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Introduce a new ledger type: ltCHECK Introduce three new transactions that operate on checks: - "CheckCreate" which adds the check entry to the ledger. The check is a promise from the source of the check that the destination of the check may cash the check and receive up to the SendMax specified on the check. The check may have an expiration, after which the check may no longer be cashed. - "CheckCash" is a request by the destination of the check to transfer a requested amount of funds, up to the check's SendMax, from the source to the destination. The destination may receive less than the SendMax due to transfer fees. When cashing a check, the destination specifies the smallest amount of funds that will be acceptable. If the transfer completes and delivers the requested amount, then the check is considered cashed and removed from the ledger. If enough funds cannot be delivered, then the transaction fails and the check remains in the ledger. Attempting to cash the check after its expiration will fail. - "CheckCancel" removes the check from the ledger without transferring funds. Either the check's source or destination can cancel the check at any time. After a check has expired, any account can cancel the check. Facilities related to checks are on the "Checks" amendment.
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What is Ripple?
Ripple is a network of computers which use the Ripple consensus algorithm to atomically settle and record transactions on a secure distributed database, the Ripple Consensus Ledger (RCL). Because of its distributed nature, the RCL offers transaction immutability without a central operator. The RCL contains a built-in currency exchange and its path-finding algorithm finds competitive exchange rates across order books and currency pairs.
Key Features
- Distributed
- Direct account-to-account settlement with no central operator
- Decentralized global market for competitive FX
- Secure
- Transactions are cryptographically signed using ECDSA or Ed25519
- Multi-signing capabilities
- Scalable
- Capacity to process the world’s cross-border payments volume
- Easy access to liquidity through a competitive FX marketplace
Cross-border payments
Ripple enables banks to settle cross-border payments in real-time, with end-to-end transparency, and at lower costs. Banks can provide liquidity for FX themselves or source it from third parties.
As Ripple adoption grows, so do the number of currencies and counterparties. Liquidity providers need to maintain accounts with each counterparty for each currency – a capital- and time-intensive endeavor that spreads liquidity thin. Further, some transactions, such as exotic currency trades, will require multiple trading parties, who each layer costs to the transaction. Thin liquidity and many intermediary trading parties make competitive pricing challenging.
XRP as a Bridge Currency
Ripple can bridge even exotic currency pairs directly through XRP. Similar to USD in today’s currency market, XRP allows liquidity providers to focus on offering competitive FX rates on fewer pairs and adding depth to order books. Unlike USD, trading through XRP does not require bank accounts, service fees, counterparty risk, or additional operational costs. By using XRP, liquidity providers can specialize in certain currency corridors, reduce operational costs, and ultimately, offer more competitive FX pricing.
rippled - Ripple server
rippled is the reference server implementation of the Ripple
protocol. To learn more about how to build and run a rippled
server, visit https://ripple.com/build/rippled-setup/
License
rippled is open source and permissively licensed under the
ISC license. See the LICENSE file for more details.
Repository Contents
| Folder | Contents |
|---|---|
| ./bin | Scripts and data files for Ripple integrators. |
| ./build | Intermediate and final build outputs. |
| ./Builds | Platform or IDE-specific project files. |
| ./doc | Documentation and example configuration files. |
| ./src | Source code. |
Some of the directories under src are external repositories inlined via
git-subtree. See the corresponding README for more details.
For more information:
- Ripple Knowledge Center
- Ripple Developer Center
- Ripple Whitepapers & Reports
To learn about how Ripple is transforming global payments visit https://ripple.com/contact/
Copyright © 2017, Ripple Labs. All rights reserved.
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