Math-Based Currency (MBC):Weaving the Value Web

AU MBC

What Is Math-based Currencya currency without a counterparty

• can’t be debased

an open-source payments protocol• moves value without a central operator

Digital currency is just the beginning…

The World Needs an ‘Internet For Value’

Information Exchange Value Exchange“world is flat” “world is curved”

What Is Ripple?

Ripple Is a Protocol for Moving Value• a distributed payments protocol• a new currency - ripples (XRP)• the world’s first distributed currency

exchange

HTTP: the information web :: RTXP: Ripple: the value web

Benefits as a Payment Protocol

Any Currency FinalGlobal Fast Free

Wire transfers cost $15+ vs. $0.00003 on Ripple Protocol.

ACH settles in 3+ days vs. 5 seconds on Ripple.

Confirmation in a Decentralized System• Primary focus: a new currency• Average 10 minute confirmations• Needs to reimburse miners for

high energy consumption

Mining Method (Bitcoin)• Primary focus: payments in any currency• Average 5 second confirmations• Doesn’t require mining

Consensus Method (Ripple)

How Does the Ripple Network Work?

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Four Types of Users

Basic Users Merchants Market Makers

Gateways

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GatewaysCash in, Cash out

• gateways issue local currency balances on Ripple• balances can be transferred across the ledger without intermediaries• gateways earn fees as they wish

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Transaction Map

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Transactions in Any Currency?

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Too Many PairsOf Currencies

XRP Has No Counterparty

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XRP Connects People

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XRP Connects

If a market exists between a currency pair, people can exchange value directly.

Currencies

Who Is Ripple Labs?

40Employees

$6.5MVenture financing

2012Founding

Company Overview

Summary

• MBC technology is actually more important as a payments protocol than as a digital currency

• Ripple is the world’s first decentralized value exchange: it can hold anything of value and settles instantly.

• We’re building a value web to connect financial institutions and services with people globally.