Ripple history

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Ripple XRP cryptocurrency logo

Ripple (XRP, Ripple) - real-time gross settlement system (RTGS), currency exchange and money transfer network. Another name for it is the Ripple Transaction Protocol (RTXP) or the Ripple Protocol. It is built on a distributed open Internet protocol, a consensus registry and its own currency called XRP.

Prehistory[edit]

Ryan Fugger - the creator of Ripplepay

In 2004, Canadian programmer Ryan Fugger founded Ripplepay. It was a payment system based on peer-to-peer financial communication network. Its architecture resembled the current Lightning Network. Fagger launched the first version in 2005.

In 2011, against the background of Bitcoin development, the creators of Ripple decide to decentralize the network, but at the same time choose a different path май without mining. Transactions are confirmed by the consensus of the network participants and are faster than the Bitcoin network. At the same time, the team joins Chris Larsen, who still holds a position on the board of directors at Ripple Labs.

In 2012, OpenCoin Corporation was founded, which was engaged in the development of cryptocurrency and the improvement of the payment functionality led by Larsen and Jed McCaleb.

2013[edit]

In January 2013, the company released its XRP token. The coin could be transferred directly from user to user without gateways, counterparty risk. Transactions planned to be carried out without commission.

In April, the company received investments from Google Ventures, Andreessen Horowitz, IDG Capital Partners, FF Angel, Lightspeed Venture Partners, Bitcoin Opportunity Fund and Vast Ventures in the amount of $ 1.5 million.

In 2013, the company was renamed Ripple Labs. Ryan Fagger completely handed over the reins to Chris Larsen, who changed the company's strategy: he decided to work with banks. Man must say that the strategy worked quite quickly because a year later the Munich bank Fidor started working with the company. This event increased the rate and the overall capitalization of cryptocurrency.

At the end of the year, Jed McCaleb leaves the company. His departure is associated with a divergence of views on strategy with Larsen. After leaving Ripple, McCaleb creates his own company Stellar, largely based on the original principles of Ripple.

2014-2016[edit]

With the increase in the number of partners, the value of the coin and its capitalization increased, and in early 2014, it briefly bypassed Litecoin. In August 2014, the “balance freeze” function was integrated, which allowed Ripple gateways to block and confiscate funds if required.

The beginning of 2015 was successful for the company: Western Union announced a partnership with Ripple. In May, the Australian Commonwealth Bank agreed to cooperate in the field of intrabank transfers. However, in the same month, FinCEN fined Ripple Labs for violating the Banking Secrets Act ー Ripple sold XRP without the required authorization. After this incident, the company took some measures (registration with FinCEN, mandatory user authentication, external audit, provision of data on the regulation of Ripple funds).

In October, the company shortened the name to Ripple.

On June 13, 2016, Ripple received a BitLicense from the New York State Financial Services Department.

In September 2016, the brokerage company SBI Holdings acquired a 10.5% stake in Ripple. Ripple's collaboration with SBI Holdings attracted Asian users and investors.

2017-nowadays[edit]

In 2017, the company opened offices in Mumbai and Singapore. At the same time, the blockchain-company R3 filed a lawsuit against Ripple. Earlier, Ripple was supposed to give R3 an option to purchase 5 billion XRP at the rate of $ 0.0085 with an expiration date in September 2019. In June 2017, the contract was unilaterally terminated, and Ripple filed a counterclaim, in which the company accused R3 of not fulfilling its obligations the original contract (the aim was to attract a large number of bank customers). The companies came to an agreement only in September 2018, then all claims were dropped.

In February 2017, cooperation was signed with the largest bank in the United Arab Emirates, the National Bank of Abu Dhabi.

Ripple logo evolution

In early 2018, the price of Ripple rose against the rise of other cryptocurrencies ($ 2.78). However, on August 14, the coin reached its lowest point and amounted to only $ 0.43.

In June 13, 2018, Ripple changed the logo.

In September 21, 2018, Ripple bypassed the capitalization of Ethereum.

At the end of 2018, the National Bank of Kuwait began using the Ripple blockchain.

Currently, Ripple’s perspectives are clear and cloudless. The company continues to sign all new partnership agreements, and such giants as Skype, Mercury FX, and others are considering the possibility of integration of Ripple into their systems.

Dynamics of the price[edit]

Date USD:1XRP BTC:1XRP
4 August 2013 0.0058 0.000056
29 September 2013 0.0141 0.000101
22 November 2013 0.0087 0.000013
18 December 2013 0.0252 0.000079
29 May 2015 0.0085 0.00003611
31 July 2016 0.006039 0.00000095
19 May 2017 0.3409 0.00017
17 August 2017 0.1589 0.00003685
10 December 2017 0.2329 0.00001711
6 January 2018 3.8 0.000186
10 April 2018 0.484 0.000071
22 August 2018 0.3411 0.00005105
30 November 2018 0.3604 0.000089
3 March 2019 0.309 0.00005316

See Also on BitcoinWiki[edit]