Ripple Labs @DeveloperWeek: Building the Payments Web

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Information about Ripple Labs @DeveloperWeek: Building the Payments Web

Published on March 1, 2014

Author: ripplelabs



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.

Agenda 10:00-10:15am: 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

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… AU MBC

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. -2 days -$15

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 Global Final Fast ACH settles in 3+ days vs. 5 seconds on Ripple. Free Wire transfers cost $15+ vs. $0.00003 on Ripple Protocol.

Confirmation in a Decentralized System Mining Method (Bitcoin) • Primary focus: a new currency • Average 10 minute confirmations • Needs to reimburse miners for high energy consumption Consensus Method (Ripple) • Primary focus: payments in any currency • Average 5 second confirmations • Doesn’t require mining

How Does Ripple Work?

Four Types of Users Basic Users Merchants Market Makers Gateways

Gateways Cash 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

Transaction Map

Transactions in Any Currency?

Too Many Pairs Of Currencies

XRP Has No Counterparty

XRP Connects People

XRP Connects Currencies If a market exists between a currency pair, people can exchange value directly.

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

Company Overview 2012 Founding $6.5M Venture financing 40 Employees

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