{"id":278,"date":"2014-05-12T18:19:00","date_gmt":"2014-05-12T18:19:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/ripple-explained-banking-twis\/"},"modified":"2014-05-12T18:19:00","modified_gmt":"2014-05-12T18:19:00","slug":"ripple-explained-banking-twist","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/ripple-explained-banking-twist.html","title":{"rendered":"Ripple explained: medieval banking with a digital twist"},"content":{"rendered":"<table cellpadding=\"0\" cellspacing=\"0\" class=\"tr-caption-container\" style=\"margin-left: auto; margin-right: auto; text-align: left;\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/05\/ripple-network-protocol1.png\" imageanchor=\"1\" style=\"margin-left: auto; margin-right: auto;\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2014\/05\/ripple-network-protocol1.png\" height=\"205\" width=\"400\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"tr-caption\" style=\"text-align: center;\">The Live Ripple Network Can be <a href=\"https:\/\/ripple.com\/graph\/\">Visualised Here<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div style=\"text-align: justify;\">\n<br \/>(<a href=\"http:\/\/www.coindesk.com\/ripple-medieval-banking-digital-twist\/\">CoinDesk<\/a>) What is Ripple?&nbsp;Well, it is both a digital currency and a payments protocol, and it is the latter that has got people excited.<\/div>\n<div style=\"text-align: justify;\">\nRipple has been hitting the news recently, with banks saying <a href=\"http:\/\/www.coindesk.com\/federal-bank-vp-bitcoin-threat-means-banks-must-adapt-die\/\">it has promise<\/a>, and even for the first time&nbsp;<a href=\"http:\/\/www.coindesk.com\/fidor-becomes-first-bank-to-use-ripple-payment-protocol\/\">starting to use it<\/a> for services. But many people don\u2019t understand it, so how does it work, exactly?<\/div>\n<div style=\"text-align: justify;\">\nA good parallel is the <a href=\"http:\/\/en.wikipedia.org\/wiki\/Hawala\" target=\"_blank\" title=\"Hawala\">hawala network <\/a>\u2013<br \/>\n a traditional, non-digital way of sending money from city to<br \/>\ncity.&nbsp;Hawala has its roots in medieval Arabia, and is still in use today<br \/>\n in places where banks won\u2019t or can\u2019t operate.<\/div>\n<h2 style=\"text-align: justify;\">\nA medieval banking system<\/h2>\n<div style=\"text-align: justify;\">\nHawala<br \/>\n is best described as money transmission without money movement,<br \/>\nproviding the appearance of instant remittance between separate<br \/>\nlocations; for example, sending money between different cities or<br \/>\ncountries.<\/div>\n<div style=\"text-align: justify;\">\nIn the basic case, say Alex wants to send money to Beth:<\/div>\n<ul style=\"text-align: justify;\">\n<li>Alex goes to his local hawala agent and gives him some cash and a password, which he and Beth share.<\/li>\n<li>The agent telephones Beth\u2019s local agent and tells him to release funds to someone who can provide the password.<\/li>\n<li>Beth walks in to her agent, says the password, and receives cash. Commissions can be taken from either or both agents.<\/li>\n<\/ul>\n<div style=\"text-align: center;\">\n<a href=\"http:\/\/media.coindesk.com\/2014\/05\/Ripple_medieval_1.png\"><img loading=\"lazy\" decoding=\"async\" alt=\"Ripple_medieval_1\" class=\"aligncenter size-full wp-image-81788\" src=\"http:\/\/media.coindesk.com\/2014\/05\/Ripple_medieval_1.png\" height=\"259\" width=\"372\" \/><\/a><\/div>\n<div style=\"text-align: justify;\">\nNote<br \/>\n that money has been transmitted from Alex to Beth, but the physical<br \/>\nnotes have not moved. We are left in a situation where Alex\u2019s agent owes<br \/>\n Beth\u2019s agent money.<\/div>\n<div style=\"text-align: justify;\">\nThey can either settle the debt later, or<br \/>\nhope that there may be reverse transactions if other clients want to<br \/>\nmove money in the opposite direction.<\/div>\n<div style=\"text-align: justify;\">\nAlso note that trust is involved. In this scenario, there are three trust relationships:<\/div>\n<ol style=\"text-align: justify;\">\n<li>Alex has to trust that his agent will do the right thing, as he is handing over cash.<\/li>\n<li>Beth has to trust that her agent will do the right thing, as she is expecting to receive cash.<\/li>\n<li>The agents need to trust each other over the repayment of the debt (IOUs).