ripple & xrp overview - university of new south wales · ripple & xrp overview unsw...
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Ripple & XRP Overview
UNSW Blockchain & DLT Symposium
FEBRUARY 2018
Dilip Rao, Global Head - Infrastructure Innovation
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Agenda
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1. Who We Are
2. Solutions
3. XRP: The Digital Asset for Payments
4. Platform for Innovation
5. Q&A
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Who We Are
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San Francisco New York
London
TokyoSBI Ripple Asia
Sydney
Our Investors
Google Ventures
Luxembourg
Total Funding
$94M
Company Overview
F O U N D E D 2 0 1 2
SingaporeMumbai
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O U R V I S I O N
The Internet of Value: Enable the world to move money like information moves today.
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O U R M I S S I O N
To remove friction from global payments.
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GZ2T3MYZA5F3SSZUEPP7LM73SBF2IK66 7CONFIDENTIAL
Sample of Our Growing Network of 100 Customers
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xCurrent Overview
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ValidatorReal-time Settlement Real-time Settlement
Messenger Messenger
ILPLedger
ILPLedger
Information Transparency
No Payment Failures
Automated Reconciliation
xCurrent xCurrent
Originating Bank Beneficiary Bank
Bidirectional Messaging
Bidirectional Messaging Lowers Operational Costs
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Messenger
Originating Bank
Messenger
ILPLedger
Real-Time Payments
No Settlement Risk
24/7 On-Demand Availability
Atomic Settlement
Real-time Settlement
ILPLedger
ILPLedger
Real-time Settlement
xCurrent xCurrent
Beneficiary Bank
Validator
Settlement Through Ripple Enables New Offerings
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xCurrent Components
ILP LedgerBank Ledger
Messenger
Bank
Connector
Validator
Messenger: Provides a set of services for integration of payment processing, manages the secure messaging between partner institutions and the orchestration of the end-to-end payment.
ILP Ledger: Stores and manages liquidity positions between the participants, this ledger would coordinate movement of funds in hold and liquidity provider accounts based on cryptographic events. Operated at each participant.
Connector: Service which connects to sending and receiving ILP ledgers, provides rates for exchange (FX) and executes the transfer between its own funds and escrow. Operated by liquidity provider.
Validator: Service which coordinates the execution of transfer between the connector and ILP Ledger, providing a final non-repudiable outcome of the settlement. Generally operated by the liquidity owner, can be operated by a third party.
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XRPThe Digital Asset for Payments
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Performance at Scale
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The XRP Ecosystem is Maturing
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Use Cases for XRP
Nostro replacement, Universal Bridge
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Today: Pre-Funding in Destination Currencies Is Expensive
BRL
UAH
JPY
XAF
AUD
THB
USD
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Float sitting in transaction accounts globally
Problem: Delayed Settlement Results In Trapped Cash
$27 Trillion
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xRapid Eliminates Pre-Funding in Destination Currencies
BRL
UAH
JPY
XAF
AUD
THB
USD
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xRapid reduces the opportunity cost of capital
Liquidity on demand
No Float
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xRapid Overview
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xRapid is an API-based Product
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xRapid Solution
F A S T T R A N S P A R E N T L O W C O S T
Transactions are instant (3-5 secs) across
exchanges, and vary depending on local rails
Real time APIs provide to the second status of their payments via APIs
Reduce costs significantly with
lowered transfer fees, and FX rates that beat
or match spot FX
xRapid provides on-demand access to liquidity through digital asset exchanges
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xRapid Competitive Advantage
Settlement rail Speed FXCost Other Costs Certainty
Bitcoin, Ethereum, etc Several hours 70 bps $10.00 avg network fee Delivery confirmation
SWIFT/nostro account Days 70-150 bps Cost of maintaining nostro account
No confirmation
xRapid + XRP Minutes 30 bps* $0.001 avg network fee Delivery confirmation
* subsidized based on competitive FX rates
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Problem: Cuallix required costly pre-funding to support payments into Mexico
Solution: xRapid eliminated pre-funding by leveraging XRP and liquidity at digital asset exchanges
Results: Payments in 2-3 minutes at a fraction of the cost
Cuallix Use Case
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Overlay Services
Banks & NBFIs
Risk & Governance
Rule Sets (Part Shared)
Bi-directional Messaging
Shared Settlement Infrastructure (DLT)
Modernizing Payment InfrastructureWe believe that modernizing a common clearing +
settlement architecture and infrastructure is an
opportunity for innovation and will unlock much
larger value up the stack. A consulting approach to
exploration and trial can mitigate risks as the
technology evolves.
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Ripple: Platform for InnovationCentral Banks and national Infrastructures can
engage with Ripple to innovate with proven
building blocks in Distributed Ledger
Technology. Preserve sovereign rights while
transacting seamlessly with regional economies
for global growth.
NATIONAL PAYMENTSImmediate Payments PLUS xBorder Platform for cyber-resilience.
INTEROPERABILITYConnect with other national platforms to spur regional economies.
DIGITAL ASSETSExperiment with digital/crypto assets on private or public distributed ledger technologies.
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XRP Consensus vs Proof of Work
Appendix
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XRP Is An Open System
1. Amendments are proposed as pull requests on Github
2. Validators vote on each amendment
3. Successful amendments go live on the network
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Bitcoin/Ethereum Miners Can Vote Regardless of User Opinion.
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Users decide their Unique Node Lists (UNLs) — the list of validators they will listen to.
XRP Validators Are Appointed By Users
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China accounts for 70% of BTC/ETH mining.
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Users decide which validators are trusted.
XRP Validators Are Globally Distributed
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Proof-of-work incentivizesonly miningThe cheaper you can mine, the more
money you make.
34IMAGE GILLES SABRIE/NYT
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Proof-of-work incentivizesonly miningThe cheaper you can mine, the more
money you make.
35IMAGE GILLES SABRIE/NYT
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Ripple Consensus incentivizeswhat users valueRipple validators are chosen by Ripple
users (banks, payment providers, etc)
and are selected based on security,
track record, jurisdiction, etc.
IMAGE ATTOKYO
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Ripple Consensus incentivizeswhat users valueRipple validators are chosen by Ripple
users (banks, payment providers, etc)
and are selected based on security,
track record, jurisdiction, etc.
IMAGE ATTOKYO
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Ripple Consensus incentivizeswhat users valueRipple validators are chosen by Ripple
users (banks, payment providers, etc)
and are selected based on security,
track record, jurisdiction, etc.
IMAGE ATTOKYO
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Built with security, scalability and compliance in mind.
XRP Is The First Enterprise-Ready Digital Asset
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