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Ripple (cryptocurrency)

Ripple (cryptocurrency)

Ripple is a global currency exchange and remittance network that aims to lower the cost and improve the speed of international bank transfers relative to legacy financial infrastructure.

Ripple is a global currency exchange and remittance network that aims to lower the cost and improve the speed of international bank transfers relative to legacy financial infrastructure. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). Ripple's consensus is based on the Federated Byzantine Agreement (FBA) -- a kind of middle ground between public, permissionless blockchains such as Bitcoin and private, permissioned blockchains such as Hyperledger Fabric.

Ripple was released in 2012, helping to enable "secure, instant and nearly free global financial transactions of any size with no chargebacks."

At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process. In 2014, Ripple defended the security of its consensus algorithm against a competitor; Stellar Network. Currently, Ripple is the third-largest cryptocurrency by market capitalization, after Bitcoin and Ethereum. Used by companies such as UniCredit, UBS or Santander, the Ripple protocol has been increasingly adopted by banks and payment networks as settlement infrastructure technology.

Concept

With the Ripple ledger, people can send and receive different types of fiat currency or cryptocurrency. XRP is the native currency of the ledger, but by preparing trustlines, in other words a trust relationship between two parties, two financial organizations or people can trade with multiple currencies, all on the Ripple ledger. In this way, banks can send money across the world in just seconds, not days. The foreign currency that is held on the ledger is in the form of an IOU. In addition, if one party sought to purchase a foreign currency from a party for which they have no direct trustline, Ripple provides a path-finding algorithm that connects the two parties through indirect trustlines. This mechanism is called 'rippling' and consumers who have multiple gateways in the same currency can 'allow rippling' on their account to receive a small transit fee for allowing inter-gateway liquidity.

Spam prevention

Every Ripple wallet must have a minimum of 20 XRP and every transaction mandates a fee in Ripple. This helps to prevent flooding of the network from adversaries who wish to thwart it.

Timeline

December 22, 2020
The Securities and Exchange Commission announced that it has filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.
December 20, 2019
Ripple raises a $200,000,000 series C round.
May 12, 2017
Ripple raises a $200,000 corporate funding round.
September 15, 2016
Ripple raises a $55,000,000 series B round from Standard Chartered.
October 6, 2015
Ripple raises a $4,000,000 series A round from CME Ventures, Mouro Capital and Seagate Technology.
May 19, 2015
Ripple raises a $28,000,000 series A round from Blockchain Capital, CME Ventures, CRCM Ventures, Core Innovation Capital, Digital Currency Group, IDG Capital Partners, Nurzhas Makishev, RRE Ventures, Route 66 Ventures and Seagate Technology.
2014
Ripple was founded by Nithin David Thomas, Royce Raju Beena and Vinayak Radhakrishnan.
November 12, 2013
Ripple raises a $3,500,000 seed round from Camp One Ventures, Core Innovation Capital and IDG Ventures.
May 14, 2013
Ripple raises a $1,400,000 seed round from Camp One Ventures, GV, IDG Capital Partners and Pantera Capital.
April 11, 2013
Ripple raises a $2,500,000 seed round from Andreessen Horowitz and Lightspeed Venture Partners.
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Funding rounds

People

Name
Role
LinkedIn

Nithin David Thomas

Founder

Royce Raju Beena

Founder

Vinayak Radhakrishnan

Founder

Further reading

Title
Author
Link
Type
Date

The Ripple Protocol Consensus Algorithm

David Schwartz, Noah Youngs and Arthur Britto

Academic

Documentaries, videos and podcasts

Title
Date
Link

XRP Price Prediction 2020, 2021, 2025 | XRP Forecast

February 17, 2020

Companies

Company
CEO
Location
Products/Services

News

Title
Author
Date
Publisher
Description
Omar Faridi
July 11, 2021
Crowdfund Insider
Ripple to expand from cross-border oayments to tokenized services, bringing crypto capabilities to enterprises, company exec reveals.
Rupert Jones
June 17, 2021
the Guardian
FCA says the digital assets appear to have become more normalised and viewed less as a gamble
Sophie Kiderlin
June 3, 2021
markets.businessinsider.com
Ripple says the documents will prove the SEC's claim that Ripple broke the Securities Act by selling XRP is groundless.
Sophie Kiderlin
June 3, 2021
Business Insider
Ripple says the documents will prove the SEC's claim that Ripple broke the Securities Act by selling XRP is groundless.
Suzanne Loo
June 2, 2021
TechNode
As an indispensable part of the innovation ecology, BEYOND Global Investment Summit will gather global A-list VCs to build a network with innovation at its core and advance the development of businesses with the help of their expertise.
Shalini Nagarajan
May 27, 2021
markets.businessinsider.com
This is what traders are talking about.
Catherine Shu
May 13, 2021
TechCrunch
Blockset, the blockchain infrastructure platform for enterprises by BRD, announced early access to its Wallet-as-a-Service today. The white-label solution gives clients, like financial institutions, the ability to launch wallets that have the same features as BRD's own mobile cryptocurrency wallet, which now has about 7 million users with over $20 billion assets under protection. Blockset's [...]
Kollen Post
May 12, 2021
The Block
Melissa Netram joins a growing list of regulators and government officials who are jumping into crypto.
Alexandra Samet
May 10, 2021
Business Insider
Learn about the most innovative financial services providers with the BI list of top fintech startups and financial technology companies. Stay on top of the future of financial technology.
Sophie Kiderlin
May 7, 2021
markets.businessinsider.com
Ripple said the surge in sales of the cryptocurrency XRP could be linked to an uptake of RippleNet's on-demand liquidity services.
Yogita Khatri
May 7, 2021
The Block
Ripple has reported a nearly 100% increase in XRP sales for Q1 2021 despite its ongoing legal battle with the U.S. SEC.
Ryan Weeks
May 4, 2021
The Block
Ripple's chief technology officer David Schwartz would rather talk about new improvements the firm's payment technology than about XRP.
Shalini Nagarajan
May 1, 2021
markets.businessinsider.com
Novogratz predicted crypto investments will make up 2% of global wealth within two to three years, up from its current slice of half a percent.
Carla Mozée
April 30, 2021
markets.businessinsider.com
Ripple CEO Brad Garlinghouse Ripple XRP leapt 15% on Friday following a report that Ripple, the company behind the token, wants to go public. ...
Shalini Nagarajan
April 30, 2021
markets.businessinsider.com
Garlinghouse said he's frustrated with the US' progress given that such a framework would provide more clarity to investors.
Emily Graffeo
April 29, 2021
markets.businessinsider.com
The Eliminate Barriers to Innovation Act of 2021 is headed to the US Senate after passing in the House. It would create a public-private working group for crypto.
Pomerantz LLP
April 27, 2021
www.prnewswire.com:443
/PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against MoneyGram International, Inc. ("MoneyGram" or the "Company")...
Shalini Nagarajan
April 24, 2021
markets.businessinsider.com
Chris Larsen suggested bitcoin should surrender its core proof-of-work (PoW) technology that is used in the mining process.
Emily Graffeo
April 13, 2021
markets.businessinsider.com
Ripple Labs' XRP token reached its highest point in over three years after company executives filed a motion to dismiss an SEC lawsuit.
Emily Graffeo
April 13, 2021
Business Insider
Ripple Labs' XRP token reached its highest point in over three years after company executives filed a motion to dismiss an SEC lawsuit.
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References

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