Arthur Britto is a Co-Founder & serves as President & Board Member at PolySign. He co-founded Ripple and designed the XRP ledger, and Ripple has grown to over $30 billion in assets in only five years. Previous to Ripple, he served as chief executive officer at Information Access Technology Inc., one of the first ISPs.
In 2018, over one hundred banks had signed up, but most of them had been only using Ripple’s XCurrent messaging technology and avoiding the XRP cryptocurrency because of its volatility issues. Representatives of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), whose marketplace dominance is being challenged by Ripple, have argued that the scalability problems of Ripple and other blockchain issues remain unsolved, confining them to bilateral intra-bank institution applications. A Ripple executive stated in 2018 that they started with traditional blockchain, which they like. However, the comments from the banks were that they couldn’t place the whole world on a blockchain.
Ripple is based on a standard shared ledger, that’s a database storing information about all Ripple accounts. Chris Larsen informed the Stanford Graduate School of Business that the system becomes controlled by a network of impartial servers that compare their transaction records, and servers should, in theory, belong to everyone, including banks or market makers. Ripple validates accounts and balances instantly for fee transmission and provides payment notification within a few seconds. Bills are irreversible, and there are no chargebacks.
Ripple Labs persisted as the number one contributor of code to the consensus verification system behind Ripple. In 2014, the protocol received access to our banking system amid concerns over security and a lack of regulation.