Hello We will introduce “Ripple” this time First of all, basic information The token is “XRP” and the issue number is “100 billion” Distribution started in February 2013, and the algorithm is equipped with RPCA Ripple Protocol Consensus Algorithm Ripple’s founder is Chris Larsen,
a famous angel investor He has been involved in, and co-founded, startups of various new businesses As of 2019, Brad Garringhaus is the president Ripple is an international remittance solution developed by Ripple in the US Abbreviation for “ripple transaction protocol (RTXP)” The vision that such ripple company advocates is
“the Internet of value” By globally integrating different payment protocols,
such as international remittance Like the Internet, money and various other “values” “Fast”, “cheap”, “anytime”, “safely” mechanism to send
Ripple’s “Internet of Values” Currently, when conducting international remittances,
a remittance system called “SWIFT” is the mainstream. It is a communication service that connects financial institutions around the world It consists of going through the relay banks of each country called ‘Corles Bank’ For example, when remittance from Japan to the United States Remittances will be made through the ‘banks’ and ‘Corles Bank’ of both countries All you have to do here is to communicate the “message” that you want to remit You can tell it like a message game and you can finally withdraw at the other party’s bank This will not only take 2-4 days to complete the remittance. Each bank will charge a fee, so it will cost a a lot of money in total Moreover the breakdown will also come in unclear form Also there are many other issues besides that Not only human costs but also wrong identification confirmation, mistakes and wrong remittance Risk of huge unfair remittance due to hacking
to the system, etc. The SWIFT system, which has been operating for 40 years, has various problems Ripple’s “RTXP” has made a new money transfer system revolution there RTXP is a combination of two technologies,
“ILP” and “XRP Ledger” “ILP” is a system that can connect ledgers of different currencies “XRP Ledger” is a ledger system like a block chain in bitcoin “ILP” which enables connection of different ledgers “ILP” is an international standardization project proposed by Ripple in 2015 Financial institutions, block chains, credit card companies, etc. It is standard that can connect between different ledgers and make payments all over the world instantly Currently being developed by W3C as an open technology Ripple’s original distributed ledger “XRP Ledger” The biggest feature of “XRP Ledger” is the speed of the remittance speed This does not need to be approved by many participants, like PoW such as BTC At the moment, it can process about 1500 transactions per second It takes about 4 seconds to transfer money, hundreds of times faster than bitcoin In addition, it is said that further transaction improvement is possible from now on The reason for the speed of this transaction approval is the mechanism to approve only with “validator” A “validator” is a famous company or group chosen by Ripple based on trust. When 80% of validators are approved, it will be recorded in the ledger of XRP Ledger By the way, validators include
Microsoft, MIT, Nicosia University, etc. Japan, NTT Communications, Secom, etc. also participate This approval mechanism is called “RPCA” or
“XRP Consensus” etc. There is no need for huge assets such as mining and power like Bitcoin We have realized a mechanism that is more ‘cheap’, ‘earlier’ and ‘safer’ Let’s look at the functions in more detail A global remittance network that makes use of “RTXP” is called “RippleNet” A service that facilitates international remittances made for financial institutions and money transferers Ripple has partnered with banks around the world to conduct demonstration experiments More than 200 financial institutions such as banks that are members of RippleNet Many major Japanese banks and financial institutions also participate On RippleNet, a token named “XRP” is used Here, I would like to note that ripple is the Internet protocol. “XRP” is the bridge currency used on RippleNet A bridge currency is a currency that becomes a bridge between different currencies, such as international remittances. I will introduce it in detail later By the way, XRP is different from mining mechanism such as Bitcoin
