How much of ripple is open source?
Ripple Net is Ripple’s main engine to connect global banks and financial institutions. They can use this platform to easily move money around the globe quickly and efficiently using Ripple’s currency, XRP.
Protocols are determined by Ripple Labs, who also manages the network. This benefits financial institutions by reducing processing times, ensuring protocol transparency, and Ripple’s active flagging of suspicious activity such as money laundering. While validators operate independently, Ripple Net’s operations are centralized and not open to developers.
Ripple Labs offers an open source version of their software to developers who wish to integrate XRP payments into their programs and applications. This service is RippleX, and has open source aspects.
Differing from other crypto currencies, Ripple’s main services are focused on rapid international currency transfers. This means that while their networks rely on a decentralized ledger and active validators, they still retain control of how the network is used to ensure trust in their platform.
Ripple XRP Glossary
• RTXP – Ripple’s Transaction Protocol. • Centralized – A central governing body, such as Ripple Labs, which creates rules for the network. • Consensus – When over 80% of validators agree to a transaction. This is a large differentiator from other blockchain technologies. • Decentralized – A system that runs without an individual body controlling stakeholders or operators. • Drop – The smallest unit of XRP. This is 6 decimal points and was defined as to stop potential spam or ill-intentioned transactions on the network. • Gateway – A place to transfer local currency to XRP or to convert XRP into the local currency. This can be, but is not limited to, banks and financial institutions. • Mining – The act of validating transactions in exchange for a cryptocurrency coin. This is not available on the Ripple network. • Node – A recognized validator on the Ripple network. • Open Source – Part or all of a computer program whose code is made available to developers with the ability to change sections of the code as needed. • Ripple Net – A software platform for banks and financial institutions to access the Ripple Network. • RippleX – An open source platform which allows for developers to add Ripple’s payment system into their applications. • Unique Node List (UNL) – A list of recommended validators on the Ripple network provided by Ripple Labs. • Validators – Independent computers who manage the Ripple ledger and confirm transactions. • XRP – Currency issued by Ripple Labs. • XRP Ledger – A ledger that keeps records of each coin’s transaction history.
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