The University of Luxembourg announced in a press release it sent to CoinReport that it has joined the University Blockchain Research Initiative, a multi-year, multi-million-euro research program backed by Ripple, a provider of top enterprise blockchain solutions for universal payments.
Ripple’s funding will allow for research to form the network communications required for micropayments.
Prof. Radu State, who is leading the research at the University’s Interdisciplinary Centre for Security Reliability and Trust (SnT) said in the news release we received, “Users currently pay for web content either through subscriptions or with their data, through exposure to advertising.
“There’s 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’t impact our budget.”
Along with his team, Prof. State plans to turn these micropayments into a reality via Interledger, an open suite of protocols for sending money directly over the Internet, irrespective of currency.
Utilizing a network of connectors that each make exchanges in at least two fiat currencies or two cryptos, Interledger enables users to route funds impeccably across the Internet and across financial gateways.
However, in order for the fund to find the most economical route from originator to receiver, thousands of connectors will require to exchange successive information regarding their exchange fees and liquidity. Among SnT’s contributions will be defining how connectors exchange this information dynamically, enabling millions of payments per second to take the most inexpensive route via the network.
State said, “Connectors 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.”
Transferring funds as conveniently as data is sent has huge implications for how content is paid for on the Internet.
Jean-Louis Schiltz, Honorary Professor at SnT and representative of the Interledger Foundation in Luxembourg, stated, “I think that most people would rather pay for good content rather than sacrificing their privacy and having to put up with unwanted adverts.
“With the Internet, we send data to one another regardless of whether we are on wifi, broadband or DSL. With the support of Ripple, SnT’s 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.”
Luxembourg’s Minister of Finance, Pierre Gramegna, said, “In a world in which an ever increasing share of content consumption takes place online, SnT’s project on micropayments, based on Ripple’s 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’s important role in Luxembourg’s innovation ecosystem, including in the area of financial services.”
Xpring lead engineer & Interledger Protocol co-inventor Evan Swartz commented, “The team at the University of Luxembourg is working on core research topics, such as optimizing Interledger routing and the design of Interledger connectors, to enable individuals to send payments over the Internet.
“They have a unique combination of experience in traditional computer networking and blockchain technologies, and I’m excited to get more networking experts to work on Interledger.”
The SVP of Global Operations at Ripple, Eric van Miltenburg, said, “We are honored to partner with the University of Luxembourg as they are working to make micropayments a reality.
“Academia 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.”
Ripple’s University Blockchain Research Initiative was launched in 2018, with the University of Luxembourg being one of 17 top universities initially selected. Today, Ripple is collaborating with more than 30 academic partners the world over to assist them in identifying research, technical projects and other academic activities in blockchain, cryptocurrency and digital payments.
Image via photo gallery on the University of Luxembourg’s website