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XRP
An Intro
Sponsored By Dev Null Productions
- What Is XRP
- Use Cases
- How It Works
- How You Can Use It
- Pitfalls / Gotchyas
XRP is a digital asset in development by Ripple Labs (formerly OpenCoin) from 2012
Targeted towards financial applications, XRP has gained traction with Banks, Payments Providers, and the FinTech Industry
XRP works by employing a distributed ledger / concensus based blockchain, where nodes on the network, known as validators, periodically verify transactions on the network
Transactions fall into several categories
- Payments - XRP and IOUs for other currencies
- Payment Channels - Automated Payments
- Escrows - Delayed/Held payments
- Checks - Payments redeamable by the recipient
- Offers - Fully Decentralized Exchange!
- Account Settings / Trust Lines / Signer Lists / + More
IOUs are ultimately issued by gateways, real world instituions responsible for managing client funds. It is up to each XRP user to extend trust lines to these gateways limited by the amount of trust they place in them
Gateways
How to use it
- Issue Payments / Transactions
- Provide Liquidity (market making, trading)
- Subscribe to the ledger
- Run your own validator
- Become a gateway
Pitfalls
- Process the ledger sequentially, or take care to sequence data
- Synchronize through ledger metadata
- Use the datav2 API
- Validate transaction criteria to avoid fees
- Query / preselect payment paths
References
- https://developers.ripple.com
- http://rppl.info/
- http:/wipple.devnull.network
Questions ?