Ripple is an instant gross payment system and a foreign exchange and remittance network using distributed ledger technology developed by Ripple Labs Inc. An open source Internet protocol that uses consensus leisure and a native currency called XRP is called the Ripple Transaction Protocol (RTXP) or Ripple Protocol.
Ripple development was started in 2004 by Ryan Fugger, a Canadian web developer. The consensus leisure that was later developed by Arthur Britto, David Schwartz, etc. using bitcoin technology was integrated. The project command has been transferred from Ryan Fugger to Ripple Labs Inc. (formerly OpenCoin Inc.), and development continues as the Ripple Transaction Protocol (RTXP). Ripple uses distributed ledger technology, just like Bitcoin, but detects double payments with its own consensus system rather than a proof-of-work system. This overcomes problems such as scalability and power consumption, which are fatal weaknesses of Bitcoin, and the settlement that took about 10 minutes on average in Bitcoin can be done in a few seconds in Ripple.
Ripple Labs Inc. is developing an interledger protocol that is being standardized by the World Wide Web Consortium, and will be integrated into Ripple
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