Ripple is a real-time, global settlement network that modernizes cross-border payments.
It connects banks, payment providers -such as corporations- and digital asset exchanges via RippleNet, the world’s first commercially operational blockchain network.
Users can transfer value across the network by means of fiat currencies or the Ripple cryptocurrency XRP.
Use-case for Ripple technology
In the Digital Age consumers and businesses have increased demands for cross-border payments.
Currently, such payments require several intermediaries for execution between the sending and receiving banks. The longwinded process takes several days to complete, adding costs and risks.
By participating in the Ripple network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively.
Ripple address, background and history
Ripple is headquartered in San Francisco (US) and has offices in New York, London, Sydney, India, Singapore and Luxembourg.
Ripple was originally conceived in 2004. After further development of the concept, a corporation named OpenCoin was founded during 2012. The Company developed the ripple protocol (RTXP) and the Ripple payment & exchange network in open source code. The company name changed to Ripple Labs Inc. during 2013 and was subsequently rebranded and shortened to Ripple in 2015.
Ripple is a privately funded company with notable investors such as Google Ventures, Seagate Technology, Accenture, Bitcoin Opportunity Corp & Standard Chartered.
The Company is governed by a board of directors, headed up by its CEO and supported by a management team, plus more than 150 staff members. Key skills include cryptographers, security experts, data scientists, compliance analysts, software developers, Silicon Valley and Wall Street veterans.
Ripple received numerous awards during 2015 and 2016, notably from the World Economic Forum, KPMG, Forbes and Fortune. The Company was also listed –during 2016- as the 8th most influential blockchain organization in the world.
Today, Ripple boasts more than 100 major institutional clients -and growing- notably major brands such as Standard Chartered, Westpac, Credit Agricole, Bank of Tokyo Mitsubishi UFG and many more.
How does the Ripple blockchain work?
The Ripple network offers three key solutions to customers.
Exchanges where XRP can be traded
XRP is not a Ripple stock; it is Ripple digital currency. Whereas stocks are traded at a stock exchange, virtual money is traded at a cryptocurrency exchange.
Ripple XRP can be traded at growing number of crypto exchanges such as Bitstamp, Kraken and Gatehub, to name but a few.
To stimulate interest and promote use, many cryptocurrencies run faucets, which is effectively giving away free, miniscule amounts of the crypto.
Ripple ran a faucet during 2013 to encourage more people to use Ripple accounts and start trading the XRP cryptocurrency. The Company distributed a small amount of XRP to more than 25,000 beta users who had to join a mailing list.
A Ripple Faucet still exists today at the following web site address: http://ripplefaucet.info/ To earn free Ripple XRP, a Ripple wallet is required and you are required to solve captcha riddles.
“Ripple has already gained a significant following…the payment network that supports it has the potential to change the way business is done globally.” – 10TopTenReviews
“Ripple’s big selling point is the low cost of making a transaction—users pay a small fee to send money but significantly less than with other forms of money transfer.” – MIT Technology Review
“Among investors, Ripple is one the most divisive cryptocurrencies around – it's either loved or despised, both with equal passion.” – coindesk