According to the Ripple web site, Ripple is a simple way for anyone in the world to send money to anyone else at practically no cost. Because Ripple is a single unified system that doesn’t require ACH, banks, or credit card networks, Ripple avoids many of the obstacles that drive other systems’ fees and hassles. Ripple also automatically exchanges currencies within the platform to make global payments easy.
Ripple avoids the costs, delays, and inconveniences of system-hopping by keeping everything within Ripple. Ripple never asks for personally identifiable information because it securely associates balances with accounts, but not personally identifiable account holders.
Ripple is fundamentally open. Like http:// for money, it’s an open protocol that allows the development of almost infinite transaction features. Anyone can build on top of it, the way anyone can use it.
So eventually there will be new ways that Ripple works.
Of note, Ripple contains a virtual currency, called ripples (XRP). These are used to pay the small fee required by the network for each transaction. They can also be sent between two accounts, converted into other currencies, or spent at venues that accept them.
The network was created with a fixed and finite number of ripples (100 billion). No more can ever be made.
Ripple just sent out this notice to those on its email list:
I am not sure what will come of all this but it should be monitored.