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In just over a decade since the last century, several large-scale financial crises have broken out around the world. The usual approach used by governments to rescue these crises caused by currency is to put a large amount of more currency into the market. Although this approach temporarily rescued the crisis, it led to a more deadly crisis---inflation. There was the Asian financial crisis in 1977, the sovereign debt crisis in Latin American countries in 2001, the subprime commodity crisis in the United States in 2008, and the European debt crisis in the Eurozone in 2009 in Europe.  In the currency world, in addition to the inflation problem caused by currency centralization, there is also a more serious problem - financial barriers (the world urgently needs a currency that can convert legal currency) The latest "Migration and Development Brief" released by the World Bank shows that remittance inflows from developing countries in 2012 are expected to exceed expectations, with the total amount increasing by 6.5% to reach US$406 billion. In 2012, the country with the largest official record of receiving remittances was India, which received US$70 billion, of which US$6.6 billion was used to pay for remittances. India's annual education expenditure was only US$1.22 billion. Followed by China is US$66 billion, with annual remittance fees of US$5.973 billion. Mexico is the third largest recipient of remittances after India and China. Immigrant remittances to Mexico in 2013 totaled US$22 billion, and remittance costs were US$1.57 billion (7%). In 2012, the total global remittance volume reached US$534 billion, with an annual growth rate of 8%. The profits from foreign exchange conversion fees, service fees and various other charges are huge. In 2012, West Union, the world's largest remittance institution, earned a net profit of US$1.02 billion.  Cross-border e-commerce also has many problems. The most difficult one to solve is "cross-border payment", which involves foreign exchange control, cross-border logistics and distribution, and entry and exit customs inspection.； There are also regulatory conditions for online transactions. Foreign trade companies contact foreign buyers through cross-border e-commerce platforms. The payment method can be an international third-party payment platform (such as PayPal), but the cost cannot be underestimated because in the final analysis it is still an extension of the traditional banking system. The biggest problem in e-commerce is not logistics or information asymmetry, but payment. Cross-border payment channels are in the hands of foreign financial giants Visa and Master. Although China UnionPay has developed overseas, cross-border payment fees based on traditional financial agreements are high. At the same time, since international remittances generally take at least three days, various unpredictable factors have always caused headaches for foreign trade merchants. Although Alibaba’s Alipay is the most popular in China, it is not yet a mainstream online payment tool internationally. PayPal is the world's largest online payment company, with users and merchants in more than 190 countries around the world. Because more than 80% of foreign buyers only use PayPal for online cross-border shopping. In 2011, PayPal's total global payment volume reached US$118.7 billion, equivalent to one-tenth of global online shopping.  There are currently many agreements around the world that are designed to solve the circulation problem of people's money, such as the "New York Clearing House Interbank Payment System", the "Federal Funds Transfer System", the "European Banking Association Euro Clearing System", etc., and the largest international clearing system at present is the "Society for Worldwide Interbank Financial Telecommunications System" abbreviation: SWIFT system. The system was established in 1973 and was initiated by 239 banks in 15 Western European and North American countries. As of June 2007, SWIFT services had spread to 207 countries and connected to more than 8,100 financial institutions. In 1980, SWIFT was connected to Hong Kong. In May 1985, Bank of China officially opened the SWIFT system and established SWIFT key relationships with more than 2,000 banks around the world. More than 90% of Bank of China's telecommunications use SWIFT. After China's financial system reform, the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, and China Bank of Communications can also carry out foreign exchange and foreign trade business. These professional banks have also joined the SWIFT organization and opened SWIFT. In the 1990s, almost all banks in China that could handle international business had joined SWIFT. So traditional currency is stored in your bank card, VISA/MASTERCARD credit card or Paypal. If you want to transfer money in different systems, they will charge you high fees, and different financial systems will have strict checks on your identity.  Remittance operations are not only expensive, but also involve many intermediaries. Assuming that the payer is in the United States and the payee is in Europe, then the payment information needs to be processed by ACH (Automated Clearing House), Federal Reserve (Federal Reserve), SEPA (Euro Payment Area), ECB (European Central Bank), and undergoes steps such as matching payment information and instructions, establishing relationships between agent banks, and debiting current accounts before fund settlement can be carried out. For example, if a person wants to transfer money to another person, the payer only has an Alipay account, and the receiver has a Bank of America account. This is a very common situation that does not work. Therefore, you need to find a very trustworthy middleman who has both a US bank account and an Alipay account. He is willing to help you pay in US dollars and is also willing to use Alipay to settle the bill. It is very difficult to exchange low-liquidity currencies. For example, a Mexican wants to travel to South Korea, but it is difficult to exchange pesos and Korean won directly. The current solution is to first exchange pesos for U.S. dollars, and then exchange U.S. dollars for Korean won. 500 billion electronic payment transactions occur in the world every year, and the world's daily foreign exchange transactions reach 5.7 trillion US dollars. These transactions require 3.6 billion hours of processing time and tens of billions of fees. The technology for processing these currency transactions is very backward, inefficient, and the processing process is slow and expensive. When most information transmission is free, there are still many obstacles to money transfers. There are fees for wire transfers and credit card payments. In the new era of globalization, a new currency settlement system is needed to solve the shortcomings of existing currency settlements.  