Ripple exchange rate chart
Ripple price in the chart is reported in USD (XRP to USD)
The graph reflects the situation on Bittrex.
What is Ripple?
Ripple is a currency exchange and remittance network. Ripple is built upon an open source protocol and consensus ledger. The cornerstone of the network is a cryptocurrency called XRP. Founded in 2012 by Arthur Britto, David Schwartz, Ryan Fugger, Ripple aims to become the bridge between the cryptocurrency world and traditional financial institutions. The original goal was to facilitate “secure, instantly and nearly free global financial transactions of any size with no chargebacks.”
Ripple is not a normal cryptocurrency by the standard definition. The Ripple blockchain isn’t open like other cryptocurrencies. XRP uses cryptography to protect investors, but the nodes are not individuals but rather “trusted” operators registered in the Ripple network. Ripple has caught a lot of flak for this. But this has its benefits too – the currency uses the advantages of the blockchain ledger, but in a controlled environment. From the perspective of banks, this has advantages over other cryptocurrencies, such as Bitcoin.
Gateways are essentially people or organizations that enable user to deposit or withdraw from Ripple’s liquidity pool. Gateways accept currency and credit it to Ripple’s distributed ledger. All gateways share Ripple’s ledger. Gateways may implement their own KYC/AML policies and are essentially trusted operators of the Ripple network. Popular gateways include Bitstamp, Gatehub, Ripple Fox, Tokyo JPY, Mr. Ripple, RippleChina and The Rock Trading.
- Ripple consensus ledger
Ripple’s ledger represents a series of interconnected servers that hold a distributed database about all Ripple accounts. Servers constantly validate and compare transaction records. Anyone can own a server, including banks or market makers. Transactions that are agreed on by the vast majority of servers are considered valid. Consensus usually happens within several rounds, where disagreement is reduced with each new round.
Ripple has a public ledger, but payment information is hidden. It is difficult to tie transactions with specific users or entities.
- Cross-currency transactions
Ripple enables users to conduct transactions across different currencies in 3-5 seconds. Payments are irreversible and there are no chargebacks. All transactions are cryptographically secure and verified via Ripple’s network. Ripple’s gateways allow the use of fiat currencies (USD, EUR, MXN, NZD, GBP, NOK, JPY, CAD, CHF, CNY, AUD), cryptocurrencies (BTC, XRP, LTC, NMC, NXT, PPC, XVN, SLL) and even commodities (gold, silver, platinum).
Partnerships with banks
One of Ripple’s key advantages is its ability to strike partnerships with banks that are too cautious dive into the cryptocurrency market, but want to take a peek. Ripple Labs deals assists banks in integrating their operations in the Ripple network.
At the moment, Ripple has publicly known partnerships with the following banks: Accenture, Akbank, American Express, ATB Financial, Axis Bank, Banco Bilbao Vizcaya Argentaria, BMO Financial Group, Cambridge Global Payments, Canadian Imperial Bank of Commerce, CBW Bank, CGI Group, Cross River Bank, Davis + Henderson (D+H), Deloitte, Earthport, Expertus, eZforex, Fidor Bank, Mitsubishi UFJ Financial Group, Mizuho Financial Group (MHFG), National Australia Bank (NAB), National Bank of Abu Dhabi (NBAD), ReiseBank, Royal Bank of Canada (RBC), Santander, SBI Holdings, SBI Remit, Shanghai Huarui Bank (SHRB), Siam Commercial Bank (SCB), Skandinaviska Enskilda Banken AB (SEB), Standard Chartered, Star One Credit Union, Tas Group, Temenos Group, UBS, UniCredit Group, Volante Technologies, Westpac Banking Corp, Yantra Financial Technologies, Yes Bank.
The total supply of XRP is 100 billion. Out of those, 20 billion are distributed among creators and the remaining 80% was given to Ripple Labs. The goal of Ripple Labs is to “to incentivize market maker activity to increase XRP liquidity and strengthen the overall health of XRP markets.” In May 2017, answering concerns about XRP’s large supple, Ripple Labs placed 88% of its XRP holdings (55 billion XRP) into a secure escrow. The escrow allows them to use 1 billion XRP monthly and return the unused amount at the end of each month.
Brad Garlinghouse – CEO
Asheesh Birla – VP of Product
David Schwartz – Chief Cryptographer
Stephan Thomas – CTO
Ron Will – CFO
Satoshi Citadel Industries