Kava Labs has announced the release of their new plugin that will allow the transaction of ERC-20 tokens, as well as other cryptocurrencies between interledger nodes.
The post stated,
“In Interledger, peers can choose how much credit they’re willing to extend, and how often they settle. This can scale from large credit limits to counterparty risk of merely a few cents.”
In addition to MKR, DAI, REP, cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], XRP can also be transacted between the interledger nodes. This addition expands the support for massive and diverse coins and according to the post, the interledger now connects more assets than “Ethereum-based DEXs or the Bitcoin Lightning Network alone.”
Stefan Thomas, Founder and CEO of Coil, Co-creator of the Interledger Protocol and former CTO of Ripple stated,
“The massive potential for Interledger is to unify payments methods the same way the internet has unified communication… This significant development by Kava paves the way for a wave of blockchain-based applications to interoperate with more traditional payment methods and emerging markets via the Interledger network.”
Kava’s Switch App will be the first implementation of this plugin and it will natively support DAI traders. Switch App is a wallet for non-custodial crypto-trading, which works just like the internet does i.e. by streaming micropayments – sending small bits of value piece-by-piece, until an entire payment or trade is complete. This method is used to swap cryptocurrencies like BTC to ETH and others vice-versa, instantly.
With the implementation of the new plugin, users can now make instant non-custodial trades between DAI, BTC, ETH, and XRP using streaming micropayments on Interledger.
CEO of MakerDAO, Rune Christensen, said,
“Dai integration with Interledger creates a massive opportunity for people to benefit from the transparency,