WHAT IS RIPPLE

Ripple is real-time gross settlement system (RTGS), currency exchange by Ripple. It is also called the Ripple Transaction Protocol (RTXP) or Ripple protocol. it is built upon a distributed open source Internet protocol, ledger and cryptocurrency called XRP (ripples). Ripple enables, Secure, fast, instant and free global financial transactions of any size with no chargebacks. The digital currency XRP acts as a bridge currency to other currencies. It supports tokens that represents fiat currency, cryptocurrency. It is based around a shared, public database which uses a process that allows for payments, exchanges and remittance in a distributed process. It is fastest and most scalable Digital Asset in the world. Ripple is a very popular network as many banks across the world use it as the basis for their own settlement

HISTORY OF RIPPLE

Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first developed in 2004 by Ryan Fugger, a web developer in Vancouver, British Columbia. Fugger conceived of the idea after working on a local exchange trading system in Vancouver with his intent to create a decentralized monetary system that effectively allow individuals and communities to create their own money. This led to the conception of a new system by Jed McCaleb of eDonkey network, which was designed and built by Arthur Britto and David Schwartz In May 2011, the development of a digital currency system begins in which transactions were verified by consensus among members of the network, rather than by the mining process used by bitcoin, which relies on blockchain ledgers This new version of the Ripple system was designed to eliminate bitcoin's reliance on centralized exchanges, It use less electricity than bitcoin and perform transactions much more quickly than bitcoin. Chris Larsen founded the lending services companies E-Loan and prosper, joined the team in August 2012 and together McCaleb and Larsen approached Ryan Fugger with their digital currency idea. In September 2012 the team co-founded the corporation OpenCoin, or OpenCoin Inc. launched Ripple

FEATURES OF RIPPLE

Current Acceptence of RIPPLE in the World.

Ripple is the only blockchain payments provider with proven commercial deployments. Popular financial institutions like MUFG, BBVA, SEB, Akbank, Axis Bank, YES BANK, SBI Remit, Cambridge Global Payments, Star One Credit Union and eZforex.com adopted the Ripple for payments because of the reduced time and cost associated with global transactions. BBVA, one of the top 50 largest banks in the world, is using Ripple to enable real-time payments between Europe and Mexico. Digital banking pioneer and one of Turkey’s largest private banks, Akbank, is the first bank in Turkey to adopt blockchain. Cambridge Global Payments and Earthport are collaborating with Ripple to improve the customer experience, increase the reach and reduce the cost of real-time cross-border payments.