Thread by @Cov_duk

#Ripple 101: Instant, low cost cost, cross border payments.

Here's your introduction to Ripple, the cross border payments network built on top of #XRPL

A thread 🧵👇

2. #Ripple is a cross border payment platform that is built on top of the $XRP Ledger (XRPL).

Here is my #XRP 101:

https://twitter.com/Cov_duk/status/1507874473449443329?s=20&t=Fb3g640ixHWBLDvhZJERqw

3. In late 2012, the founders of #XRP founded Ripple.

#Ripple is a payment settlement and currency exchange system.

Essentially, using XRP’s tech, Ripple facilitates transactions between two parties very quickly.

4. #Ripple was designed to replace SWIFT. It aims at being the superior settlement layer between major institutions.

#Ripple's primary goal is to connect financial institutions, payment providers, and exchanges to provide faster and cheaper global payments.

5. In the world of payments, there exists a tradeoff between reliability, speed, convivence and cost.

This tradeoff is further accelerated for cross border payments.

6. This is the exact tradeoff that #Ripple is trying to solve.

Ripple is able to process transactions in a few seconds, even when there are millions of transactions.

Fees are incredibly cheap, with the minimum cost for a standard transaction at 0.00001 $XRP.

7. #Ripple is focused on banks, institutions and funds.

Ripple utilizes XRPL’s $XRP to transfer value across the network.

$XRP is primarily used for payments and borderless currency exchange.

8. #Ripple is building the Internet of Value where everyone moves value as easy as sharing data on your mobile phone.

Ripple aims at being path to move money instantly and securely, while being low cost.

9. To have instantaneous payments, instant settlements is required.

However, with our current broken system, instant settlements are not possible.

#Ripple leverages $XRP to create an instantaneous settlement network.

10. #RippleNet is a global, decentralized network of banks & financial institutes using #Ripple’s tech.

RippleNet provides a range of features including real-time messaging, clearing, and settlement of financial transactions.

11. #Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.

12. #RippleNet provides a range of cross-border payment solutions for businesses and financial institutions.

- xCurrent: #Ripple real time payments software.
xCurrent allows banks to offer cross border payment services, while lowering the cost of settlement.

13.
- xRapid allows financial institutions to minimize liquidity costs while providing a better customer experience.

Payments in emerging markets often require pre funded low currency accounts across the globe. This makes liquidity costs high.

14. xRapid helps lower the capital requirements for liquidity. It uses $XRP to offer on demand liquidity, lowering costs.

- xVia is for bodies that want payments across different network via a standard interface.

15. xVia essentially allows users to send global payments with one single integration

16. #Ripple is not trying to overthrow the existing financial system. Instead, Ripple is providing it with a better system.

Ripple is working closely with institutions and and other financial bodies and is aiming to bring them onboard a better system.

17. The current financial system is incredibly broken and inefficient. #Ripple providing the tools to make it secure, faster and cheaper.

Ripple is very interesting. Ripple is leveraging blockchain tech to create a global fast, cheap, energy efficient payments system.

18. #Ripple is focused on the institutes instead of the users themselves. This institution focus is a key differentiator.

More and more institutions are adopting crypto and blockchain tech. They are leveraging blockchain tech to provide better services for their users.

19. On top of this, #Ripple has a bunch of traction.

They’ve partnered up with a lot of big players and institutes and brought them on board Ripple’s network.

20. Accs to follow for #Ripple & $XRP insights:

@Ripple @bgarlinghouse @chrislarsensf @Leerzeit @TAIGxrp @attorneyjeremy1 @TheDustyBC @PeterVas6 @JayVTheGreat @MackAttackXRP @JohnEDeaton1 @MasonVersluis @realXRPwhale @digitalassetbuy @Utoday_en

RT would mean a lot!

21. Accs to follow for #Ripple & $XRP insights:
@THEREALESMITTY @SirRobArtII1 @XRPjenna @XRP_Moonshots @xrp334 @XRP_Productions @jungleincxrp @KingDoggoXRP @Mel_Senechal @XRP_OWL @perryjp @cryptoes_ta @Chloe_Le_Pen @UniverseTwenty @XrpNurse @makotonohonto

RT would mean a lot!

22. I hope this #Ripple 101 was insightful, a retweet would mean a lot.

More $XRP insights coming your way, follow to keep up.

Here are my past threads: notion.so/covduk/4798517…