Required Information

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Required Information

Postby softdev123 » Tue May 24, 2016 9:00 am

Hello sir ,

I want to some information about ripple.
1.ripple account is necessary for sender money and recever money ?
2.ripple conncted country list for transcation purpose .
3.currency and transaction fees for every transaction

I read whole document but cant find satisfied answer.
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Re: Required Information

Postby JoelKatz » Tue May 24, 2016 9:16 am

1.ripple account is necessary for sender money and recever money ?

If all or a portion of the payment takes place on the Ripple ledger, then both the sender and recipient (at least of that portion of the payment) must have an account on the Ripple ledger. So, for example, if I want to use my XRP to send you Bitcoins, I have to have a Ripple account to hold the XRP, and some bridge must have a Ripple account to receive the Bitcoins I get in exchange for my XRP.

2.ripple conncted country list for transcation purpose .

Ripple is a network of computers accessible over the Internet from anywhere. Things that connect to the Ripple network have to follow the laws for their particular jurisdictions.

3.currency and transaction fees for every transaction

The Ripple ledger sets fees that escalate based on demand. Currently, the fee is the same for all transactions and is the equivalent of a tiny fraction of a penny. Individual companies or entities that provides services on the RIpple ledger are, of course, free to charge whatever fees they want for those services.

I sense from your questions that you may be thinking of Ripple as if it was a consumer payment network like PayPal. It's really more of a settlement network than a payment network, allowing institutions to hold, transfer, trade, issue, and redeem arbitrary assets.
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Re: Required Information

Postby twarden » Wed May 25, 2016 12:19 am

JoelKatz wrote:I sense from your questions that you may be thinking of Ripple as if it was a consumer payment network like PayPal. It's really more of a settlement network than a payment network, allowing institutions to hold, transfer, trade, issue, and redeem arbitrary assets.


Well that's a shame Ripple Labs once upon a time made so much marketing material in regard to how it was a superior payments network due to its nature of accessible settlement across borders. I hope that the VCs didn't mind the marketing bills from the old/failed direction but then again if they invested in the end some one must have convinced them to turn a blind eye on this an some other topics, eh?
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Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
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Re: Required Information

Postby JoelKatz » Wed May 25, 2016 7:30 pm

twarden wrote:Well that's a shame Ripple Labs once upon a time made so much marketing material in regard to how it was a superior payments network due to its nature of accessible settlement across borders. I hope that the VCs didn't mind the marketing bills from the old/failed direction but then again if they invested in the end some one must have convinced them to turn a blind eye on this an some other topics, eh?

Definitely in the early days the plan was to get as many people as possible to use the Ripple ledger. I wouldn't see it as a failure so much as a course correction. For a variety of reasons, some legitimate technical objections and some due to regulatory issues or uncertainty, trying to force FI's onto a public ledger just wasn't practical. We think pushing FIs towards ILP and using the public ledger to base XRP is a better strategy.

ILP payments can use any ILP-enabled ledger as an intermediate. And nothing stops people from using the public ledger to issue and trade assets other than XRP if they want to.

The main objection to this strategic choice that I've heard is that people fear that our real plan is to abandon RCL and XRP. Today, there is absolutely no practical way for the vast majority of payments to be bridged by XRP, even if the economics favor such bridging. But every ILP payment is one that has no technical obstacles to being bridged by XRP.

What's your objection to our choice of strategic direction?
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