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The banking system today uses slow and outdated systems in order to transfer money (i.e. value) around the world.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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Ripple explained in plain English. Thanks and keep them coming.

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Phenomenal summary of the relevant issues. Explains the centralization issue nicely. Thank you!

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Thank you for this amazing explanation about XRP...

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2021

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brilliant and clear explanation. thank you and well done

[@ikust007]

This was a sublime explanation. Thank you

[@professorasandrahaddad8372]

This project is fantastic. We will soon see more central banks in countries adopting this technology. This currency has ultrafast transfer speed. The value is very outdated in relation to bitcoin and ethereum. Few people are watching this.

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[@gene9744]

That's really great Nate. Not much explanatory sources for the crypto world. You are doing a wonderful job, that too in plain English. Its a great help for persons like me, who are non-English speakers. Thanks.

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Just subscribed. Just excellent content. Thanks

[@rosealexdiesta6831]

It’s so clear and I understand now. Thank you very much

[@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?

[@Mark-kv6xt]

Fantastic video and explanation, thank you Nate

[@alphaomega1089]

Excellent breakdown. Easy to understand. The first of its kind.

[@rameernam]

Thanks a lot for your great and detailed explanation about XRP and the future global Banking transactions.

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I wanted to know what Ripple was, then I saw this dudes face yet again. My worries of never understanding were gone instantly.

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[@---GOD---]

XRP makes a lot of sense for how the old world works... but it doesn't really fit in with the world of cryptocurrencies because 1) it's centralized (it's distributed, but it's not decentralized) 2) it's not trustless or permissionless (which is the main reason why it's centralized)

[@othxme8901]

That's exactly the point. This is why banks want to use it for a direct way to send money. Where do majority of people hold their money? You guessed it, the bank. It's solving a problem that 99% of these crypto currencies do not. When you really think about it most of crypto is useless and has no real world utility therefore it's worthless.

[@---GOD---]

@@othxme8901 banks don't care for XRP. Some institutions are working with Ripple because they're interested in the protocol and payment network for their own CBDCs not for XRP. Also, remittance has no bearing on the price of XRP. In fact, XRP would work best as a stablecoin. Too bad many banks are going to come out with their own CBDCs, making XRP even more useless.

[@othxme8901]

@@---GOD--- If these institutions are working with ripple then they will adopt XRP as a means to send money cross border. If there's a coin that has a network to function on already built, banks aren't going out of their way to create a new network.

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I like all your videos and I do find them helpful. In regards to Ripple Crypto, I can see this Crypto system being more acceptable to the current banking system for now.

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Thanks Nate. Precise great layman term presentation. May I know when xrp started for sale and initial price. Tqqq

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[@99Bitcoins]

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

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Thank you Rezu! Welcome aboard!

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[@thewell-engineeredlife7768]

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?

[@codyl8757]

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