ripple labs @developerweek: building the payments web

Agenda10:00-10:15am: Welcome

10:15-11:15am: Panel discussion

11:15-11:40am: What is the Ripple Protocol?

11:40am-12:30: Break

12:30-1:30pm: Pitch competition

1:30-2:00pm: Judging and wrap-up

Building the Payments Web

AU MBC

What Is Math-based Currency

a currency without a counterparty• can’t be debased

an open-source payments protocol• moves value without a central operator

Digital currency is just the beginning…

The World Needs an ‘Internet For Value’

Information Exchange Value Exchange“world is flat” “world is curved”

Payment networks are more valuable when they can operate with other payment networks.

…but interoperability requires centralized payment rails. These rails can be slow and expensive to use, and costly to integrate and maintain.

-$15

-2 days

Ripple provides a simple, open-sourced payments protocol to exchange value instantly, for free, and in any currency.

What Is Ripple?

Ripple Is a Protocol for Moving Value

• a distributed payments protocol

• a new currency - ripples (XRP)

• the world’s first distributed currency

exchange

HTTP: the information web :: RTXP: Ripple: the value web

Benefits as a Payment Protocol

Any Currency FinalGlobal Fast Free

Wire transfers cost $15+ vs. $0.00003 on Ripple Protocol.

ACH settles in 3+ days vs. 5 seconds on Ripple.

Confirmation in a Decentralized System• Primary focus: a new currency

• Average 10 minute confirmations

• Needs to reimburse miners for high energy consumption

Mining Method (Bitcoin)

• Primary focus: payments in any currency

• Average 5 second confirmations

• Doesn’t require mining

Consensus Method (Ripple)

How Does Ripple Work?

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Four Types of Users

Basic Users Merchants Market Makers

Gateways

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GatewaysCash in, Cash out

• gateways issue local currency balances on Ripple

• balances can be transferred across the ledger without intermediaries

• gateways earn fees as they wish

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Transaction Map

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Transactions in Any Currency?

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Too Many PairsOf Currencies

XRP Has No Counterparty

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XRP Connects People

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XRP Connects

If a market exists between a currency pair, people can exchange value directly.

Currencies

What’s the Opportunity for Developers?• Open-source

• Fundamentally new – opens up many new businesses

• Connect to financial service providers without paperwork

• Powerful core functionality, so you can worry about the application level

What’s Coming for Developers?

• New Developer Portal

• New APIs and tools to get started faster

• Developer giveaway programs

40Employees

$6.5MVenture financing

2012Founding

Company Overview