Crypto researcher SMQKE (@SMQKEDQG) recently drew attention to a 2018 Ripple presentation, sharing key extracts. The presentation provides a rare glimpse into how significant financial institutions viewed Ripple at the time. SMQKE noted that these documents were never meant for public dissemination, indicating the sensitive nature of the information they contain.
The presentation suggests that new technologies, including those related to Ripple, are being tested within a closed environment, with their activities deliberately obscured from public scrutiny. This secrecy surrounding such technologies is understandable, considering they are managed by some of the most powerful financial institutions globally.
SMQKE highlighted this, noting that the discussion around Ripple “working in test mode with major banks” occurs exclusively within confidential forums, far from the eyes of retail investors.
Ripple as a Central Bank
A particularly striking point from the presentation is the characterization of Ripple as a “central bank.” This description reflects the centralized nature of Ripple’s system, which operates under the company’s direct control.
The presentation details that RippleNet, which integrates various payment systems and XRP, its associated cryptocurrency, functions within a highly controlled environment.
The Ripple system consists of a limited number of independent gateways, most of which are managed by Ripple. These gateways perform crucial roles similar to those of traditional banks, facilitating transactions and ensuring the secure settlement of payments.
The presentation also delves into the consensus mechanism used by Ripple, known as the “Ripple Protocol Consensus Algorithm” (PPCA).
This consensus process involves pre-selected nodes validating transactions and reaching consensus when 80% of the nodes confirm a transaction. Notably, many of these nodes are operated by banks, market makers, and Ripple itself, showing the controlled nature of the system.
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XRP’s Deflationary Nature
Another crucial aspect highlighted in the presentation is the deflationary characteristic of XRP. It explains that XRP has a built-in deflationary mechanism where 0.00001 XRP is burned with each transaction. This burning process gradually reduces the total supply of XRP, potentially leading to an increase in its price over time due to the diminishing supply.
This leaked information from the Ripple Russia presentation provides a rare and revealing look into how Ripple and XRP were positioned within the global financial system as of 2018.
The fact that Ripple was described as a central bank and that its technologies were being tested in secrecy by some of the world’s most influential financial entities show the importance and potential impact of Ripple’s ecosystem. Some key Ripple partnerships are now becoming public, and we might see big things from Ripple and XRP soon.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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