<\/li>\n<\/ol>\n<h2 style=\"text-align: justify;\">\nMoving to Ripple<\/h2>\n<div style=\"text-align: justify;\">\nNow<br \/>\n we can have websites or shops that perform the function of agents, and<br \/>\ninstead of agents phoning each other, we can communicate the IOUs<br \/>\nelectronically.<\/div>\n<div style=\"text-align: justify;\">\nThis is how Ripple works: Alex logs on to his<br \/>\npreferred Ripple gateway, deposits money to it, and instructs them to<br \/>\nrelease funds to Beth via her gateway. Beth collects her funds.<\/div>\n<div style=\"text-align: justify;\">\nYou now understand Ripple. Simple eh?<\/div>\n<h2 style=\"text-align: justify;\">\nNot just cash<\/h2>\n<div style=\"text-align: justify;\">\nIn the example above, we talked about cash. Now this can also work with physical gold.<\/div>\n<div style=\"text-align: justify;\">\nSo<br \/>\n long as both gateways are prepared to accept and hand out the precious<br \/>\nmetal, and the gateways have a trust relationship that allows the IOUs<br \/>\nof gold (as opposed to IOUs of cash in the first example), the network<br \/>\nstill works, and you can transmit gold.<\/div>\n<div style=\"text-align: justify;\">\nAlex gives gold, Beth receives gold, and Alex\u2019s agent owes Beth\u2019s agent gold.<\/div>\n<div style=\"text-align: justify;\">\nYou now understand that Ripple can work for gold, not just money.<\/div>\n<h2 style=\"text-align: justify;\">\nAnything goes<\/h2>\n<div style=\"text-align: justify;\">\nNow replace the word \u2018gold\u2019 with \u2018anything\u2019.<\/div>\n<div style=\"text-align: justify;\">\nNow, you can transmit anything without moving it, so long as both gateways are set up to deal in it.<\/div>\n<div style=\"text-align: justify;\">\nThis<br \/>\n works best for non-perishable, fungible goods (cash is good, gold is<br \/>\nOK, as are cryptocurrencies, but can also be extended to beer and<br \/>\nflowers, if the gateways want to deal in them.<\/div>\n<div style=\"text-align: justify;\">\nYou now understand that Ripple can transfer anything.<\/div>\n<h2 style=\"text-align: justify;\">\nConversion of goods<\/h2>\n<div style=\"text-align: justify;\">\nIf<br \/>\n either gateway is prepared to exchange cash with gold (ie: act as a<br \/>\ngold trader, or \u2018market maker\u2019 in Ripple terminology), then Alex can put<br \/>\n cash in at his gateway and Beth can get gold out at hers.<\/div>\n<div style=\"text-align: justify;\">\nYou now understand that Ripple can also morph stuff.<\/div>\n<h2 style=\"text-align: justify;\">\nNo direct trust? Find a chain<\/h2>\n<div style=\"text-align: justify;\">\nWhat if Alex\u2019s gateway doesn\u2019t have a trust relationship with Beth\u2019s gateway?<\/div>\n<div style=\"text-align: justify;\">\nSo<br \/>\n long as there are intermediary gateways who can form a chain of trust<br \/>\nfor the object being passed (cash, or gold, or whatever), the<br \/>\ntransaction will work.<\/div>\n<div style=\"text-align: justify;\">\nThe Ripple algorithm tries to find the<br \/>\nshortest trust path between the gateways. So, thinking back to hawala,<br \/>\nAlex\u2019s agent may not trust Beth\u2019s agent, but there may be a third agent<br \/>\nwho trusts the other two. So there will be two IOUs: Alex\u2019s agent owes<br \/>\nthe third agent, who owes Beth\u2019s agent.<\/div>\n<div style=\"text-align: center;\">\n<a href=\"http:\/\/media.coindesk.com\/2014\/05\/Ripple_medieval_2.png\"><img loading=\"lazy\" decoding=\"async\" alt=\"Ripple_medieval_2\" class=\"aligncenter size-full wp-image-81790\" src=\"http:\/\/media.coindesk.com\/2014\/05\/Ripple_medieval_2.png\" height=\"348\" width=\"379\" \/><\/a><\/div>\n<h2 style=\"text-align: justify;\">\nNo chain of trust? Use ripples.<\/h2>\n<div style=\"text-align: justify;\">\nWhat if the network can\u2019t find any chain of trust between the two gateways at all for the cash or goods in question?<\/div>\n<div style=\"text-align: justify;\">\nThis is where \u2018ripples\u2019 (XRP) come in. XRP is the \u2018currency of last resort\u2019 for the ripple network.<\/div>\n<div style=\"text-align: justify;\">\nAll<br \/>\n gateways provide a price in XRP of anything they deal in (for example: a<br \/>\n dollar is 200 XRP; 1 oz of gold might be 260,000 XRP).<\/div>\n<div style=\"text-align: justify;\">\nYou could say, USD is the currency of last resort in the USA \u2013 that is, everything has a price in USD.