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Ripple/Euro taxa (XRP/EUR)
Ripple is both a digital currency (XRP) and a payment protocol (RTXP). An extensive transaction platform and the trust of institutions such as banks or companies from the technology industry have made Ripple popular in unprecedented time. While the XRP / EUR exchanges focus primarily on the value of the Ripple token, it is worth watching the RTXP system itself.
Launched in 2012, the Ripple payment protocol is the result of the work of programmer Jed McCaleb and investor Chris Larsen. Initially known as OpenCoin, it changed its name on September 2013. The RTXP platform operates on the deflating XRP digital currency, destroying 10 drops, which is 0.00001 Ripple token on each transaction. In theory, this means that the cryptocurrency spontaneously gains in value because its supply decreases. It is worth noting, that it takes only 10 tokens to carry out a million transactions, which, with a reserve of 100 billion, does not matter. Since the protocol was launched, only about 0.00759% (as of April 2018) of all tokens in the circulation were used, which had no real impact on the Ripple / Euro rate.
As a peer-to-peer platform with a public source code, Ripple is a decentralized system, but business decisions taken by Ripple Labs, Inc. are at least polarizing from the point of view of the community interested in digital currencies. As much as 55% of XRP is in the hands of third parties, almost 6.5% belongs to the creators, and about 38.5% circulates between users. Considering that more than half of the resources are in the hands of a few wealthy people, the community is afraid of centralizing the token and, as a result, "freezing" the transaction system. It is almost ironic because RTXP is a protocol inspired by a middle aged banking system based on trust.
That's right, probably the most modern payment protocol based on digital currencies, which solves many of the problems of modern banking is based on a system derived from medieval Arabia. This system, known as hawala, hundi or xawala, is still used today in places where banks are not working or can not function. According to a completely reductionist definition, it is a currency transfer without a physical flow of money - especially useful in international transactions. This system, although initiated in the Middle East, was adopted by the fledgling banks of medieval Europe, which contributed to its popularization and further evolution.
How does Ripple work? To simplify and translate the situation into modern realities, let's take a simple example of X and Y people. Let's say X would like to donate 100 Euro to Y, which is located in another city or country. To avoid losses related to distance travel and personal delivery, he goes to his financial agent (X1). The agent receives the money and password (exchange at Euro/Ripple rate), which was previously set between X and Y. Then X1 contacts with the agent of Y, that is Y1, informing about the exchange arrangements. To finish the transfer, Y meet with his agent, gives the password and receives cash (XRP/EUR exchange). Of course, in the name of profitability of the agent's profession, the amount charged is the commission that the parties agreed upon prior to the transaction. At first glance, this scenario seems extremely simple. In fact, it is based on complex relations based on trust and hidden machinations resembling of the Ripple/Euro exchange. In the presented situation, X must trust his agent because he could disappear with cash. Y trusts his agent because he believes he will not get away from donating money. The most complex, however, is the trust relationship between agents X1 and Y1. Agent X1 has not handed over the physical currency to Agent Y1, and therefore they form an informal IOU contract (I owe you), obliging to pay the debt. The payment usually takes place via reverse transaction, i.e. passing from agent Y1 to X1.
Although traditional banks have improved the system presented above, the volume of transactions on a global scale consumes a huge amount of resources - electricity, money and time. Execution of an international transfer requires compliance with the legislation of two separate countries, which simplify (and impedes) NOSTRO bills. According to the 2016 McKinsey report, on NOSTRO accounts is an outstanding amount of about 4 quintillion Euros. The Ripple protocol proves to be a solution to this problem. Agents are replaced by websites, stores and all types of registered institutions, and the IOU itself has been supplanted by a chain of trust and exchange markets.
Like the hawala, the RTXP protocol can operate on more than one currency, or even commodity. This allows transactions to be performed in pairs such as Ripple/Euro, because XRP is not officially a currency, but only a token of a network with a conventional value. In fact, it is only a matter of time. The Ripple Exchange, although now treated as a novelty, is adopted by increasingly large financial and technological institutions, so that soon the EUR/XRP exchange rate may be equal to the classic financial statements at exchange offices.
The Ripple exchange is currently (April 2018) the third largest of all digital currencies. The average 24-hour volume of the EUR/XRP transaction pair is around 350 million EUR, which places it between Ethereum and USDT. Interest from both private investors and institutions makes XRP one of the most stable investment options in the coming years. Digital currency exchanges in Europe and countries highly interested in cryptocurrencies, as South Korea is boiling, as more and more people became interested in the futuristic RTXP protocol.