{"id":7574,"date":"2019-04-11T16:45:32","date_gmt":"2019-04-11T16:45:32","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/en\/news\/university-joins-ripple-blockchain-research-on-micropayments\/"},"modified":"2019-04-11T16:45:32","modified_gmt":"2019-04-11T16:45:32","slug":"university-joins-ripple-blockchain-research-on-micropayments","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/en\/news\/university-joins-ripple-blockchain-research-on-micropayments\/","title":{"rendered":"University joins Ripple blockchain research on micropayments"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>The University of Luxembourg announced its participation in the University Blockchain Research Initiative, a multi-year, multi-million-euro research programme funded by Ripple, a provider of leading enterprise blockchain solutions for global payments.<\/p><p>Ripple\u2019s donation will support research to develop the network communications necessary for micropayments, which promise to change the way we consume content on the Internet.<\/p><p>\u201cUsers currently pay for web content either through subscriptions or with their data, through exposure to advertising,\u201d says Prof. <a href=\"https:\/\/wwwen.uni.lu\/snt\/people\/radu_state\" target=\"_self\" title=\"\" rel=\"noopener\">Radu State<\/a>, who is leading the research at the University\u2019s <a href=\"https:\/\/wwwen.uni.lu\/snt\" target=\"_self\" title=\"\" rel=\"noopener\">Interdisciplinary Centre for Security Reliability and Trust (SnT)<\/a>. \u201cThere\u2019s currently no cost effective, practical way for people to pay per second to listen to music, access quality journalism or watch a film. But micropayments will allow us to pay as we consume, using tiny fractions of a cent that don\u2019t impact our budget.\u201d<\/p><p>Prof. State and his team intend to make such micropayments a reality through Interledger, an open suite of protocols for sending money directly over the Internet, regardless of currency. Interledger uses a network of \u201cconnectors\u201d \u2013 each making exchanges in at least two crypto or fiat currencies \u2013 to allow people to route money seamlessly across the Internet and across financial barriers.<\/p><p>For the money to find the cheapest route from source to destination, however, thousands of connectors will need to exchange continuous information about their exchange fees and liquidity. One of SnT\u2019s contributions will be to define how connectors exchange this information dynamically, allowing millions of payments per second to take the cheapest route through the network. \u201cConnectors will make money by playing on exchange rates, and since cryptocurrencies are highly volatile we need to ensure that the network copes with this inherent instability,\u201d says State.<\/p><p>The possibility of sending money as easily as we send data has major implications for the way we pay for content on the Internet.\u00a0\u201cWith the Internet, we send data to one another regardless of whether we are on wifi, broadband or DSL,\u201d says\u00a0<a href=\"https:\/\/wwwen.uni.lu\/snt\/people\/jean_louis_schiltz\" target=\"_self\" title=\"\" rel=\"noopener\">Jean-Louis Schiltz<\/a>, Honorary Professor at SnT.\u00a0\u201cWith the support of Ripple, SnT\u2019s aim is to put the network communications in place to achieve the same thing with money, whether we work in euros, dollars or one of the hundreds of cryptocurrencies.\u201d<\/p><p>Pierre Gramegna, Luxembourg\u2019s Minister of Finance, comments: \u201cIn a world in which an ever increasing share of content consumption takes place online, SnT\u2019s project on micropayments, based on Ripple\u2019s Interledger technology, has the potential to significantly improve the way users pay for digital and online content. With the SnT celebrating its 10 year anniversary this year, this new project is yet more proof of the interdisciplinary centre\u2019s important role in Luxembourg\u2019s innovation ecosystem, including in the area of financial services.\u201d<\/p><p>\u201cThe team at the University of Luxembourg is working on core research topics, such as optimising Interledger routing and the design of Interledger connectors, to enable individuals to send payments over the Internet,\u201c said Evan Swartz, Co-Inventor of the Interledger Protocol and Lead Engineer at <a href=\"https:\/\/xpring.co\/\" target=\"_blank\" title=\"\" rel=\"noopener\">Xpring<\/a>. \u201cThey have a unique combination of experience in traditional computer networking and blockchain technologies, and I\u2019m excited to get more networking experts to work on Interledger.\u201d<\/p><p>\u201cWe are honored to partner with the University of Luxembourg as they are working to make micropayments a reality,\u201d said Eric van Miltenburg, SVP of Global Operations at Ripple. \u201cAcademia has traditionally been a critical driver of technical innovation. Last year, we launched The University Blockchain Research Initiative to support the unique role universities will play in advancing our understanding and application of cryptography and blockchain technology.\u201d<\/p><p><a href=\"https:\/\/ubri.ripple.com\/\" target=\"_blank\" title=\"\" rel=\"noopener\">Ripple\u2019s University Blockchain Research Initiative<\/a> (UBRI) launched in 2018, and the University of Luxembourg was one of 17 leading Universities initially selected. Today, Ripple is working over 30 academic partners globally to help them identify research, technical projects and other academic activities in blockchain, cryptocurrency and digital payments.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>The University of Luxembourg announced its participation in the University Blockchain Research Initiative, a multi-year, multi-million-euro research programme funded by Ripple, a provider of leading enterprise blockchain solutions for global payments.<\/p>\n","protected":false},"author":0,"featured_media":7575,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[11,10],"news-topic":[],"organisation":[191,233],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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