All 100 billion pieces have already been issued However, not all 100 billion copies are on the market At the end of 2017, more than half of the 55 billion XRPs were locked up to the XRP Ledger. Up to 1 billion XRPs are released to the market every month from 2018 to 55 months This will increase XRP’s market liquidity and This is to eliminate the concern that Ripple will sell its XRP at once Let’s take a closer look at RippleNet RippleNet has three systems “xCurrent” “xRapid” is already running and “xVia” is under development Let’s look at each feature International Current Remittance System “xCurrent” for banks to replace SWIFT Compared to the bank’s international remittance system “SWIFT” introduced earlier Remittance flow of “xCurrent” is very simple In “SWIFT”, each organization will register in different ledgers and communicate In addition to days and fees, there were risks such as mistakes and malfunctions. If it is “xCurrent” which uses ILP connecting different ledgers In addition to being able to confirm remittance information in real time between banks It is possible to realize the world of international remittance in a few seconds and a little money. Because “xCurrent” is a mechanism based on interbank remittances that replace “SWIFT” Basically we do not use “XRP” System “xRapid” which moves real money by using bridge currency “XRP” “XRapid” is a system that converts and transfers currency in real time Remittance currency is exchanged in real time to the bridge currency “XRP” Real money will be exchanged / transferred to the receiver quickly, cheaply and safely In the example using “xRapid” as a service that a remittance company etc. introduce mainly When a UK remittance service company transfers money from the UK to Mexico It has been reported that about 11200 yen and 31 hours have been saved compared to SWIFT In addition, use of RippleNet requires “XRP” as a fee. Because the cost also increases to move the “XRP” in large quantities by external attacks etc. The safety aspect from hacking etc is also secured design And XRP used by the fee etc on RippleNet disappears Everything has been issued, and there is no mining mechanism, and “XRP” disappears It will keep disappearing little by little from the market System “xVia” which enables connection from outside even if not participating in RippleNet “XVia” is currently under development By using the API, you can connect to RippleNet without the need for special software. Connect to RippleNet to enable real-time remittance and tracking In addition, it is characterized by being able to write various remittance information such as bills. RippleNet is completed by using these three systems. Ripple’s “Internet of Values” will be achieved From here, we will report on the progress of Ripple’s project Ripple has received a stake from the world-famous big company Google Inc. Chrome extension “MoneyMessage” enables XRP money transfer Another is the foundation run by Bill Gates, the founder of Microsoft. Released payment software “Mojaloop” that utilizes Ripple’s technology Develop a mobile payment platform using ILP,
such as Africa We provide money transfer payment system to 30% of the world who can not have a bank account In addition, for the Philippines community living in the United States, utilizing “xRapid” International Remittance Platform “SendFriend” has launched In the United States, there are many Filipinos remittances to their home countries. Fees are reduced by 65% ​​compared to traditional remittances, usually taking 3-5 days, with a few seconds It will be easier, cheaper, faster and safer to send In April 2019, Mr. Kitao, representative of SBI Holdings, will become Ripple’s director Ripple in June 2019 Announced partnership and investment in NASDAQ-listed US remittance major “MoneyGram” MoneyGram’s CEO says Ripple’s partnership is
“perfect marriage” Using “xRapid” in 347,000 money transfer businesses in 200 countries developed by MoneyGram He says that it will greatly stimulate global liquidity management. Ripple and SBI Holdings remove foreign exchange and domestic exchange rate barriers Jointly formed the “Foreign and domestic exchange consolidation consortium” The consortium has more than 60 domestic banks in Japan alone This is a mechanism of a 24-hour real-time remittance infrastructure that employs ripples. We have also announced the app “Money Tap” that is reflected 24/7 in real time. Ripple formed a partnership with HYPERLEDGER in March 2018 HYPERLEDGER is an open source blockchain platform It is a blockchain technology promotion community in which IT companies around the world participate Other companies such as IBM, Intel,
Solamitsu, NEC, NTT DATA, etc. Ripple cooperated with NTT DATA and submitted a mechanism to access ILP in JAVA Ripple has an investment project called “Xpring” Provide financial and technical support to companies using XRP and XRP Ledger Actively support the growth of the business Xpring has already promised $ 500 million in support for over 20 companies Up to here for this time Let’s meet again