#Ripple is a cryptocurrency, which aims to enable “fast, scalable, and stable”and nearly free cross-border payments of any size with no chargebacks through their real-time gross settlement system (RTGS), currency exchange, and remittance network.
First released in 2012, #Ripple fundamentally differs from #Bitcoin. #BITCOIN relies on a network of “miners” who run code that validates transactions and keeps the network secure. The network incentivizes the miners by rewarding them with bitcoins as incentives.
But in case of Ripple, “mining” does not generate new coins. All of the 100 billion coins (XRP) were released by the network in 2012. The creators of the XRP coins kept 20 billion and gave the rest to the company.
Since then, Ripple has been methodically distributing tokens to its clients, but it still holds nearly 50 billion in an escrow account.
Who are these clients?
Essentially, banks and regulated financial institutions. #Ripple’s distributed open-source internet protocol consensus ledger helps its clients to integrate #Ripple into their own systems.
A Simple & Real-World Example of How Ripple Works:
On Jan, 2018, Ripple partnered with MoneyGram (a cross-border money transfer company) who are now using $XRP to speed up and reduce the cost of transferring money by using Ripple’s xRapid payment network.
Ripple transfer between banks.
The status quo is that when you send money (in one currency; USD for example) to another currency (let’s say, #Nigerian Naira NGN) using MoneyGram or banks, this conversion takes several business days and involves multiple stakeholders who get their cut.
Ripple changes this by acting as a central currency, $XRP.
So now if you were to send $USD to your friend in #NIGERIA (NGN), the US bank would trade $USD for $XRP and then trade $XRP for NGN. #Ripple acts a central currency.
The reverse process would happen from the #Nigerian bank receiving the $USD.
#Ripple’s protocol consensus algorithm differs from Bitcoin’s full node and #Ethereum’s smart contracts.
Ripple validates transactions and recommends its clients to use a list of identified, trusted participants to validate their transactions.
Also, known as the Unique Node List (UNL); each server maintains a unique node list — a set of other trusted nodes.
Only the votes of the other members of the UNL of are considered when determining consensus.
The UNL represents a subset of the network which when taken collectively, is trusted not to collude in an attempt to defraud the network.
Cryptocurrencies are against centralized governing institutions who currently control the bulk of the global financial industry. Ripple is considered to be a form of centralization as majority of coins are held by the owners and consensus is determined by a fixed set of nodes.
#Ripple’s big bet is that $XRP will become a “bridge currency” that financial institutions use to settle cross-border payments faster and more cheaply than they do now using global payment networks with its fees and slower process.
#Ripple, claims it can settle 1,500 transactions per second: 24 hours a day, seven days a week, 52 weeks a year.
The Ripple Consensus Ledger (the thing that all of Ripple’s clients are using) is designed to allow value transfer between different currencies with a sort of hopping between different market makers.
This happens without the utility of any XRP. $XRP tokens were designed as a way for many market makers to make a paring with — thus allowing for many transactions to occur with only one hop: Currency 1 → $XRP → Currency 2.
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Here’s a way forward for Ripple, in order to settle with the SEC:
Register #Ripple as a publicly-traded company, offering legal $XRP stock. (As an olive branch, offer free shares to everyone who has owned $XRP #cryptocurrency, as Uniswap did with $UNI.)
Create a new token called XBP (which stands for Cross-Border Payments) that takes the place of XRP. It should only be available to institutions that use it for payments, not retail investors. Denominating this in $USD would probably be a smart political move.
Pay whatever you have to pay to settle with the SEC.
By doing this, Ripple will allow the SEC to have a victory,
it will become a publicly-listed company, and it will legitimize its payment network.
Fairbrix and Litecoin are two very similar coins. They have the same proof-of-work, a similar launch date (2011) and the same creator: Charlie Lee.
Both of these coins were based off of Tenebrix, which was an altcoin launched in 2011 using a then-new proof-of-work algorithm, Scrypt and a slightly faster block time versus Bitcoin’s 10 minutes.
The community at the time objected to Tenebrix because of a large premine, leading Charlie Lee to fork Tenebrix to create Fairbrix. Much like how Zclassic would fork Zcash much later, Fairbrix was a clone of Tenebrix without the premine.
Tether is the internal accounting system for the largest fraud since Madoff.”
Earlier in 2022, in the wake of the Luna/USDT their May 2022 attestation showed that, even if one believes the contents of the attestation, they again went insolvent and required recapitalization.
Tether is required to produce a quarterly attestation showing the state of their reserves because they settled with the NYAG in 2021. The NYAG confirmed most of the allegations us Tether skeptics had been making.
They were further reinforced in Tether’s settlement with the CTFC, which found (based on their accounting records) that Tether was only solvent for 27.6% of the days in a multi-year examined period.
SBF acted with intent, there is so much more that will come out.
It was verifiable that Alameda and SBF would dumped the tokens they were invested in on the market.
FTX was set up as a piggy bank to dip into customers deposits and do what they wanted, this dude bought…
-penthouses donated millions to the Democratic Party and lived a extravagant life
He was hard criminal! @GaryGensler is completely compromised.
The fals assumption that got us into this mess is that we think powerful people and wealthy people are smarter and know what they..
-are doing we assume they are doing necessary DD this is bullshit! there is so much nepotism.
SBF, both parents are professors at an Ivy League College. SBF is guilty of being the ultimate social engineer using every connection to put this shit-show together..
I think I’ve come to understand that everyone is aware of what’s happening in crypto and those close enough to VCs Maraket makers and exchanges are making a killing as well as the average investor lucky enough to ride the wave. They don’t complain about the fraud or
misappropriations until something big happens and they lose money like with the FTX saga. And then there is a rally and the same shot is repeated. What this means I don’t know Poznań scheme’s can last for decades before they collapse. It will take the realization that
Liquidity is not as available when everyone needs it before the affects are felt. You also have a lot of new comers that are so detached from western advanced financial engineering that they will never get it. For these developing nations crypto is an absolute