What is Ripple? (XRP, IOUs, Gateway and Validators Explained)

Start trading Ripple here: bit.ly/3ujZdgT
The banking system today uses slow and outdated systems in order to transfer money (i.e. value) around the world. Ripple aims to create the Internet of value called RippleNet - a set of unified rules helping the financial sector use 21st century solutions for fast and scalable transfer of money.
Ripple has two main forms of transferring value - IOUs and XRP. IOUs are representation of debt and can be issued for any type of real world asset. XRP is RippleNet’s native currency which can be used to transfer money quickly around the world.
That’s Ripple in a nutshell. If you want a deeper explanation about Ripple and XRP keep on watching the video, here’s what I’ll cover:
0:42 - The issue with bank transfers
2:34 - Ripple in a nutshell
3:26 - How RippleNet works
4:42 .- RippleNet currencies (XRP, IOUs)
4:57 - IOUs
7:10 - XRP
11:53 - Is Ripple centrazlied?
14:30 - Conclusion
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[@p.stroker8920]

what does it mean for a bank to keep an open tab using IOU without ever closing it in the facilitation of bank-to-bank transfers?

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Thanks for all the explanations could explain what is CRU

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Sorry but I've never heard of CRU in relation to Ripple / XRP.

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Very very well laid out! Thank you for presenting both sides of the story. Q: do validators make it a PoS (proof of stake) system? Or PoW?

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Neither because there is no "staking" of coins nor is there any solving of a computational math problem (Pow) it is just a poll sent out for the validators to vote on. It's one of the main reasons Ripple is considered far less decentralized as there is no reward for voting so there is technically no incentive for "trusted validators" not to commit fraud

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