Ripple is Officially Open Source

Ripples owners, OpenCoin, have announced that they will make the payment system available on an open source license beginning September 26. The payment platform also has its own currency, some 100 billion of which have been mined in advance. But the parent company’s choice to keep Ripple closed sourced until now has been met with controversy. OpenCoin’s founders have said all along that they were planning to open source Ripple. CTO Stefan Thomas said there were some issues that had to be fixed before open sourcing, otherwise Ripple “would have likely sustained significant network....

OpenCoin, the company behind the Ripple payment system, has announced that it should finally be made available via an open source license next week. Ripple, which features both a payment network and its own ripple currency (XRP), began circulating some of the 100bn pre-mined ripples earlier this year. Since then, OpenCoin has drawn considerable flak from the community for maintaining a closed-sourced approach with Ripple. However, the founders (who retained 20% of the entirely pre-mined currency for themselves) have consistently said that they planned to open source it at some point in the....

Ripple Labs has sealed new partnerships that will bring its Ripple protocol to two US banks. According to the company's 24th September announcement, Kansas-based CBW Bank and Cross River Bank, located in New Jersey, will be the first American banks to adopt Ripple's open-source distributed transaction infrastructure. The news comes several months after Ripple inked its first deal with the banking sector, when German bank Fidor became the first institution of its kind to integrate the Ripple protocol. Like Fidor, CBW Bank and Cross River Bank will now be able to tap Ripple's low-cost....

Ripple Labs made huge waves today, signing the first two U. S. banks to an agreement to use their open-source payment protocol. Two U. S. banks, Cross River Bank in New Jersey and Kansas-based CBW Bank, proclaim their utilization of the Ripple currency protocol. This makes way for an instant transfer system with international transfers at no charge on Ripple's network. "It's a big milestone," said Ripple Labs Chief, Chris Larsen. "We've been working on our enterprise banking strategy for well over a year. It takes quite a while for banks to get going." Ripple's Transaction Protocol (RTXP)....

1. What is Ripple? Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that's still in beta. The goal of the ripple system, according to its website, is to enable people to break free of the "walled gardens" of financial networks - ie, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays. 2. What does Ripple do? According to is OpenCoin, the company behind ripple, the currency addresses....