A Decentralized monetary system for a Decentralized currency

Ripple is a fascinating monetary system lurking heavily around the world of decentralized currencies.

Here, is a screen cast on how Ripple works.

http://screenr.com/c5K

A well documented subject, I reached out to the founder of Ripple which is an open-community project founded in 2004.

http://ryanfugger.com/

Ryan Fugger: Founder of Ripple

Ben: Can Ripple and Bitcoin integrate?

Ryan: Sure, they can integrate in lots of ways.  For example:

http://ripple-project.org/Protocol/BlockChainCommitMethod

There’s a discussion on the Bitcoin forums about Ripple being a good way to implement instant Bitcoin transactions.

https://bitcointalk.org/index.php?topic=3557.0

Ben: What plans do you have for Ripple over the next few years?

Ryan: I don’t know…  I’d like to have a working distributed server implementation.  Beyond that, I hope the idea catches on further and more people starting building systems like this.

Ben: Any thoughts on Decentralized currencies and networks growing in India?

Ryan: Ripple would be a great way to build a Hawala network:

https://en.wikipedia.org/wiki/Hawala

You can look at Ripple as Hawala with automated routing.

There is no API to Ripplepay yet and Ripple still has a few problems to solve. It has the strong potential to be a monetary system to work alongside Bitcoin. Similarities can be found in the PayPal exchange website Bitcoinary.com.

 

Links & Sources

Ripple Project Home Page

Ripple Project Screen Cast

Hawala Wiki

Bitcoin Forum Link

Block Chain Commit Method

Atomic Exchanges of Chain Coins

Bitcoinary.com

Ripple Project – Google Groups

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2 comments on “A Decentralized monetary system for a Decentralized currency

  1. Pingback: A Decentralized monetary system for a Decentralized currency | Peer2Politics | Scoop.it

  2. Pingback: A Decentralized monetary system for a Decentralized currency | Stuff.... | Scoop.it

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