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Math-Based Currency (MBC):Weaving the Value Web
AU MBC
What Is Math-based Currencya currency without a counterparty
• can’t be debased
an open-source payments protocol• moves value without a central operator
Digital currency is just the beginning…
The World Needs an ‘Internet For Value’
Information Exchange Value Exchange“world is flat” “world is curved”
What Is Ripple?
Ripple Is a Protocol for Moving Value• a distributed payments protocol• a new currency - ripples (XRP)• the world’s first distributed currency
exchange
HTTP: the information web :: RTXP: Ripple: the value web
Benefits as a Payment Protocol
Any Currency FinalGlobal Fast Free
Wire transfers cost $15+ vs. $0.00003 on Ripple Protocol.
ACH settles in 3+ days vs. 5 seconds on Ripple.
Confirmation in a Decentralized System• Primary focus: a new currency• Average 10 minute confirmations• Needs to reimburse miners for
high energy consumption
Mining Method (Bitcoin)• Primary focus: payments in any currency• Average 5 second confirmations• Doesn’t require mining
Consensus Method (Ripple)
How Does the Ripple Network Work?
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Four Types of Users
Basic Users Merchants Market Makers
Gateways
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GatewaysCash in, Cash out
• gateways issue local currency balances on Ripple• balances can be transferred across the ledger without intermediaries• gateways earn fees as they wish
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Transaction Map
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Transactions in Any Currency?
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Too Many PairsOf Currencies
XRP Has No Counterparty
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XRP Connects People
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XRP Connects
If a market exists between a currency pair, people can exchange value directly.
Currencies
Who Is Ripple Labs?
40Employees
$6.5MVenture financing
2012Founding
Company Overview
Summary
• MBC technology is actually more important as a payments protocol than as a digital currency
• Ripple is the world’s first decentralized value exchange: it can hold anything of value and settles instantly.
• We’re building a value web to connect financial institutions and services with people globally.