Introduced in 2012, Ripple is a currency exchange and real-time gross settlement system. In Ripple, the payments are settled without any waiting as opposed to traditional settlement networks, where it can take days for settlement.
It has a native currency called Ripples (XRP). It also supports non-XRP payments. This system is considered similar to an old traditional money transfer mechanism known as Hawala. This system works by making use of agents who take the money and a password from the sender, then contact the payee's agent and instruct them to release funds to the person who can provide the password. The payee then contacts the local agent, tells them the password and collects the funds. An analogy to the agent is gateway in ...
