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Ripple is a real-time gross settlement system, currency exchange, and remittance network created by Ripple Labs Inc., a technology firm located in the United States. Ripple is a distributed open source system that supports tokens representing fiat cash, bitcoin, commodities, or other units of value such as frequent flyer miles or mobile minutes. It was launched in 2012 and is based on a distributed open source protocol.

Ripple claims to be able to facilitate “secure, instantaneous, and almost free worldwide financial transactions of any size with no chargebacks.” The native cryptocurrency XRP is used in the ledger.

The US Securities and Exchange Commission (SEC) sued Ripple Labs and two of its executives in December 2020 for selling XRP coins, which the SEC classed as unregistered securities.

Jed McCaleb created Ripple, which was built by Arthur Britto and David Schwartz, who then approached Ryan Fugger, who had launched Ripple in 2005 as a financial business to give safe payment choices to members of an online community over a worldwide network.

Fugger had created the OpenCoin system, which would eventually become Ripple. The business has developed its own digital currency, called XRP, to allow financial institutions to send money with minimal fees and delays. Banks expressed interest in implementing the company’s payment mechanism in 2013.

Over 100 banks have joined up by 2018, although the majority of them simply used Ripple’s XCurrent messaging technology, eschewing the XRP coin owing to its volatility issues. The Society for Worldwide Interbank Financial Telecommunication (SWIFT), whose market dominance is being challenged by Ripple, has asserted that the scalability difficulties of Ripple and other blockchain technologies are yet addressed, limiting them to bilateral and intra-bank applications.

In 2018, a Ripple official said that “We began with the traditional blockchain, which we like. The banks, on the other hand, have said that you can’t put the entire globe on a blockchain.”

Ripple uses a distributed database called a common shared ledger to store information about all Ripple accounts. The network is controlled by a network of independent servers that compare transaction data, according to Chris Larsen of the Stanford Graduate School of Business.

The network is controlled by a network of independent servers that compare transaction data, according to Chris Larsen of the Stanford Graduate School of Business. Ripple instantly verifies accounts and balances for payment transmission and sends payment notifications in a matter of seconds. There are no chargebacks and payments are irreversible.

Ripple Labs remained the key code contributors to Ripple’s consensus verification technology. The protocol got access to the US financial system in 2014, despite security and regulatory concerns.

Ripple Labs was recognized one of MIT Technology Review’s 50 Smartest Companies in February 2014 for its conception and development of the Ripple protocol (RTXP) and the Ripple payment/exchange network.

According to a scientific study conducted by two professors from Stanford and Stockholm University, maintaining a Ripple server is equal to running an email server in terms of energy usage and macroeconomics.

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