Ripple network

14 examples (0.03 sec)
  • A gateway is any person or organization that enables users to put money into and take money out of the Ripple network.
  • In practice, gateways are similar to banks, yet they share one global ledger known as the Ripple network.
  • The Ripple network allows users or businesses to conduct cross-currency transactions in seconds.
  • Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange.
  • The Ripple network purports to enable "secure, instant and nearly free global financial transactions of any size with no chargebacks".
  • When a user conducts a financial transaction in a non-native currency, the Ripple network charges a transaction fee.
  • XRP is the only currency in the Ripple network that does not entail counterparty risk.
  • The other currencies in the Ripple network are debt instruments (i.e. liabilities), and exist in the form of balances.
  • XRP is the native currency of the Ripple network.
  • The consensus ledger makes the Ripple network energy efficient and robust against attacks compared to cryptocurrencies like Bitcoin that are secured by mining.
  • This manual creation of a trustline indicates to the Ripple network that the user is comfortable with the gateway's counterparty risk.
  • Parts of Ripple, particularly a Javascript-based web client, had been open source months before, but the release of the peer-to-peer "full node" Rippled meant that the community now had the required tools needed to maintain the Ripple network on its own.
  • For example, if a user deposits $50 and BTC 2.00 at The Rock Trading, the user will have to grant trust of at least that much in both currencies to the gateway for the monies to be available in the Ripple network.
  • Bloomberg sees that Ripple's agreement with ZipZap puts the network in competition with Western Union as a remittance network, noting that while Western Union charges $40 to send $500, ZipZap will charge only $3.95 to deposit the same amount into the Ripple network.