussed the Interledger Protocol as a technology which should be adopted in order to prevent this type of "ghost" transfer. 
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Publisher Name
Skysoft Incorporated
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By |2018-01-24T19:26:36+00:00January 24th, 2018|Blog|0 Comments

About the Author:

Carlos Espada founded Skysoft in 2001 after a 5 year career with Fresenius Medical Care. Specializing in HIPAA Compliance, Medical Security and Applications, and Enterprise Level IT Operations. Carlos brings a wealth of knowledge when it comes to Cloud Infrastructure, specifically for Tier III or above data center ops.

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