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The banking system right this moment makes use of sluggish and outdated methods to be able to switch cash (i.e. worth) all over the world. Ripple goals to create the Web of worth referred to as RippleNet – a set of unified guidelines serving to the monetary sector use twenty first century options for quick and scalable switch of cash.
Ripple has two most important types of transferring worth – IOUs and XRP. IOUs are illustration of debt and may be issued for any kind of actual world asset. XRP is RippleNet’s native foreign money which can be utilized to switch cash rapidly all over the world.
That’s Ripple in a nutshell. If you would like a deeper rationalization about Ripple and XRP carry on watching the video, right here’s what I’ll cowl:
0:42 – The problem with financial institution transfers
2:34 – Ripple in a nutshell
3:26 – How RippleNet works
4:42 .- RippleNet currencies (XRP, IOUs)
4:57 – IOUs
7:10 – XRP
11:53 – Is Ripple centrazlied?
14:30 – Conclusion
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