Before Bitcoin, an American company called OpenCoin (the operating company of Ripple was RippleLabs and its predecessor was OpenCoin) developed an open payment network protocol called Ripple, a protocol that uses Internet thinking to challenge the SWIFT currency settlement system in the traditional financial field. It can enable transactions and settlements of any currency between anyone anywhere in the world at any time, whether it is US dollars, euros, RMB, gold, silver and other metal currencies or even virtual currencies. Ripple is a decentralized Internet financial protocol 1. Ripple is the first open payment network. It is a network built for financial payments, just like email for transmitting information. 2. This protocol can be used to transfer money to any corner of the world in any currency quickly and for free. 3. The Ripple protocol is compatible with all legal currencies and virtual currencies, and can realize the free flow of value around the world. 4. Independent systems can be interconnected like email systems. Just as SMTP created a shared standard environment for email, Ripple created a shared standard for payments. Ripple, like email, is ownerless and has no central administrator.  Ripple is more like a platform. The functions of the Ripple network far exceed Bitcoin. It includes: two-way flow of real and virtual currencies, multi-currency P2P exchange and payment, and P2P network credit personal network clearing. The combination of these four functions has formed a basically complete decentralized all-currency financial system. Ripple is a secure payment network. This security is not only the security of funds, but also the security of payments from power. Ripple is built on a P2P network and is different from traditional centralized financial networks. The Ripple payment system is distributed on various nodes around the world. These nodes connected through the P2P network constitute the entire Ripple financial database. So, paying by financial transfer takes just seconds. There is another manifestation of Ripple's decentralization. Although SWIFT is an inter-bank organization in name, it is led by the United States after all. The United States has a great say in it, but Ripple does not have such a situation. Ripple can minimize the impact of power on payments.  Ripple’s transaction fees are very low, with only 1/100,000 XRP transaction fee per transaction Ripple avoids transaction delays and transaction fees. Ripple never asks for your identity. Ripple uses a network of trust to confirm your transactions. You can simply complete various financial operations in the Ripple system. Ripple's transaction fees are very low, with only 1/100,000 XRP transaction fees per transaction. Ripple is an open currency and can be entered and exited in the Ripple system easily. The transaction time only takes 3-5 seconds. Ripple optimizes the payment system, distributes settlement functions, and completes instantaneous, point-to-point payments and transfers. The transaction time takes only 5 seconds. For users, Ripple's instant payment enhances the payment experience.  Ripple makes your payments as easy as breathing Ripple builds a shared, free payment network that can be used anywhere in the world at any time. This makes Ripple more approachable and convenient. You can easily find Ripple transaction entrances online, but with the development of Ripple, you can find entrances in stores, hotels, gas stations, etc., making people's financial payments as free as breathing. You can easily transfer your money anywhere in the world in seconds. You can get local currency anywhere using the Ripple portal system. Ripple is more open. Paying with Ripple is just as convenient as online banking, if not better. Ripple makes your currency exchange so convenient.  Due to the existence of Ripple, people do not need to get involved in the foreign exchange market when conducting global transactions, because Ripple's internal mechanism already supports foreign exchange exchange. Similarly, people do not need a multinational financial institution to complete financial payments. You only need a simple payment entrance to complete everything. Ripple lets regulators reduce regulatory costs For regulators, the peer-to-peer payment process is clear at a glance, reducing regulatory costs.； For financial institutions, settlement risks are reduced. This is what Ripple innovation is all about. Advantages of using Ripple internet protocol for financial transactions Fast - XRP transactions are automated and payments can be completed within 3-5 seconds Low cost - Ripple transfer fee is only 1/100000XRP Exchange--Ripple protocol makes XRP a global settlement currency Internet - Distributed P2P peer-to-peer settlement, as long as there is Internet, you can use the Ripple network Liquidation - 100% of the full amount can be liquidated at any time without any limit  Economists have debated the value of a global currency for decades. Nobel laureate Hayek once envisioned a technology that would make multi-currency models more effective, writing: “An electronic calculator that can give in a few seconds the equivalent amount of any foreign currency at current exchange rates will soon become widely available. ” Ripple’s distributed foreign exchange trading is the “electronic calculator” that Hayek dreamed of, but the scale is much larger than he imagined. What Ripple is trying to build is a new form of Internet. On this Internet, not only information will be circulated, but also money and any valuable substance will be circulated. Instant and free, just like the beginning of the Internet.  Ripple is the world's first universal currency exchanger and the base currency of the Ripple network. It can be circulated throughout the entire ripple network. If Ripple is widely adopted, the result will be XRP, a brand new trading medium - an "upgraded version of currency" or a "super currency." XRP measures 100 billion issued and gradually decreases as transactions increase, so the value of XRP is unlimited. Welcome to follow Qiankun International WeChat public account platform. Here we will always share the company's development trends with you and continuously bring you the best quality product information. In the future we will release more new products that can bring health, happiness, happiness and wealth. 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