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Building the Payments Web is a half-day of discussion and idea-sharing about the movement to re-architect payments for the Internet using math-based currency protocols, so that, for the first time in history, they’re globally inclusive. Attendees will hear from pioneers of the payments space, learn about the Bitcoin and Ripple protocols, and pitch their ideas to compete for XRP prizes. The event is hosted by Ripple Labs, the creators of the Ripple protocol.
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Agenda10:00-10:15am: Welcome
10:15-11:15am: Panel discussion
11:15-11:40am: What is the Ripple Protocol?
11:40am-12:30: Break
12:30-1:30pm: Pitch competition
1:30-2:00pm: Judging and wrap-up
Building the Payments Web
AU MBC
What Is Math-based Currency
a 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”
Payment networks are more valuable when they can operate with other payment networks.
…but interoperability requires centralized payment rails. These rails can be slow and expensive to use, and costly to integrate and maintain.
-$15
-2 days
Ripple provides a simple, open-sourced payments protocol to exchange value instantly, for free, and in any currency.
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 Ripple 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
What’s the Opportunity for Developers?• Open-source
• Fundamentally new – opens up many new businesses
• Connect to financial service providers without paperwork
• Powerful core functionality, so you can worry about the application level
What’s Coming for Developers?
• New Developer Portal
• New APIs and tools to get started faster
• Developer giveaway programs
40Employees
$6.5MVenture financing
2012Founding
Company Overview
