Ripple Explained: Medieval Banking with a Digital Twist
Antony Lewis is Head of Business Development at itBit, a bitcoin exchange based in Singapore. In this article, he explains how Ripple works, so that anyone can understand it. The Live Ripple Network Can be Visualised Here. What is Ripple? Well, it is both a digital currency and a payments protocol, and it is the latter that has got people excited. Ripple has been hitting the news recently, with banks saying it has promise, and even for the first time starting to use it for services. But many people don't understand it, so how does it work, exactly? A good parallel is the hawala network - a....
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Ripple Labs, the company that was expected to offer a stiff competition to Bitcoin with its Ripple (XRP) digital currency and Ripple Protocol seems to have fallen behind. Thanks to the recent crackdown by US Financial Crimes Enforcement Network (FinCEN) where Ripple was slapped with a $700,000 fine for non-compliance of regulations while operating as a money services business and selling its virtual currency. FinCEN had found that the parent company of Ripple Labs - XRP II, LLC had willfully violated the Banking Secrecy Act by not implementing effective Anti-Money Laundering (AML) program.....
Ripple has never been a favorite in Bitcoin circles, although it has grabbed the attention of banks and remittance powerhouse Western Union. Ripple Labs CTO Stefan Thomas cleared some misconceptions about the remittance system—which has been criticized for requiring a verified ID as well as for having a centralized system—in an interview with Epicenter Bitcoin. He explained how the protocol works, why the goal is for a more decentralized protocol, and how the company aims to disrupt the outdated banking system. Thomas explained that the original idea behind Ripple was to counter the....
The short answer is, if you use the Ripple protocol for any purpose, not only can Ripple track you, but they see it as a feature, not a bug. In comments made to the California Assembly last month, Karen Gifford and Chris Larson of Ripple Labs, in essence, threw the baby out but attempted to purify the bath water. Gifford is no stranger to traditional banking, and Ripple famously hired her for her impressive resume which includes eight years as an active member of the litigation and enforcement group for the Federal Reserve Bank of New York. Her role as compliance officer should come as no....
Integrating the Ripple protocol into Temenos T24 lets financial institutions send payments in real-time without requiring intermediary banking relationships. Ripple has always been an initiative to bridge the gap between blockchain technology and traditional banking. Now that this protocol has been showcased as an integration into Temenos T24, the future is looking for bright for Ripple and its partners. Temenos T24 Integration is a Big Milestone for Ripple. There are a lot of people who have never heard about Temenos T24 before, even though it is one of the most commonly used core banking....
The R3CEV banking consortium could be partnering with Ripple Labs, according to a tweet from Ripple Labs CEO Chris Larsen. “The future of fintech is bringing together like-minded companies, like @R3CEV and @Ripple. More details to come soon…,” Larsen tweeted. R3CEV Explores Ripple. Jo Lang, R3 research director, wrote a white paper on considerations for Ripple adoption by large financial institutions one year ago. Lang noted that Ripple has focused on partnership versus competing with existing financial institutions seeking to gain efficiencies and improve transaction processes. R3....