<\/div>\n<div style=\"text-align: justify;\">\nThis<br \/>\n means, within the Ripple&nbsp;network, you can convert anything to a number<br \/>\nof XRPs, transfer the XRPs via the trust chains, then convert back at<br \/>\nthe end gateway, if needed.<\/div>\n<h2 style=\"text-align: justify;\">\nXRP is not just a currency of last resort<\/h2>\n<div style=\"text-align: justify;\">\nAs well as being a \u2018bridging currency\u2019 or a \u2018currency of last resort\u2019, XRP also has other notable benefits.<\/div>\n<div style=\"text-align: justify;\">\nFirstly,<br \/>\n XRP as a currency settles immediately, so when it\u2019s sent on the<br \/>\nRipple&nbsp;network, the ownership of the actual asset changes \u2013 so it\u2019s<br \/>\nfinal and trustless.<\/div>\n<div style=\"text-align: justify;\">\nThis is in contrast to IOUs, which, although<br \/>\ntransferred instantly, still need to be redeemed from a gateway. This<br \/>\ngives rise to counterparty credit risk, as it needs you to trust that<br \/>\nthe gateway will fulfill its obligations.<\/div>\n<div style=\"text-align: justify;\">\nSecondly, transfers of XRPs over ripple incur fewer and smaller transaction fees, as there are fewer intermediaries needed.<\/div>\n<h2 style=\"text-align: justify;\">\nWho owes who?<\/h2>\n<div style=\"text-align: justify;\">\nWho<br \/>\n is keeping track of all the IOUs? In the hawala system, each agent<br \/>\nkeeps their own ledger, and they are reconciled periodically within<br \/>\ntheir network of trust.<\/div>\n<div style=\"text-align: justify;\">\nIn Ripple, a public ledger of accounts,<br \/>\nbalances, and IOUs are kept updated by everyone simultaneously in the<br \/>\nRipple&nbsp;network, which is a distributed collection of servers around the<br \/>\nworld.<\/div>\n<div style=\"text-align: justify;\">\nThe servers agree on changes by consensus (effectively: \u201cDo<br \/>\n we all agree this transaction can take place?\u201d). There is no central<br \/>\n\u2018authority\u2019 who says yes or no to transactions, and anyone can be a<br \/>\nserver by running free software on their computer.<\/div>\n<h2 style=\"text-align: justify;\">\nThat\u2019s just the beginning<\/h2>\n<div style=\"text-align: justify;\">\nThere<br \/>\n is more here, and as you dig, you\u2019ll learn about market makers, who<br \/>\nprovide prices at which they are prepared to trade between goods (for<br \/>\nexample, cash for gold, gold for silver, silver for XRP, XRP for GBP,<br \/>\nand so on).<\/div>\n<div style=\"text-align: justify;\">\nYou\u2019ll start to understand why every transaction costs<br \/>\n a small number of XRP (a 1\/1000 of a cent, to stop transaction spam),<br \/>\nand that the network is pre-lubricated with 100 billion XRPs.<\/div>\n<div style=\"text-align: justify;\">\nYou\u2019ll<br \/>\n discover the elegance of confirmation via consensus. You\u2019ll learn that<br \/>\ntransactions based on cryptography on a distributed network with public<br \/>\nledgers is faster, cheaper, lower risk, and much, much better in almost<br \/>\nevery way possible than centralised pre-Internet correspondent banking<br \/>\nmessaging networks such as SWIFT, that some financial institutions<br \/>\ncurrently operate on. You\u2019ll learn much, much more.<\/div>\n<div style=\"text-align: justify;\">\n<\/div>\n<div style=\"text-align: justify;\">\n<i style=\"line-height: 1.5em;\">Image via <a href=\"http:\/\/www.shutterstock.com\/gallery-1224p1.html\" target=\"_blank\">ronfromyork<\/a> \/ <a href=\"http:\/\/www.shutterstock.com\/\" target=\"_blank\">Shutterstock<\/a><\/i><\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Live Ripple Network Can be Visualised Here (CoinDesk) What is Ripple?&nbsp;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&nbsp;starting to use it for [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,553],"tags":[1210],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ripple explained: medieval banking with a digital twist -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/05\/ripple-explained-banking-twist.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ripple explained: medieval banking with a digital twist\" \/>\n<meta property=\"og:description\" content=\"The Live Ripple Network Can be Visualised Here (CoinDesk) What is Ripple?&nbsp;Well, it is both a digital currency and a payments protocol, and it is the latter that has got people excited. 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