Ripple is a real time-gross settlement system (RTGS), remittance network, and currency exchange. A RTGS is simply a specific method of transferring funds in order for the transfer to clear immediately. In this way, the transaction happens in real-time without delays. RTGS are typically used for large transactions that require immediate action. A remittance network is a space in which foreign workers can transfer money to individuals in their home country. It is also a cryptocurrency. The token is represented by “ERP.” The network and token was created by Ripple Labs Inc., an American technology company. Released in 2012, it is based upon a shared public ledger called the XRP Ledger. The network is managed by a large collective of servers which are constantly working to complete transaction records for the purpose of validation. The servers can be owned by anyone, from individuals to banks. Unlike Bitcoin, the network does not reply on the proof-of-work (PoW) mechanism. The protocol enables the instant transfer of funds between two parties. All types of currency can be exchanged, from fiat currencies to gold. The benefit of carrying out these sorts of transactions on the Ripple Network is reduced fees and wait times. The network itself is where the main value proposition lies, rather than in the token. The token is simple the native currency of the network. Ripple’s predecessor, Ripplepay, was first developed in 2004 by Ryan Fugger. The idea behind Ripplepay was to create a decentralized monetary system. RipplePay.com emerged in 2005. In 2012 Fugger handed his creation off to Chris Larsen and Jed McCaleb who then co-founded the OpenCoin corporation. OpenCoin created a new payment protocol based upon Fugger’s concepts, the Ripple Transaction Protocol (RTXP). The system enables the immediate and direct transfer of funds. OpenCoin opted to program Ripple on a distributed ledger system to maintain security. On September 2013 OpenCoin changed to Ripple Labs Inc.