Genesis of Ripple
Ryan Fugger created Rippleplay in Canada in 2004. It was conceived as a decentralized monetary system through which people can make independent transactions through a global network.
Then, in 2011, another group added to its development by creating a digital currency system in which transactions were agreed upon by all parties. It was different in nature than the creation of transactions through mining or blockchain. Thus, it was created to remove Bitcoin's need to rely on specific and centralized exchanges, to use less energy and to be faster. This team joined Ryan Fugger, and they put their ideas together. Together, they created OpenCoin Inc.
Together, OpenCoin has created the Ripple Transaction Protocol (RTXP). This creates a fast currency transfer. The waiting time and costs of other banking situations can be avoided. USD, Euro, RMB, and others can be transferred.
Security is excellent because all transactions depend on a single ledger. It works by being constantly compared to a server community that compares transaction information. This makes it possible to validate and confirm the legitimacy of the transactions. These servers may belong to banks or mechanics, or technically, to anyone who joins the network.
In 2013, the XRP digital motto was fully integrated into OpenCoin and associated with the Bitcoin protocol via the Bitcoin bridge. Through this bridge, Ripple users can send payments in different currencies to Bitcoin addresses. Soon after, they changed the name of OpenCoin to Ripple Labs. The Ripple software and server have become free to use.
Ripple's verification system can easily integrate with banks, making it easier to transfer funds.
Other projects have been developed. For example, an iphone application has been developed so that iphone users can easily transfer money between them. They also considered a new Smart Contract system.
Ripple continued to offer its services to the major financial institutions and corporations. These transactions can take place independently of borders or currencies. Fidor Bank was the first bank to use Ripple. Cross-River Bank and CBW Bank joined. They started working with Earthport, a money transfer service. Earthport also works with Bank of America and HSBC. This has created a great growth for Ripple, marking it as one of the greatest currencies cryptos.
Since then, many companies have joined forces with Ripple. They also proclaimed themselves to be pro-government regulations. In 2015 and 2016, Ripple continued to grow. In 2016, they accumulated a BitLicense. And in Japan, 42 banks have decided to create a network by which Ripple will be used, and this number could increase. In 2016, Ripple also set up a specific service to transfer money between banks. Bank of America, CIBC and RBC joined them and many more.
These transactions could be registered using a repository that would be common to all. The company also created its own crypto-currency, a bit like Bitcoin.
How does Ripple work?
Ripple works in a simple way. When two parties wish to make a transfer of funds, they can do so either by sending payments online via the fiat currency or by currency Ripple XRP. When transferring XRP, Ripple's internal ledger is used. If other assets are exchanged, Ripple will record the amount.
This system is put in a bank for various securities. Users choose the currency they want to transfer, allowing them to have a say in the security they need. For example, if two people who send money (not XRP) through Ripple agree that they feel safe with each other, they adjust the amount of the transaction by themselves, in accordance with their own agreements.
If the two people don't know each other, Ripple will create the transaction using two parties that have a security agreement in place. Everything is automatically balanced that way. "Rippling" essentially means exchanging money through trust-based parties.
- It has a strong market capitalization and is gaining value, but its price is still less than $1.
- It has the potential to become one of the best new crypto currencies.
- It is already integrated into the largest banking systems in the world, so the growth potential is there.
- It is compatible with Bitcoin technology.
- It has unequalled potential in the financial world when it comes to working with banks and businesses to easily transfer money.
- Ripple can have a very strong growth in the very near future.
Evolution of the Ripple course
Members and financial institutions
In short, what is Ripple?
Ripple is an interbank payment network for making cross-border transactions at reduced costs in any currency. For this, it builds on its consensus protocol the RPCA and its token the XRP. Before approaching its operation, it is necessary to define the terms.Our training